Major plant hirer Vp sees revenues rebound

Aaron Morby 10 months ago
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Leading tool and equipment hirer Vp has revealed revenues are fast-returning to pre-Covid 19 levels.

Revenues returning at key UK Forks, Brandon Hire and Groundforce businesses
Revenues returning at key UK Forks, Brandon Hire and Groundforce businesses

The firm this morning said at the lowest point in April, revenues slumped to around 55% of normal levels.

In response, it mothballed a number of locations, furloughed employees and initiated a range of other cost-saving measures.

Chairman Jeremy Pilkington said “I am very pleased to report that revenues are now running at over 80% of prior year levels driven by increased demand from our core end markets.”

Speaking ahead of the firms’s AGM today he said that as demand has returned, over two-thirds of furloughed employees had now returned to work and many of the mothballed locations had re-opened.

He added: “Activity in infrastructure, housebuilding and construction markets is positive and improving, but some areas such as the civil engineering sector have been slower to recover.

“There are early signs that AMP 7, HS2 and Hinkley Point projects may lead the way in this regard.”

Pilkington said that cost management has been excellent and debt reduced by £22m since March, to £138m at the end of June.

“Whilst many challenges remain, we are positive about the longer-term outlook for the business and we look forward to returning towards historic levels of trading during 2021.”

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