Vp plc is a specialist equipment rental business providing equipment, people, services and support for specialist projects. It focuses on niche sectors principally in the Infrastructure (38% of Group revenue), Construction (36%), Housebuilding (7%) and Energy (10%) markets in the UK and Overseas.

It has an excellent track record of growth and high returns over many years as well as a 30+ year unbroken dividend record.

10 Jun 2026

30+ year dividend track record; confident outlook

Vp’s FY26 results are in line with February’s guidance, confirming a resilient performance in the context of a mixed market backdrop.

International growth is the trading highlight, whilst the restructuring of Brandon Hire Station should underpin UK recovery from FY27.

The Board’s confidence is reflected in a maintained full year dividend, continuing a 30+ year unbroken dividend record.

After a period of transformation, Vp is positioned to deliver a significant recovery in profitability, and in our view the opportunity is not reflected in an FY28 P/E rating of 7.8x (dividend yield ~8.3%). We maintain our 750p/ share Fair Value estimate.

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