RERMAG

U.K.’s Vp Holds Steady, Increases Capex Spending

In its interim six-month statement, British rental firm Vp announced revenues of £71.1 million (about U.S. $112.4 million) for the six months ended Sept. 30, roughly flat with the same period a year ago. Profit before tax and amortization was £8.6 million, down from £9.8 million for the same period last year.

“Despite the adverse conditions that have existed in some of our core markets, the group has delivered very satisfactory profits and margins,” said Jeremy Pilkington, Vp chairman.”These results reinforce our confidence in the quality of our business model, which has demonstrated once again its ability to mitigate the impact of individual sector weaknesses through the diversity of the group’s activities. The group has delivered further significant debt reductions and our balance sheet is again stronger than at the same time last year. We are very pleased to be able to maintain top-line revenues and have experienced a generally stable market since the beginning of the financial year.”

Pilkington added that capital investment in the fleet rose to £9.7 million, compared with £7.6 million a year ago, as the group supported specific opportunities and contract wins.

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