Vp’s interims confirm a solid performance, highlighting the strength of the Groups’ diversified business model. Strong demand in International (specialist activities in Ireland, Transmission in Germany) continues to offset persistent weakness in General Construction in the UK. Decisive action has been taken to reposition Brandon Hire Station for sustainable profitability, supporting the Group’s strategic and B2B customers. This results in a contraction in the branch network and a reduction in revenue but will enhance returns and quality of earnings. Vp is a high-quality business with an impressive track record and sector leading returns. In our view, the repositioning of Brandon Hire Station enhances the quality of the Group, addressing an area of cyclicality and improving returns. We reiterate our 1000p Fair Value estimate (