Specialist equipment rental group expects second-half performance to improve as water and electricity transmission markets gather pace.<\/p>\n
Specialist equipment rental group Vp has said it remains on track to meet market expectations for the full year, with improving momentum in infrastructure markets boosting confidence in the second half.<\/p>\n
The Harrogate-based group said trading in the six months to 30 September had been supported by strong demand in electricity transmission, stable conditions in rail and an improving contribution from water, where activity under the AMP8 investment programme gathered pace in the second quarter.<\/p>\n
Its international business also continued to perform well.<\/p>\n
Vp, which supplies specialist equipment and services to infrastructure, construction and other industrial markets, expects performance in the second half of its financial year to outstrip the same period last year.<\/p>\n
The group said its Brandon Hire Station division had also improved following a restructuring programme last year, despite continued weakness in the general construction market. Some exceptional costs associated with the restructuring have been recognised in the current financial year.<\/p>\n
Chief executive Alice Woodwark said the first half had demonstrated the resilience of the group’s diversified business model.<\/p>\n
\u201cThe first half of the financial year has again demonstrated the strength and resilience of our diverse business model,\u201d she said.<\/p>\n
\u201cMomentum in our UK segment increases our second half confidence, where we remain well positioned to take advantage of supportive infrastructure markets, specifically in water and electricity transmission. We will provide further details at our interim results.\u201d<\/p>\n
Vp said it continued to focus on operational efficiency, customer service and growth across its specialist businesses.<\/p>\n
Investment in its digital transformation programme was helping to improve efficiency, while changes to its executive committee had strengthened the group’s leadership as it works to deliver its strategy.<\/p>\n
The group will provide further details when it reports its interim results.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Harrogate-based group said trading in the six months to 30 September had been supported by strong demand in electricity transmission, stable conditions in rail and an improving contribution from water<\/p>\n","protected":false},"author":271992,"featured_media":2155564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262,120781],"coauthors":[137100],"class_list":["post-2161425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-markets","tag-featured-story","tag-yorkshire"],"yoast_head":"\n