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Sun June 13 2021

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Balfour deal supports Vp growth

4 Jun 13 Equipment rental specialist Vp saw its profits and revenues grow last year, helped by the acquisition of Balfour Beatty’s plant and surveying businesses last July.

For the year ended 31 March 2013, Vp’s profit before tax and amortisation increased 9% to £17.4m (2012: £16.0m). 

Revenues were up 3% to £167.0m (2012: £161.5m).

The operating margin increased to 11.9% (2012: 11.5%) and the return on average capital employed improved to 13.3% (2012: 13.0%).

As we reported last year, Vp paid £4.1m to buy Balfour Beatty’s plant rental business activities operating from depots in Croydon and Exeter, along with its survey, safety and communication equipment rental business activity.

Chairman Jeremy Pilkington said that these have now been integrated into the ESS Safeforce and UK Forks businesses and are performing in line with expectations.

Mr Pilkington said: "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."

The results from each operating division are given below:

HIRE STATION
Small tools and specialist equipment for industry and construction.

 

Year ended
31 March 2013

Year ended
31 March 2012

Revenue

£62.0m

£60.1m

Operating profit before amortisation

£4.3m

£3.3m

Investment in rental fleet

£9.4m

£8.1m

GROUNDFORCE
Excavation support systems, specialist piling solutions and trenchless technology for the water, gas, civil engineering and construction industries.

 

Year ended
31 March 2013

Year ended
31 March 2012

Revenue

£37.2m

£32.7m

Operating profit before amortisation

£7.8m

£6.7m

Investment in rental fleet

£7.3m

£5.6m

TORRENT TRACKSIDE
Suppliers of rail infrastructure portable plant and specialist rail services to Network Rail, London Underground and their respective contractor bases.

 

Year ended
31 March 2013

Year ended
31 March 2012

Revenue

£21.4m

£22.1m

Operating profit before amortisation

£2.2m

£2.2m

Investment in rental fleet

£0.9m

£2.9m

UK FORKS
Rough terrain material handling equipment for industry, residential and general construction.

 

Year ended
31 March 2013

Year ended
31 March 2012

Revenue

£14.1m

£12.6m

Operating profit before amortisation

£2.1 m

£1.5 m

Investment in rental fleet

£0.4 m

£8.6 m

TPA
Portable roadway systems, primarily to the UK market, but also in mainland Europe.

 

Year ended
31 March 2013

Year ended
31 March 2012

Revenue

£14.9 m

£14.6 m

Operating profit before amortisation

£1.3m

£1.2m

Investment in rental fleet

£2.4m

£5.1m

AIRPAC BUKOM OILFIELD SERVICES
Equipment and services for international oil and gas companies.

 

Year ended
31 March 2013

Year ended
31 March 2012

Revenue

£17.4m

£19.4m

Operating profit before amortisation

£2.0m

£3.6m

Investment in rental fleet

£2.1m

£2.0m

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