Vp has traded satisfactorily since the interim results were reported in early December. Inevitably, though, revenues have reduced this month and this trend is expected to continue. Some of Vp’s international markets have been impacted by governments limiting activity to all but essential business. A similar effect should be expected in the UK with this week’s Stay at Home measures, even if construction work is still currently permitted. As a result, current year forecasts (to 31st March) are likely to be marginally behind current market expectations and an impact will be felt in FY21. It is too early for us to estimate the quantum with confidence and we therefore withdraw forecasts for now. The Group has substantial headroom in its debt facilities (committed facilities of £200m plus overdraft of £7.5m versus net debt of £165m est. at 31st March). Vp has a strong and experienced management team and an excellent track record of responding to market uncertainty and generating cash. We expect this to be demonstrated again despite current challenges.