Specialist equipment rental business Vp plc, has released its final accounts for the year ended 31 March 2026.
Compared to the previous year, revenue was down 5.7% at £358.3 million, while adjusted profit fell 26.4% from £36.7 to £27 million.
However, the Brandon Hire Station restructure, which has now been completed, resulted in:
- Brandon branch network reduced from 119 to 41;
- Headcount and rental fleet reduced significantly, by 400 and 40% respectively;
- A £25 million exceptional P&L charge, with £10.5 million of cash outflows in the period and a further £10.6 million of cash outflows expected in future years.
Looking at the current trading position, Vp states that it continues to experience challenging market dynamics as it enters the new financial year, with UK construction activity particularly sluggish. However, the Group expects an improvement in year-on-year trading in FY27 driven by the restructure of Brandon Hire Station, investment in its digital roadmap and other Vp-wide capabilities, and improved demand across core infrastructure markets.
VP chief executive officer Alice Woodwark, who only joined the group on 2 February 2026, commented: “We delivered a resilient performance against a tough macro-economic environment, while also completing our restructuring programme at Brandon Hire Station on time and as planned.
“Our diverse and collaborative specialist businesses are driving sector leading returns, and our performance will benefit from the continued execution of our strategic priorities in the current financial year.
“Following a review of the Group during my first three months as CEO, I am encouraged by the strength of the business, the expertise of our people and the opportunity ahead. Our people have the skills, culture and commitment needed to deliver our next wave of growth. While there is more to do, the foundations are firmly in place to create sustained value for shareholders.”
