Harrogate-based equipment rental group Vp plc said it expected results in line with current expectations this year but pinpointed sluggish growth in the rail and housebuilding sectors. 

“The Group continues to perform well despite challenges in certain end markets,” said Chairman Jeremy Pilkington ahead of the company’s annual general meeting on Thursday. 

“During the first quarter of the current financial year, the infrastructure market has continued to be supportive with good momentum and strong demand in transmission, water and civil engineering. We have, however, experienced a slower start to the year in rail at the beginning of the new Control Period, CP7. The energy market remains positive with strong demand both in the UK and internationally.”

“The construction market is mixed, with growth in redevelopment projects but challenging conditions in non-residential construction, where our plans to improve the performance of Brandon Hire Station continue,” he added. “Housebuilding remains subdued, however we welcome the new Government’s planning reforms to boost housebuilding in addition to its pledges in infrastructure and rail and are encouraged at this early stage.” 

He said the company “expects performance for the current financial year to be in line with Board expectations.”