Vp’s full year trading update confirms another dependably resilient performance, in line with market expectations. As in previous years, the results are underpinned by the Group’s specialist offering and the diversity of end markets served. Good strategic progress is being made in refreshing and centralising the operating model and the digital roadmap, which we expect to underpin growth and margins over the medium to long term. Vp’s share price has fallen by 9% year to date and 14% over the past year, and leaves Vp’s valuation at multi-year lows on a P/E rating of c.7x and a dividend yield approaching 8%. In our view, the shares offer compelling value for a high quality and reliable performer that has delivered sector leading returns and an attractive growth profile over many years.