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.

27 Nov 2025

Brandon Hire Station repositioned for profitability

Vp’s interims confirm a solid performance, highlighting the strength of the Group's diversified business model. Strong demand in International (specialist activities in Ireland, Transmission in Germany) continues to offset persistent weakness in General Construction in the UK. Decisive action has been taken to reposition Brandon Hire Station for sustainable profitability, supporting the Group’s strategic and B2B customers. This results in a contraction in the branch network and a reduction in revenue but will enhance returns and quality of earnings.

Vp is a high-quality business with an impressive track record and sector leading returns. In our view, the repositioning of Brandon Hire Station enhances the quality of the Group, addressing an area of cyclicality and improving returns. We reiterate our 1000p Fair Value estimate (<14x FY27 P/E).

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