VP suffers fall in revenue and profits

HARROGATE-based VP, the equipment rental specialist, today revealed that its revenues and profits fell over the last financial year as it faced tough economic conditions.
By The Newsroom
Published 8th Jun 2010, 10:49 BST

In the year ended March 31 2010, the group achieved profit before amortisation, exceptional items and tax of 16m, compared to 21.7m the year before. Revenues fell by 15 per cent to 134.2m.

The group said its overseas activities were providing important and growing non-UK exposure. The group has a "solid" balance sheet with strong operational cashflows

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Jeremy Pilkington, the chairman of VP, said: "Despite challenging conditions continuing in most of our markets, this has been another robust performance by the group.

"We believe that our combination of products and markets will continue to stand us in good stead, providing a compelling mix of downside resilience and upside opportunity.

"VP enters the new year in excellent financial shape, able to sustain the development of the group over the longer term, and cope with the shorter term challenges presented by the current trading environment.

"Overall, the board looks forward to the future with confidence."

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