Housebuilder demand boosts Vp

Equipment rental specialist Vp announced a 27 per cent jump in half year profits thanks to strong demand from housebuilders and a big improvement in the general construction market.

The Harrogate-based company said pre-tax profits rose from £12.8m to £16.2m in the six months to September 30 on the back of an 11 per cent rise in revenues to £101.3m.

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.

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“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.

“Housebuilding continued to be buoyant and pleasingly, we also saw sustained improvement in the general construction market.”

The group said its water, electricity transmission and rail operations experienced some expected, temporary disruption due to the changeover of long term investment programmes.

“We are optimistic about the future opportunities that will arise from the new programmes,” said Mr Pilkington.

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Capital investment in the rental fleet rose 30 per cent to £23.9m as it invested to support strengthening demand.

In July, it completed the acquisition of the trackside plant and equipment rental business of Balfour Beatty Rail for £5.5m. The business has been integrated into Torrent Trackside.

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