VP Plc shares up despite plunge in profits

VP Plc shares (LON: VP) are trading higher after the group released a trading statement for the the six months ended 30 September.

Revenue was down 24% to £142m, whilst pre-tax profit plunged from £186,6m to £25.9m. VP has proposed a dividend of 22p a share.

Jeremy Pilkington, Chairman of Vp plc, commented: “The resilience and diversity of the Vp offering has once again proved to be an invaluable asset as the Group and its customers recover from the economic impact of Covid-19. Vp’s businesses are gradually recovering towards prior year trading levels, buoyed by the positive medium-term outlook for infrastructure investment in the UK.

“The Group remains in excellent financial condition and is well positioned to take advantage of the uplift in demand and return the business to its historic levels of profitability. The Board is optimistic but also realistic about prospects for the second half and beyond.

“On behalf of the Board I would like to extend a thank you to all our employees, both within the UK and internationally, for their spirit, hard work and determination in the face of unique challenges and uncertainties,” added Pilkington.

VP Plc shares (LON: VP) are trading +5% at 798,00 (1209GMT).