FY26 results confirm an adj. PBT outturn of £27.0m (FY25: £36.7m) vs. a £26m-£29m guidance range and better than our forecast of £26.0m. The YoY PBT reduction reflects a challenging backdrop, against which revenue reduced by 6% and the operating margin reduced to 10.4% (FY25: 12.4%). In response, management has maintained tight cost control and implemented a repositioning of Brandon Hire Station (refocused on B2B; branches down from 119 to 41). This should benefit margins going forward. Whilst the market backdrop remains uncertain, this self-help, and tailwinds from an improving infrastructure market, underpin an improving earnings outlook for Vp, where we forecast PBT growth of 23% in FY27. Importantly, the results also confirm a maintained dividend of 39.5p, in line with our forecast and representing a highly attractive yield of 8.6%. Against the continued strength and quality of the Vp platform, we see a Mar. ’27 PER of only 7.8x as materially undervaluing the shares. We stay at Buy.