Yorkshire-based VP delivers ‘strong’ results as revenues and profit rise

VP, the Yorkshire-based equipment rental specialist, today said it had delivered strong annual results after its performance was boosted by a significant acquisition.

Yorkshire-based VP has published its results in the City.  Photo: Chris Radburn/PA Wire
Yorkshire-based VP has published its results in the City. Photo: Chris Radburn/PA Wire

In the year ended March 31 2019. VP delivered a 15 per cent increase in profit before tax, amortisation and exceptional items to a record level of £46.8 million.

It also secured a 26 per cent growth in revenues to £382.8 million.

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Basic earnings per share, pre-amortisation, increased 12 per cent to 95.1 pence.

Commenting on the Preliminary Results, Jeremy Pilkington, Chairman of Vp plc, said: “Today Vp is reporting another strong set of full year results, with key financial metrics ahead of last year. In light of these excellent figures, I am pleased to announce a final dividend recommendation of 22.0 pence per share, making a total for the year of 30.2 pence per share, an increase of 16 per cent on last year.

“We have entered the new financial year in excellent shape and we look forward to the challenges and opportunities of the future with confidence and excitement.”

Neil Stothard, chief executive of Vp plc, added: “Vp has started the new financial year positively and in line with our expectations.

“We anticipate that our main markets in the UK will continue to be supportive, but with slightly slower overall growth than experienced in recent years influenced by the current political and economic uncertainty.

“I am pleased to say that the international backdrop is also broadly positive, with opportunities in Australasia with TR Group and the wider oil and gas exploration and maintenance sectors too.

“The year ended March 31 2019 was one of significant development for Vp, and we were particularly pleased with the quality of the Brandon Hire integration.

“We were delighted to acquire Sandhurst Ltd just after the financial year end and look forward to developing the business further under our ownership.”