VP upbeat on future opportunities
ORGANIC growth is expected at equipment hire specialist VP as it celebrates a successful year.
The Harrogate-based firm reported a rise in revenues and profit yesterday and described it’s financial year as “highly” successful.
Moving forward, the group, which has six operations, said it is now focused on “more of the same” and moving the business forward with organic growth.
Executive chairman, Neil Stothard, said: “Expansion is more about targeting other customers and core markets we’re already in.
“It has been an excellent performance and we have really good momentum in the business. The platform for the coming year is very positive.”
Stothard said in the next 12 months, from a market perspective, VP hopes to see a continuation of modest recovery over general construction. “That’s a market which is still significantly smaller than it was six/seven years ago, so there is opportunity there going forward,” he said.
In the oil and gas side of the business, Stothard said the group sees good opportunity to invest into this segment over the next 12 months and therefore increase and improve the performance of that business over the period. He described this division as “a growth driver” going forward.
VP, which employs more than 1,600 employees and 100 overseas, plans to continue to develop its European businesses and continue to finesse its UK businesses.
In its final results for the year ended March 31 2014, VP reported a “significant” improvement in pre-tax profit by 16% to £20.1m and a rise in revenues of 10% to £183.1m. EBITDA increased to £44.3m, up from £41m in the previous period.
