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.

23 Jul 2025

Robust AGM statement, on track for FY expectations

Today’s AGM statement confirms another resilient performance in the early months of FY26 and reiterates full year expectations.

Recent periods have seen Vp deliver consistently strong results and meaningful strategic progress (e.g. closer collaboration across the Group, evolution of digital roadmap) despite the mixed market backdrop.

Vp has an excellent track record of sector leading returns and attractive earnings growth over the long term, which has underpinned an unbroken 30+ year dividend record. Current valuation ratings are very low by historic standards (FY26 P/E of 8.3x versus Vp’s long run average of c.12x) with the attraction of a 7% dividend yield.

We expect FY26 to be another successful year and reiterate our 1000p Fair Value estimate (<14x FY27 P/E), highlighting significant earnings growth potential (organic and acquisitive) over the medium term.

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