Harrogate-based equipment rental group Vp plc said a slowdown in housebuilding — where demand has reduced by 10% compared with 2022 — has stabilised at this level into its new financial year. 

Vp said its non-residential construction markets remain subdued, but its international businesses continue to make encouraging progress with a good start to the new financial year.

Vp plc chairman Jeremy Pilkington told the firm’s AGM: “In the UK we have experienced varying levels of demand across the range of markets which we serve. 

“The infrastructure sector, including water, transmission and rail in particular, has remained supportive and we continue to work with our customers on delivery of the longer term regulatory driven capital investment programmes. 

“As we highlighted in our final results issued on 7 June 2023, we have seen a slowdown in housebuilding where demand has reduced by circa 10% compared with 2022 and has stabilised at this level into our new financial year. 

“The non-residential construction markets remain subdued.  Our International businesses continue to make encouraging progress with a good start to the new financial year.

“We remain focused on the quality of our equipment and excellent service delivery to our customers with an ongoing drive to deliver sustainable solutions to our customer base.

“The group remains in a strong financial position with an excellent track record of delivery.

“Despite both market headwinds and increases in interest rates, we continue to see opportunities and expect performance for the current financial year to be in line with board expectations.”