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Tue May 18 2021

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Vp confident of further growth

21 Nov 17 Half-year results for Vp show double-digit growth in revenue and profit.

Chairman Jeremy Pilkington
Chairman Jeremy Pilkington

For the six months ended 30th September 2017 Vp reported pre-tax profit up 15% to £20.3m (2016: £17.7m) and revenues of £136.0m, 12% up on last year’s £121.7m.

And there looks to be more growth ahead with the acquisitions made this year.

In April Vp purchased Jackson Mechanical Services for £3.6m and Zenith Survey Equipment for £3.85m cash plus assumed debt of £2.3m.  Both businesses have sinces been integrated into the respective specialist activities within Hire Station.

More recently, this month Vp took over Brandon Hire Group for £41.6m cash plus debt of £27.2m. It also bought First National, a specialist rough terrain forklift rental business, for £900,000 and debt of £800,000. The latter is being integrated into Vp’s UK Forks business.

Chairman Jeremy Pilkington said: "Vp has again delivered an excellent set of results for the half year.  The UK market remains strong, and whilst there is some uncertainty around the implications that Brexit will have on the UK, the day-to-day demand continues to be highly positive.”

He added: “A significant post-period highlight was the successful acquisition of Brandon Hire and this, coupled with the organic opportunities available elsewhere within the group, encourages the board to look forward to the second half of the year and beyond with every confidence.”

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MPU

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