Robust performance for tool hire group in face of economic headwinds

Equipment rental specialist, Vp, has reported resiliently trading against a backdrop of tough macro-economic conditions which have hit some of its markets.

Releasing a trading update for the six months ended 30 September 2023, the Harrogate-headquartered group says that within its UK businesses, infrastructure, including water, transmission and rail, continues to perform well, with longer-term regulatory programmes proving supportive.

Housebuilding demand remains subdued but stable, while general construction remains challenging.

Meanwhile, Vp adds its overseas businesses continue to trade well at levels ahead of H1 2023 and the board expects end markets to positively impact the current financial year.

Anna Bielby, chief executive, said: “We have delivered a solid performance in the period and are confident we will continue to achieve our objective of driving demand for our products and services.

“With our strong financial position, we have an excellent track record of successfully navigating volatility in our core markets.

“We continue to closely monitor the impact of weaker markets in housebuilding and general construction; however, we remain confident the group will continue to provide shareholders with an attractive level of returns.”