Business
Trading and COVID-19 Update
Trading and COVID-19 Update.
About this update from Vp Plc
[{"type":"text","content":"\n \n \n RNS Number : 4648H\n Vp PLC\n 25 March 2020\n \n \n \n \n \n \n \n \n Press Release\n \n \n \n \n \n \n 25 March 2020\n \n \n \n \n \n \n \n \n Vp plc\n \n \n (\n '\n Vp\n ' or the '\n Group\n '\n )\n \n \n \n \n \n Trading and COVID-19 Update\n \n \n \n \n \n Vp plc, the equipment rental specialist, announces the following update on trading in the period since the interim results were issued on 4 December 2019 together with a COVID-19 update.\n \n \n \n \n \n The Group as a whole has traded satisfactorily since the interim results.\n \n \n \n \n \n In the UK, we experienced a reduction in construction industry related demand in December 2019 ahead of the general election and this continued into the final quarter of our financial year. The infrastructure and house building sectors by contrast held up well. Trading levels in our international division remained satisfactory without any material changes in market demand.\n \n \n \n \n \n We, like the rest of the business community, are currently fully engaged in responding to the challenges posed by the global COVID-19 pandemic. The health and well-being of our colleagues, our customers and our suppliers is our absolute priority and in this regard we continue to follow the latest Government guidelines.\n \n \n \n \n \n To date the impact on most of our UK businesses has been relatively limited but revenues have reduced in the latter part of March 2020 and we expect this trend to continue. We have also seen some of our international markets impacted by stringent government action limiting activity to all but essential business. Consequently, whilst we anticipate a satisfactory full year result for the Group, this will be marginally behind current market expectations.\n \n \n \n \n \n The Group has total committed facilities of £200 million plus an overdraft facility of £7.5 million. The facilities include a new £65 million loan note finalised in January 2020 which matures in January 2027. This new private placement includes an additional uncommitted US$39.6 million shelf facility. Net debt at 31 March 2020 is anticipated to be c. £165 million leaving substantial headroom in our facilities.\n \n \n \n \n \n Historically, Vp has from time to time experienced significant...