Robust results confirm quality and growth ambition
Vp has delivered another robust H1 performance, with revenue and profits essentially in line with the prior year. This achievement should not be underestimated in the context of significant end market headwinds. Good progress has been made with the refreshed operating model, with the overarching aim of increasing collaboration across the Group and improving customer engagement.Full-year guidance has been reiterated and the half-year results provide cover for 55% of our operating profit forecast. Increasing National Insurance contributions will have an impact in FY26 but we expect this to be partially mitigated and continue to anticipate a return to profit growth next year. Management is committed to delivering long term growth, driven by operational improvements, targeted capex and strategic M&A. In our view, a track record of consistently high returns warrants a higher rating.
We reiterate our 1000p / share Fair Value estimate.
Vp is involved in rental business. Co. provides products and services to range of end markets including infrastructure, construction, housebuilding and oil and gas. Co. comprises a U.K. and an International Division. Co.'s U.K. division comprised of: Hire Station, which provides tools for industry, construction, and DIY; Torrent Trackside, which is engaged in railway plant; Groundforce, which is engaged in construction solutions; TPA, which is engaged in portable roadways; and U.K. Forks, which is engaged in material handeling. Co.'s International division compsrised of: Airpac Bukom, which is engaged in oildfield services; and TR Group, which is engaged in technical equipment rental.
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