U.K.-based rental chain Vp plc said demand improved in January as a result of heavy snowfall. The Harrowgate, U.K.-based company said market conditions have remained stable. The company said it expects to report full-year results in line with market expectations, while general construction has remained challenging.
The company said it has seen tentative recovery in demand from home builders, but commercial construction remains slow. It said the regulated infrastructure sector has remained steady, as has the oil and gas exploration market.
“The group’s outlook for the year remains unchanged,” the company said. “We anticipate relative overall stability, with some downward pressure in specific markets. We believe that the group will deliver a very satisfactory result in the current financial year, given the challenging trading environment.”
Vp also said it is continuing to invest in the company and is creating good cash flow.
“Debt levels are well within the capacity of our committed facilities and their associated covenants, and the balance sheet remains robust,” the company said in a statement.