A slow start to the calendar year in the general construction and water markets prompts management to adjust guidance, now expecting FY26 (March Y/E) adj. PBT within a range of £26-£29m, c.28% below our existing forecasts at the mid-point. We are reassured that this is a market issue, not company specific. Performance across the remainder of the group is broadly unchanged from the interim period and the ongoing transformation of Brandon Hire is progressing very well. We will review our forecasts in due course but remain positive on the stock, confident that Vp’s specialist positioning and diverse end markets exposure leaves it well placed to capitalise on future opportunities across its markets.