Vp PLC
30 September 2003
Press Release 30 September 2003
Vp plc
Trading Statement
Vp plc, the equipment rental specialist, today issues the following trading
update in advance of its interim results for the six months ended 30 September
2003, which are to be announced on 1 December 2003.
We are pleased to report that group trading for the six months has been
satisfactory and in line with the Board's expectations.
SERVICES
Groundforce
Groundforce has enjoyed a good level of activity with particularly strong demand
from the Channel Tunnel Rail Link and Heathrow Terminal 5 contracts. During the
period, Groundforce announced the acquisitions of Trenchshore for £2.7m and
Indepth Hire for £450,000. These businesses have been fully integrated within
the Groundforce structure and are performing in line with expectations.
UK Forks
UK Forks had a satisfactory start to the year with good levels of demand from
all sectors and in response, the current years capital investment programme has
been accelerated.
Airpac Oilfield Services
Airpac Oilfield Services has traded satisfactorily in the period, particularly
in the North Sea sector.
HIRE STATION
Trading in the first quarter was flat although subsequently the weather in July
and August created significant demand for cooling products.
Further positive changes have been made within Hire Station. We have
restructured our Safeforce, Lifting Point and One Call specialist product
offerings to improve their market focus. The period also saw the opening of
further Safeforce and Lifting Point locations across the country and the closure
of three surplus tool hire locations. One Call has also delivered good growth
in the period. We have also created a single accounting centre for tool hire in
Nottingham to replace the three existing offices.
TORRENT TRACKSIDE
As anticipated in the June 2003 Chairman's Statement, the exceptional levels of
activity experienced in the second half of last year have not been repeated so
far this year. Nevertheless, Torrent continues to trade very satisfactorily and
is maintaining its market share. Prospects remain very positive over the medium
term.
OUTLOOK
Although certain markets continue to be challenging, the breadth of sectors
within which Vp operates, particularly those with a health and safety or
regulatory bias, should enable the Group to make further progress in the
remainder of the year.
- Ends -
For further information:
Vp plc Tel: +44 (0) 1423 533 405
Jeremy Pilkington, Chairman & Chief Executive www.vpplc.com
Neil Stothard, Group Finance Director
Media enquiries:
Bankside
Sarah Carrell Tel: +44 (0) 113 390 6388
sarah.carrell@bankside.com www.bankside.com
This information is provided by RNS
The company news service from the London Stock Exchange
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