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.

17 Apr 2026

Trading in-line, confidence in FY27 reiterated

Vp has released an in-line trading update this morning, reiterating previous guidance for FY26.

Against a challenging macroeconomic backdrop, Vp expects to report adjusted PBT for the year to 31st March ’26 of £26m-£29m, in line with previously rebased guidance and our forecast (£27m).

Whilst only a few weeks have passed since February’s trading update, it has been an eventful period with the onset of the Middle East conflict, oil price spike and a resulting deterioration in business confidence. In this context, an in-line update is reassuring and the outlook for FY27 and beyond is positive, supported by strategic initiatives and an underpinning of demand from committed Infrastructure spending.

Vp’s shares are trading on just 9x P/E for FY26 (which we expect to be a trough earnings year), falling to 8x in FY27. In our view, this is far too low for a high-quality business with significant recovery and long-term growth potential. We maintain our 750p/share Fair Value estimate.

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