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Sat December 15 2018

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Brandon helps Vp revenues swell 42%

27 Nov Equipment rental group Vp has brushed off Brexit distractions to power ahead with strong growth.

Jeremy Pilkington is entering his 38th year as chairman of Vp
Jeremy Pilkington is entering his 38th year as chairman of Vp

Aided by the November 2017 acquisition of the Brandon Hire tool shop chain, Vp’s interim results for the six months to 30th September 2018 show profit before tax and amortisation up 22% to £25.9m (2018 H1: £21.2m) and revenues up 42% to £193.2m (2018 H1: £136.0m).

Pre-tax profit for the half-year was £23.9m, up from £20.3m the previous year.

Capital investment in fleet rose to £36.7m (2018 H1: £32.5m).  Borrowings at 30th September 2018 stood at £188.2m (31st March 2018: £179.2m).  EBITDA increased to £51.6m, compared to £41.1m for the same period last year.

Jeremy Pilkington, who has been chairman of the company since 1981 when he was just 30, 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."

MPU

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