Vp has delivered a resilient H1 performance against a backdrop of ongoing market challenges. Full year expectations are reiterated, with improving prospects for Rail and Water in particular. The Brandon Hire Station recovery plan is on course to complete by the end of the year, and the search is underway for Anna Bielby’s successor as CEO, who will inherit a business in strong shape. Whilst announcements from sector peers may have taken headlines earlier this week, Vp continues to deliver consistently impressive results and demonstrate its quality. Vp is a high-quality business with an impressive track record of earnings growth and sector leading returns. We reiterate our 1000p Fair Value estimate (