reports
Navigating market challenges, acquisition in Ireland
Vp’s half year update highlights another resilient performance set against a backdrop of challenging macro-economic conditions. The current year outturn will be below previous expectations, given a slower than anticipated improvement in performance at Brandon Hire Station and a slower than expected rollout of projects under the new Network Rail Control Period (CP7). At the same time, today’s acquisition of Charleville Hire and Platform Ltd (for an initial €12m) marks a return to M&A activity i...
Vp: 1 director
A director at Vp maiden bought 2,981 shares at 671p and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing C...
- James Tetley
Trading in-line and delivering strategic progress
Today’s AGM update confirms that Vp continues to perform well, reiterating full year expectations despite challenges in certain markets (notably construction). Meanwhile, the new management team is progressing the refreshed strategic priorities set out in June. Broad market trends are consistent with those reported in recent periods. Infrastructure remains supportive, with good momentum and strong demand in transmission, water and civil engineering, although rail has seen a slower start to the ...
- James Tetley
Positioned for growth under new leadership
Vp’s FY’24 results confirm a solid performance and an impressively resilient outturn on all key financial metrics. Revenue and adjusted profits are a shade below the prior year, whilst return on average capital employed, the final dividend and year-end net debt all show a year-on-year improvement. The results are in line with our expectations and are, once again, sector-leading. We nudge our Fair Value estimate up from 1090p to 1110p. We see attractions in a 5.6% dividend yield and significant ...
- James Tetley
Resilient FY24, confident long-term outlook
Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long ...
- James Tetley
Delivering growth in uncertain markets
Positive interims from Vp this morning highlight another period of growth despite the mixed market backdrop. The results again illustrate the benefit of Vp’s diverse mix of specialist activities, with the quality of earnings confirmed by further growth in operating margin (now 13.9%) and ROCE (14.7%). Strategic priorities include continued progress with ESG initiatives and a greater emphasis on Digital, with more on this likely to follow later in the year. We maintain our Fair Value estimate o...
- James Tetley
Resilient H1 performance, compelling valuation
Vp traded resiliently through H1’24 against a backdrop of challenging macro-economic conditions, which impacted general construction and housebuilding activity, as previously communicated. Infrastructure demand remains supportive across water, transmission and rail, which are benefiting from long-term regulatory programmes (AMP7 for water and CP6 for rail). The Group’s overseas businesses have traded well, at levels ahead of H1 2023. Vp’s medium term prospects look bright under the leadership o...
- Sacha Morris
Hybridan Small Cap Feast 11/08/2023
Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footpr...
- Paul Hill
All fine on the infrastructure front
Sharp eyed investors would have noticed the recent mixed messages from the UK’s June Construction PMI report, whereby positive output across infrastructure and commercial was offset by weakness in house building due to rising borrowing costs. Equally though, input cost inflation and supply chain bottlenecks were said to be reducing, which should help alleviate margin pressure. Similarly in today’s ‘on track’ trading statement, Chairman Jeremy Pilkington commented that Vp had also “experienced v...
- Paul Hill
Sustainable growth & offering 65% potential upside
Vp, the specialist equipment rental business, today released ‘in line’ final FY’23 results & a positive outlook - despite experiencing softer conditions in some of its end markets (e.g. commercial real estate, HS2, rail strikes and new build housing). Indeed impressively, FY’23 revenues, adjusted PBTA, EPS & ROCE came in at £371.5m (+6% vs LY), £40.5m (+4%), 79p (+11%) & 14.4% respectively. This reflects solid performances in UK infrastructure (e.g. energy, rail & water) and RMI, augmented by a...
- Paul Hill
On track to again grow profitably in FY’24
Today’s “in line” FY23 trading update from Vp reiterates that it had made “good progress within its core markets” since the interims in Nov’22. It has benefitted from strength in civil engineering (eg highways) and infrastructure (eg water, rail & energy), alongside successfully lifting prices to cover input inflation as well as rightsizing some parts of the group to further reduce costs. Elsewhere, the international energy & testing divisions also performed well, while residential housing h...
- Paul Hill
The strong get stronger
Today the company posted a “solid” set of H1’23 results, that was also in line with our FY’23 adjusted EBIT forecast of £45.75m. H1 sales rose +5.9% to £186.5m (vs £176.1m LY) - which alongside measured prices increases and internal efficiencies - drove ROCE up to 14.4% vs 13.5% LY, despite absorbing further input cost inflation. Likewise, H1 adjusted PBT came in +6% higher at £21.5m (£20.2m LY), even after incurring higher interest charges, as net debt climbed 13% to £148.9m due to slightly l...
- Paul Hill
Sell off appears way over done
In their trading update yesterday, VP says that the domestic homebuilding and infrastructure markets were “supportive” in H1’22, with construction “stable”. Here the Group experienced “good” power transmission demand (re renewables & offshore wind) augmented by AMP7 water & civil engineering which both “picked up” in Q2. We reiterate our FY’23 adjusted PBTA & EPS forecasts of £41.4m & 78.1p respectively on revenues up 4.2% to £365m, with net debt (pre IFRS 16) closing Mar’23 at £130m (ie flat ...
- Paul Hill
Solid as a rock
Vp – a specialist equipment rental firm - indicated last Tuesday that it remained on track to meet FY’23 expectations, despite also having to manage the ‘Formal Sale Process (FSP) over the past 4 months. Demand was said to be “good” across the infrastructure and housebuilding sectors, in addition to “encouraging activity levels’ both in the UK and Internationally in spite of ongoing input cost inflation and supply chain” pressures. We think this is a creditable performance, and further evidence...
Form 8.3 - Maitland Institutional Services Limited: Re VP plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re VP plc 23-May-2022 / 12:09 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Rights and Issues Investment Trust PLC (b...
Form 8.3 - Maitland Institutional Services Limited: Re VP plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re VP plc 16-May-2022 / 14:20 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Rights and Issues Investment Trust PLC (b...
Form 8.3 - Maitland Institutional Services Limited: Re VP plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re VP plc 12-May-2022 / 10:48 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Rights and Issues Investment Trust PLC (b...
Form 8.3 - Maitland Institutional Services Limited: Re VP Plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re VP Plc 29-Apr-2022 / 13:03 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund & MI Chelverton...
Form 8.3 - Maitland Institutional Services Limited: Re VP Plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re VP Plc 29-Apr-2022 / 13:05 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: Rights and Issues Investment Trust PLC (b...
VP PLC. sees an upgrade to Positive due to a better fundamental star r...
The general evaluation of VP PLC. (GB), a company active in the Business Support Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date December 3, 2021, the closing price was GBp 1,010.00...
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