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Sat July 21 2018

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Vp delivers for shareholders

6 Jun 17 Equipment rental group Vp has enjoyed another record year, with surging profit and revenue.

UK Forks is kept busy by house-builders
UK Forks is kept busy by house-builders

For the year ended 31st March 2017, Vp made a 17% increase in profit before tax and amortisation to £34.9m (2016: £29.8m) on revenue up 19% to £248.7m (2016: £208.7m).

The telehandler hire business, UK Forks, had steady demand from the house-building sector; the rail business, Torrent Trackside, was kept busy; and the Hire Station tool hire business had an excellent trading year.

In Groundforce/TPA, the core shoring activity enjoyed sustained demand in the water sector from asset management programme 6 (AMP 6) and a plethora of basement excavation projects, particularly in the London region. 

Chairman Jeremy Pilkington said: “It has been another record-breaking performance for Vp and we are delighted with the significant progress made within the group.  Reflecting this excellent set of results, the board is recommending a final dividend of 16.0 pence per share making a total for the year of 22.0 pence per share, an increase of 17%.

“In the UK, all of our businesses delivered strong organic growth supported by solid market demand and carefully targeted capital investment into the rental fleets.  The UK results were further enhanced by the first full year contribution from Higher Access which we acquired in March 2016.

“Looking ahead, the new financial year has started well and at this very early stage, I believe there is every prospect that we may look forward to another year of significant progress for Vp and our shareholders."

 

 

 

 

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