Vp (VP) Q2 2026 TU earnings summary

Trading performance

• Resilient H1 to 30 September 2026; remains on track to meet market expectations for FY27, with H2 expected to outperform H2 FY26.

• Analyst consensus for FY27: revenue £351.3m; PBT before amortisation, impairment and exceptional items £32.5m; pre-IFRS 16 net debt £154.4m.

Markets and operations

• Electricity transmission performed well, rail remained stable, and water gained momentum as AMP8 activity grew in Q2; International continued to perform well.

• Brandon Hire Station improved following last year's restructure despite ongoing General Construction market challenges; restructure-related exceptional costs were recognised in FY27.

Strategy and outlook

• UK momentum supports increased H2 confidence, with positioning to benefit from supportive water and electricity transmission infrastructure markets.

• Priorities include operational excellence, customer service and specialist-business growth; digital transformation is improving operational efficiency, supported by an enhanced Executive Committee.

• Interim results for the six months ended 30 September 2026 are scheduled for 25 November 2026.