Today’s upbeat FY21 prelims from equipment rental specialist Vp provided further evidence of its industry leading status, especially in terms of earning quality, ROCE and cashflow. Posting a better than expected adjusted PBT (pre IFRS16) & diluted EPS of £23.3m & 45.9p on sales of £308m, alongside providing a “positive” outlook. Indeed in our opinion, the group’s through-cycle durability justifies a sector premium, thanks to its consistent returns, adoption of all-things digital and exposure to systemically important verticals such as water, power, renewables, telecoms & rail. However, superior performance is not the only attraction. Elsewhere, UK construction is powering ahead with May’21 PMIs hitting 64.2 (see below), boosted by home building, commercial, home DIY, RMI and infrastructure.
08 Jun 2021
Upgrading forecasts as FY22 “starts strongly”
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Upgrading forecasts as FY22 “starts strongly”
Today’s upbeat FY21 prelims from equipment rental specialist Vp provided further evidence of its industry leading status, especially in terms of earning quality, ROCE and cashflow. Posting a better than expected adjusted PBT (pre IFRS16) & diluted EPS of £23.3m & 45.9p on sales of £308m, alongside providing a “positive” outlook. Indeed in our opinion, the group’s through-cycle durability justifies a sector premium, thanks to its consistent returns, adoption of all-things digital and exposure to systemically important verticals such as water, power, renewables, telecoms & rail. However, superior performance is not the only attraction. Elsewhere, UK construction is powering ahead with May’21 PMIs hitting 64.2 (see below), boosted by home building, commercial, home DIY, RMI and infrastructure.