Chairman says Vp is surpassing expectations
Equipment rental group Vp is flying high and set to deliver annual financial results ahead of market expectations.
Vp’s interim results for the six months ended 30th September 2016 show 9% growth in profit before amortisation and tax to £18.7m (2015/16 H1: £17.2m) on revenues 16% higher at £121.7m (2015/16 H1: £105.1m).
“This performance reflects strong underlying organic growth in most of our businesses, plus contributions from the acquisitions of Higher Access and TR Group in March and April 2016 respectively”, said chairman Jeremy Pilkington, who has now headed the company for 35 years.
Vp is the parent company of Groundforce, Hire Station, UK Forks, Torrent Trackside and other specialist construction equipment operations.
Capital investment in new equipment for hire during the six months rose to £29.9m (2015/16 H1: £23.4m). Borrowings at the period end stood at £107.5m, up from £86.1m in March after funding investment and acquisitions totalling £42.5m.
Chairman Jeremy Pilkington said: "Strong organic growth plus the successful integration of two acquisitions has delivered this excellent set of results. Increased capital investment into market opportunities gives us confidence that we will be able to deliver results ahead of market expectations for the year as a whole."
- Click here to return to the previous page
- Subscribe to our free construction newsletters
- Buy & Sell Construction Plant Machinery online with TCiTrader.co.uk. Find new, used & reconditioned Construction Equipment. Click here to view Construction Equipment Classifieds.
Download our free construction news iPhone / iPad app. Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest Construction News, Plant News, Contract News & Supplier News. The Construction Index also provides the latest Construction Tenders, Construction Market Data & Construction Law Commentary all FREE.
This article was published on 29 Nov 2016 (last updated on 29 Nov 2016).