Vp makes progress despite challenges

While the UK is driving growth, Vp also sees considerable opportunities overseas
While the UK is driving growth, Vp also sees considerable opportunities overseas
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Equipment hire firm Vp said its annual results will be well ahead of last year despite challenging trading conditions in the offshore oil and gas sector.

The Harrogate-based firm said it has made progress in both its UK and international divisions.

It said the UK division has experienced stable demand from its core market sectors; infrastructure, construction and housebuilding.

The firm said the integration of Brandon Hire, which was acquired in November, is progressing well. The combined specialist tool hire business has now been re-branded as Brandon Hire Station and the integration should be fully completed by the end of the first half of the new financial year.

In its international division, the group said it has experienced on-going challenging trading conditions in the offshore oil and gas sector, although its test and measurement business in the Asia Pacific region has traded well.

The group anticipates that final results for the year to March 31 will be well ahead of the prior year and in line with current market expectations.

Exceptional costs in the second half of the year are expected to be around £4m, resulting from acquisition integration costs and business restructuring.

The group will announce its final results for the year to March 31 on Tuesday, June 4. An analyst briefing given by Jeremy Pilkington (chairman), Neil Stothard (chief executive) and Allison Bainbridge (group finance director), on the day.

Vp focuses on regulated markets such as electricity, rail, water and utilities where there are five, 10 and 15 year programmes so it is not as exposed to the Brexit crisis as some companies.

While the UK is driving growth, Vp also sees considerable opportunities overseas.