EQUIPMENT rental specialist VP today revealed that it had delivered record half year results, as it reported that Brexit was having “little or no impact” on the business.
In the six months ended September 30, the comany’s profit before tax and amortisation increased by 22 per cent to £25.9 million.
Revenues also rose by 42 per cent to £193.2 million.
The company’s capital investment in its rental fleet increased by 13 per cent to £36.7m.
VP said its results were driven by a “very strong” UK division, and the international division is making good progress.
Jeremy Pilkington, the chairman of Vp plc, commented: “The group has produced yet another excellent set of results with revenues, profits and earnings per share all significantly ahead. Both our UK and international divisions have performed strongly with most of our business units busy supporting stable end markets.
“In the UK division, while Brexit continues to be a distraction, day to day activity seems to be continuing largely unaffected.
With the benefit of a strong first half, which includes an in line contribution from Brandon Hire, we look forward to the remainder of the year, and beyond, with every confidence.”
A note from analysts at N+1 Singer, said: “Vp has reported another period of excellent growth. The Brandon Hire integration is going well, organic growth is in double digits and end markets remain supportive and stable.
“The outlook statement strikes a confident tone, looking to the remainder of the current year and beyond. We retain our forecasts and we consider this to be a prudent approach, given potential to enhance Brandon’s returns over time. Today’s results provide a reminder of Vp’s qualities and growth trajectory.”
The analysts said that VP, which employs Allison Bainbridge, as its group finance director, is a high quality business with an excellent long term track record and a very impressive recent growth rate.
The note added: “Expectations have consistently been met or exceeded for several years.”
The group employs around 3,250 people across the business, including 100 staff at its head office in Harrogate.