U.K. equipment rental specialist Vp plc reported that the company has made good progress within its core markets of infrastructure, construction, home construction and energy and expects results for the full year to be in line with the board of directors’ expectations. Vp reports increases across its customer base, which has helped mitigate its increased costs. The company has, in recent months, taken the opportunity to deliver some minor restructuring across a number of business units as it looks to optimize its businesses to operate in the current market environment.
Internationally, the TR Group and Airpac Rentals divisions have done well.
"Since we reported our interim results last November, the Group has continued to make good progress across our core markets and we are pleased that our performance for the full year will be in line with the Board's expectations,” said Vp chief executive Neil Stothard. “In the period, we have worked hard to successfully mitigate cost inflationary pressures and we believe that the Group is well placed to optimize performance in the current environment. We are confident that we will continue to deliver value growth for our shareholders and will be able to react quickly to both challenges and opportunities as specific markets recover."
More than 60 percent of Vp’s rental fleet is zero emission at point of use, the company said.
For the first half of fiscal 2023, Vp plc posted £186.5 million compared to £176.1 million in the previous year, a 6-percent increase.
Vp brands include Groundforce, Temporary Access Solutions, UK Forks, Brandon Hire Station, Airpac Rentals, TR Group, Torrent Trackside and MEP Hire.
The company is headquartered in Harrogate, North Yorkshire, U.K.