U.K. Rental Company Vp Posts Improved Results

Nov. 26, 2013

Vp, U.K.-based rental company, posted a 17-percent increase in profit before tax and amortization at £12.8 million (about U.S. $20.7 million) for the six months ended Sept. 30, up from £11 million a year ago. Revenues were £91.3 million (about U.S. $148 million), up 9 percent year over year.

“The group has produced another excellent set of results with profits, margins, return on capital and earnings per share all strongly ahead,” said Jeremy Pilkington, chairman of Vp plc. “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.”

Pilkington said that although uncertainties and challenges remain, the company has seen a notable improvement in sentiment in key market sectors in the U.K., particularly residential and infrastructure investment, contributing to improved performance in the company’s Groundforce, UK Forks and Hire Station divisions.

“The scale of opportunities is reflected in the capital investment in rental fleet, which was over 46-percent higher than the prior year at £18.3 million.”

Vp plc is based in Harrowgate, North Yorkshire, U.K.