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.

11 Feb 2026

Earnings reset reflects market headwinds

Vp’s trading update this morning prompts a reset of earnings expectations to reflect current market headwinds. Q4 trading has been impacted by a muted January ‘return to work’ with activity in construction and water highlighted as being particularly challenging.

Good progress is being made withthe transformation of Brandon Hire Station and we expect an increase in water revenue during FY27, given significant spending committed under AMP8.

We reduce our earnings forecasts to reflect today’s guidance with a corresponding change to our Fair Value estimate (to 750p from 1000p). Post downgrades, the shares are trading on <10x P/E, which we consider attractive for a high-quality business with significant recovery and long term growth potential.

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