Profits up at VP

Equipment and rental specialist VP plc said pre-tax profit increased 6 per cent to £17.2m in the six months ended September 30, against a “subdued” economic background.
By The Newsroom
Published 25th Nov 2015, 10:07 BST
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Vp plc - Airpac Bukom Oilfield Services division

Revenues rose 4 per cent to £105.1m from £101.3m for the same period last year.

Jeremy Pilkington, chairman of Vp plc, said: ”This has been another year of solid progress for the group, achieved against a more subdued economic background. Revenues, profits, earnings per share, return on capital and dividend all moved ahead. Once again the group has demonstrated its strength through diversity in the quality of these results.

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“The board believes that the group will deliver further value growth for our shareholders for the year as a whole.”

Analysts at WH Ireland said after patchy results from some of the quoted rental companies over the summer, Vp’s solid first half results come as a refreshing change, though not a surprise, as the company has built an excellent track record of delivery over a lengthy period.

Nick Spoliar, analyst at WH Ireland, said: “The results are aided by a very strong performance from Hire Station, which includes Vp’s tools business, and which raised operating profits by 27 per cent.”