Harrogate-based equipment rental group Vp plc said on Wednesday it “continues to experience challenging market dynamics as it enters the new financial year, with UK construction activity particularly sluggish.”

In its results for the year ended March 31, 2026, Vp said its trading in the new financial year is expected to be in line with current market expectations.

The firm said: “Vp compiled analyst consensus for 2026/2027: Revenue of £352.1m, adjusted profit of £33.1m and pre-IFRS 16 net debt of £150.8m.”

For the year ended March 31, 2026, Vp reported revenue down by 5.7% to £358.3 million. The group incurred a statutory loss before tax of £7 million, compared to a profit of £21.7 million last year.

Nonetheless, total dividend for the year is maintained at 39.5p per share.

“The group recorded net exceptional items of £30.6 million (2025: £10.9 million) … ” said Vp.

“Exceptional items include £20.9 million of restructuring costs, of which £20.1 million relates to the transformation of the Brandon Hire Station division.

“Included within these costs are £10.9 million of property-related costs, including dilapidation and other onerous provisions, £7.8 million of employment-related costs, and £1.4 million of other costs associated with the transformation including professional fees.

“Exceptional items also include £5.1 million of impairments against property, plant and equipment and right of use assets, £4.8 million of which relates to the Brandon Hire Station transformation.

“In addition to restructuring costs and impairments, exceptional items include future deferred and earn-out payments associated with last year’s CPH acquisition, which have been treated as post-combination remuneration costs.”

VP CEO Alice Woodwark said: “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.

“Confidence in the underlying fundamentals of the business supports our decision to maintain the dividend year on year.”