麻豆社

CEO Alice Woodwark described external and internal challenges for the equipment rental specialist. "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."

Woodwark joined Vp from Mitie on 2 February, with the company issuing a profit warning barely a week later. At the time, citing a slow return to construction work at the start of the year, the company predicted profits in the 拢26m-拢29m; the published results are in line with this.

Announcing the results, Woodwark continued, 鈥淔ollowing 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.鈥�

The business cut its fleet capital investment by 21.1% to 拢51.6m. It said that transmission and rail activity has been steady, housebuilding and energy satisfactory, but it has seen water revenues decline in the transition from AMP7. However, it sees activity in water increasing in the second year of the AMP8 programme.

The restructuring of Brandon Hire Station has now been completed, moving the business out of consumer retail and dedicating it to business-to-business sales. The branch network was cut from 119 to 41, with a loss of 400 jobs and a 40% reduction in its rental fleet. The company has spent 拢10.5m over the year on the restructuring, with a further 拢10.6m expected to be spent in coming years. The restructuring is expected to deliver a cash payback of four years,

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