Vp, one of the largest United Kingdom-based equipment rental companies, posted a 9.6-percent increase in revenue for its 2014 fiscal year ended March 31. Vp, which operates as Groundforce, UK Forks, Airpac Bukom Oilfield Services, TPA and Hire Station, totaled £183.1 million (about U.S. $307.6 million), compared to £167 million a year ago. EBITDA increased to £44.3 million, compared to £41 million in fiscal 2013.
Return on capital employed improved to 13.5 percent, topping the company’s target threshold of 12 percent for the 10th consecutive year.
“It has been another highly successful year for the group with significant progress in revenue, profits, earnings per share and dividends,” said Jeremy Pilkington, Vp plc. Chairman. “Economic indicators in the U.K. and mainland Europe now appear more positive than for some time and all businesses within the group are identifying significant opportunities for growth and investment. We believe that our established financial discipline combined with the active pursuit of growth opportunities will continue to deliver quality returns for shareholders.”
Vp completed a solid year as the economy in the U.K. and Europe is improving. “Economic indicators in the U.K. and mainland Europe now appear more stable and positive than they have been for several years and it does not now seem unreasonable to assume that we will be operating within a more benign economic environment for the foreseeable future,” added Pilkington.
Vp is headquartered in Harrowgate, North Yorkshire, U.K.