Vp (VP) Trading Update summary

Trading performance and outlook

• Delivered resilient FY25 performance, meeting market expectations despite sector challenges.

• Specialist, solutions-based approach and diverse end-market exposure supported results.

• Infrastructure remains the largest market, with strong activity in Water and opportunities in Transmission.

• Rail sector activity slower than expected, but new Vp Rail launch positions for future growth.

• Construction market mixed; Specialist Construction strong, non-residential subdued with ongoing recovery efforts.

Operational developments

• Progressing with operating model refresh and digital roadmap to drive efficiency and customer experience.

• Recent acquisition CPH in Ireland is integrating well and trading in line with expectations.

• Continued investment in rental fleet to build long-term competitive advantage.

Financial position

• Net debt/EBITDA gearing ratio at approximately 1.5x, reflecting growth capex and CPH acquisition.

• Net debt aligns with market expectations; balance sheet remains strong.

• Analyst consensus: revenue £371m, profit before tax and exceptional items £37m, pre-IFRS 16 net debt £141m.