Vp has a 'solid foundation' for growth after delivering an increase in half year revenues

The group said it was continuing to make progress and leverage opportunities in its specialist markets, despite market challenges, “particularly in construction which has been soft and housebuilding which has been subdued but stable”.

Commenting on the interim results, Jeremy Pilkington, Chairman of Vp plc, said: “We have delivered a solid performance with continuing sector leading returns in the period reflecting the strength of our diverse business offering.

"We are particularly pleased to have maintained net margin and a strong return on average capital employed, demonstrating high quality of earnings in difficult market conditions.

“Having multiple sector exposure diversifies our revenue streams and has contributed to the robust performance in the period, with infrastructure demand remaining supportive, and whilst there are immediate challenges within general construction, I am confident that the actions taken will be of benefit in the medium term.

"The group continues to produce strong operating cash flows and maintains a solid financial base.. and we are well positioned for growth.”

Mr Pilkington said that Vp “has an excellent track record of successfully navigating difficult markets”. He added that the diversity of its operations provides it with a solid foundation from which to grow both organically and by acquisitions.

He added: "We remain confident in the group’s ability to drive demand for our products and services which embrace our customers’ needs for sustainable and digital solutions. There is a great sense of enthusiasm throughout the group, driven in part by a refreshed leadership team, which makes us optimistic for the future and our ability to continue to deliver an attractive level of returns for our shareholders.”