Vp’s FY26 results are in line with February’s guidance, confirming a resilient performance in the context of a mixed market backdrop. International growth is the trading highlight, whilst the restructuring of Brandon Hire Station should underpin UK recovery from FY27. The Board’s confidence is reflected in a maintained full year dividend, continuing a 30+ year unbroken dividend record. After a period of transformation, Vp is positioned to deliver a significant recovery in profitability, and in our view the opportunity is not reflected in an FY28 P/E rating of 7.8x (dividend yield ~8.3%). We maintain our 750p/ share Fair Value estimate.