Acquisitive Vp reports growth in revenue and profits with ‘excellent set’ of first half results
Harrogate-based hire business Vp has posted an increase in profits and revenue at the half year mark.
For the six months ending 30 September, the listed firm reported a rise in pre-tax profit to £23.9m, compared with the £20.3m achieved the year before. Revenues also soared 42% to £193.2m.
These results include a first half year £39.4m contribution from Brandon Hire, which VP acquired in November 2017 for £69.2m.
During this period, capital investment in Vp’s fleet rose to £36.7m, whilst EBITDA increased to £51.6m.
Vp’s UK Division delivered a 46% rise in revenues to £175.3m, whereas its international division reported a 14% increase in revenues to £17.9m.
Speaking to TheBusinessDesk.com this morning, CEO Neil Stothard said that the group is “very pleased with the numbers” especially the success of the integration of Brandon Hire which is now part of the Hire Station tool hire business.
Stothard said: “The acquisition of Brandon Hire we made about a year ago has given us a good boost in terms of growth. Integration of the business is going well and it is the largest acquisition we’ve ever done.”
For Vp’s full year results, Stothard said that although they have to “throw a notice of caution” due to the political and economic uncertainty surrounding Brexit, Vp had “started the second half of the financial year well.”
He added: “Hopefully we will maintain this and deliver satisfactory results at the end of the year.”
Jeremy Pilkington, chairman of Vp plc, said: “The Group has produced yet another excellent set of results with revenues, profits and earnings per share all significantly ahead. Both our UK and International Divisions have performed strongly with most of our business units busy supporting stable end markets.
“In the UK Division, whilst Brexit continues to be a distraction, day to day activity seems to be continuing largely unaffected. With the benefit of a strong first half, which includes an in line contribution from Brandon Hire, we look forward to the remainder of the year, and beyond, with every confidence.”
