Interim Management Statement
11 February 2010 - 6:02PM
UK Regulatory
TIDMVP.
Press Release 11 February 2010
Vp plc
("Vp" or "the Group")
Interim Management Statement
Vp plc, the equipment rental specialist, today provides an update on business
performance since the announcement of its Interim Results on 27 November 2009.
Market conditions have remained stable, although the adverse weather in early
January did exacerbate the seasonal winter slowdown for most, but not all, of
our businesses. Demand, however has subsequently recovered to anticipated
levels of activity. We expect to report full year results in line with market
expectations.
General construction has remained challenging, and whilst we have seen some
tentative recovery in demand from housebuilders, commercial construction remains
very subdued, a feature we expect to continue. The regulated infrastructure
sector has held up well, and although we anticipate good demand from
transmission, and a potential improvement in rail, the end of the AMP4 water
programme will lead to an expected hiatus before the AMP5 activity commences.
The oil and gas exploration market is stable, with improving prospects in the
medium term.
Investment in the business has continued in support of opportunities as they
have arisen. We have continued to generate strong operational cash flow in line
with our plan to further reduce net debt. Debt levels are well within the
capacity of our committed facilities and their associated covenants, and the
balance sheet remains robust.
The Group's outlook for the current year remains unchanged. We anticipate
relative overall stability, with some downward pressure in specific markets.
However, our broad range of specialist rental activities and market diversity
should continue to provide some resilience. We believe that the Group will
deliver a very satisfactory result in the current financial year, given the
challenging trading environment.
- Ends -
For further information please contact:
Vp plc
Jeremy Pilkington, Chairman Tel: +44 (0) 1423 533 400
jeremypilkington@vpplc.com
<mailto:jeremypilkington@vpplc.com>
Neil Stothard, Group Managing Director Tel: +44 (0) 1423 533 445
neil.stothard@vpplc.com
<mailto:neil.stothard@vpplc.com>
Mike Holt, Group Finance Director Tel: +44 (0) 1423 533 445
mike.holt@vpplc.com <mailto:mike.holt@vpplc.com>
Media enquiries:
Abchurch Communications
Sarah Hollins / George Parker Tel: +44 (0) 207 398 7719
george.parker@abchurch-group.com www.abchurch-group.com
<http://www.abchurch-group.com/>
Notes to editors:
About Vp
The main activity of the Group is equipment rental and associated services
principally conducted within the UK. Vp plc listed on the London Stock Exchange
in 1973.
The Group is focused on six businesses:
Airpac Bukom Oilfield Services
Equipment and service providers to the international oil and gas exploration and
development markets.
Groundforce
Excavation support systems and specialist products for the water, civil
engineering and construction industries.
Hire Station
Tools and specialist products for industry, construction and home owners.
Torrent Trackside
Infrastructure equipment and services for the railway renewals and maintenance
industry.
TPA
Portable roadway systems, bridging, fencing and barriers primarily to the UK
market, but also in the Republic of Ireland and mainland Europe.
UK Forks
Rough terrain material handling equipment for industry, residential and general
construction.
Further information can be found at www.vpplc.com <http://www.vpplc.com/>
[HUG#1383195]
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