A brief AGM Statement confirms that Q1 trading has been resilient, despite a mixed market backdrop, and full year guidance is reiterated. Vp continues to be the quality player in UK equipment hire, maintaining its specialist focus and diversity of end markets in order to support its resilience. The recovery plan in Brandon Hire Station remains on track to materially complete by the end of FY26. Alongside growth elsewhere, this is expected to drive a return to earnings growth this year. Our PBT forecasts show growth of 3.7%/7.1%/4.4% p.a. We continue to see Vp’s valuation as very undemanding, with the shares trading on a Mar. ’26 P/E rating of only 8.6x and yielding 6.9%. We remain at Buy.
