Vp in Harrogate makes £25.9m profit

Jeremy Pilkington, chairman of Vp plc. Pic: VisualMedia
Jeremy Pilkington, chairman of Vp plc. Pic: VisualMedia
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Equipment rental specialist Vp plc maintained its profit before tax, amortisation and exceptional items at £25.9m in the he six months ended September 30 despite a reduction in revenues.

The Harrogate-based firm saw revenues reduce by 3 per cent to £186.6m from £193.2m in the first half. Earnings increased slightly to £51.8m.

The interim dividend was increased by 3 per cent to 8.45p per share from 8.2p per share.

Jeremy Pilkington, chairman of Vp plc, said: “The group made good progress in the first half of the year against a subdued market backdrop.

“Despite the ongoing political and economic uncertainty in the UK, our focus on quality of earnings has delivered enhanced operating margins during the period.

“The board remains confident of a positive full year outcome and looking ahead, we believe we will continue to deliver very satisfactory results for all stakeholders.”

The firm’s UK division delivered a solid first half, Vp said, with operating profits before amortisation and exceptional items moving ahead marginally to £27.2m on reduced revenues of £170m.

Operating profits before amortisation and exceptional items eased slightly to £1.1m.