Vp has released an in-line trading update this morning, reiterating previous guidance for FY26. Whilst only a few weeks have passed since February’s trading update (when forecasts were rebased), it has been an eventful period with the onset of the Middle East conflict, oil price spike and a resulting deterioration in business confidence. In this context, an in-line update is reassuring and the outlook for FY27 and beyond is positive, supported by strategic initiatives and an underpinning of demand from committed Infrastructure spending.