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Sat July 02 2022

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Vp well placed for further growth

26 Nov 13 Equipment rental specialist Vp is set for strong growth in the current financial year having unveiled improved first half numbers.

Vp company Groundforce in action
Vp company Groundforce in action

For the six months ended 30 September 2013, Vp’s revenues were up 9% to £91.3m (2012 H1: £84.0m). Profit before tax and amortisation increased 17% to £12.8m (2012 H1: £11.0m). Profit margins were up from 13.0% to 14.0%.

Within the group, Groundforce had operating profits more than 12% ahead at £4.6m (2012 H1: £4.1m) on revenues of £20.8m (2012 H1: £18.2m). 

Profits at UK Forks were up 59% to £1.5m (2012 H1: £1.0m) on revenues up 20% at £8.4m (2012 H1: £7.0m).  This telehandler hire division benefited from the rise in house-building activity. 

Hire Station, the tool hire store chain, was another strong performer, also producing a 59% rise in profits at £2.7m (2012 H1: £1.7m) on revenues up 9% at £31.9m (2012 H1: £29.3m).

Profits at Airpac Bukom fell to £0.7m (2012 H1: £1.3m) on revenues flat at £9.6m.

Torrent Trackside also saw its profits slip, from £1.7m last time to £1.5m, on relatively flat revenues of £10.6m (2012 H1: £10.5m).

Profits at TPA improved 7% to £2.7m (2012 H1: £2.5 million) on revenues marginally ahead at £9.8m (2012 H1: £9.5m). 

Vp chairman Jeremy Pilkington said: “The group has produced another excellent set of results with profits, margins, return on capital and earnings per share all strongly ahead.  Substantial capital investment in the rental fleet and the acquisition of Mr Cropper in September demonstrates our confidence in the opportunities for growth.  The board believes the group is very well placed to continue to deliver further progress for the year as a whole and beyond."

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