Vp (VP) H2 2025 earnings summary

Executive summary

• Delivered resilient FY 2025 performance with revenue rising to £380m and adjusted profit of £36.7m, in line with market expectations despite varied market conditions.

• Maintained industry-leading return on average capital employed at 14.2% and proposed a final dividend of 28p, continuing a 30+ year record.

• Advanced growth strategy through acquisitions (CPH in Ireland, Excel Tool Hire) and the launch of Vp Rail, shifting to groupwide propositions.

• Strong balance sheet, robust operating cash flows, and disciplined capital allocation underpin future growth.

• Solid start to FY26, with momentum in Infrastructure and Specialist Construction; performance expected in line with market expectations.

Financial highlights

• Revenue increased to £380.0m from £368.7m year-over-year, with 3% growth and 2% excluding the CPH acquisition.

• Adjusted EBITDA was broadly flat at £90.6m, reflecting increased investment in people and technology.

• Adjusted profit before tax declined from £39.9m to £36.7m, with net margin at 9.7% (down from 10.8%).

• Exceptional items totaled £10.9m, mainly from acquisition costs and impairments in Brandon Hire Station.

• Proposed full-year dividend of 39.5p, with a final dividend of 28p, up 2%, maintaining an uninterrupted 30+ year record.

Outlook and guidance

• Expect FY 2026 performance to be in line with current market expectations, with optimism for growth in infrastructure and specialist construction.

• Anticipate growth in Ireland and Germany to outperform UK growth in the short and medium term.

• Continued focus on M&A, digital transformation, and operational efficiency.