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Chairman says Vp is surpassing expectations

29 Nov 16 Equipment rental group Vp is flying high and set to deliver annual financial results ahead of market expectations.

Jeremy Pilkington has been chairman of Vp since 1981
Jeremy Pilkington has been chairman of Vp since 1981

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."

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