Vp has reported a strong set of results for FY20, which have inevitably been overtaken by recent events. Adjusted PBT of £47m was a new record despite some impact of the COVID-19 crisis being felt in March. Net bank debt of £160m was lower than March’s guidance (c.£165m) and headroom is comfortable. Early signs of recovery are being seen in some markets as lockdown measures ease, but it is too soon for the Group to issue financial guidance. Nevertheless, we expect Vp to emerge strongly from the current downturn, noting the Group’s excellent track record through previous cycles.
