Vp shows strong performance
EQUIPMENT hire business Vp today announced a strong set of year end results and said it was continuing to make good progress despite the “relatively unsupportive trading environment”.
The Harrogate-based group, which has six different equipment rental businesses, said that pre-tax profits increased by 9% to £17.4m in the year to March 31 on revenues that were 3% ahead at £167m.
Vp said that operating margins increased to 11.9% from 11.5% a year ago while it plans to pay a final dividend of 9p a share, making a total of 12.25p for the full year, up 8% from last year’s total dividend of 11.35p.
Chairman Jeremy Pilkington, commented: “The group has delivered another strong performance with increased profits, margins and return on capital employed.
“Whilst the economic background still contains significant uncertainties and challenges, this set of results again demonstrates the group’s ability to continue to deliver value for shareholders even within a relatively unsupportive trading environment.
“Each of our businesses continues to work hard to uncover opportunities for investment and growth and we believe that the group has positive momentum moving into the new financial year.
“We look forward to another year of progression as we maintain our focus on delivering consistent, quality and sustainable returns over the long term.”
Group managing director Neil Stothard, added: “We remain ambitious to further develop our overseas businesses, in mainland Europe with TPA and Groundforce, and internationally with Airpac Bukom.”
The group’s six operations include tool hire firm Hire Station; UK Forks, which supplies rough terrain material handling equipment; Groundforce, which provides excavation support systems, specialist piling and trenchless technology for the water, gas, civil engineering and construction industries; Airpac Bukom Oilfield Services, which provides equipment to the international oil and gas exploration and development markets; portable roadway systems supplier TPA; and Torrent Trackside, which supplies rail infrastructure portable plant and specialist rail services to Network Rail and London Underground.
