'Outstanding' first half for Vp
By Helen Wright28 November 2014
UK equipment rental company Vp has reported strong fiscal first half results, fuelled by momentum in each of its Grounforce, UK Forks, Airpac Bukom, Torrent Trackside, TPA and Hire Station divisions.
Total revenues grew 11% year-on-year for the six months to 30 September to £101 million (€127 million), while net profit stood at £12.2 million (€15.4 million), compared to £10.1 million (€12.7 million) for the first half of2013.
Vp said capital investment in its rental fleet was also 30% higher than the prior year at £23.9 million (€30 million).
Chairman Jeremy Pilkington said, “The Board regards these half year figures as an outstanding set of results and this positive start to the new financial year reflects the continuation of the improving trading conditions which the group enjoyed towards the end of last year.
“The trading trajectory into the second half of the current financial year provides us with every confidence that the group can deliver a very satisfactory result for the year as a whole.”
Mr Pilkington said the UK house building market continued to be buoyant, and the company also saw sustained improvement in the general construction market.
“The key infrastructure sectors of water, electricity transmission and rail experienced some expected, temporary disruption due to the changeover of their long term investment programmes. We are optimistic about the future opportunities that will arise from the new programmes,” he added.
In July 2014, Vp completed the acquisition of the trackside plant and equipment rental business of Balfour Beatty Rail for £5.5 million (€6.9 million). It said the business had since been integrated into its Torrent Trackside division, where revenues were up 23% year-on-year but profits slipped marginally.