02.12.2024

Soft half from Vp

UK rental group Vp - owner of telehandler rental company UK Forks, low level access specialist MEP and Brandon Hire Station has published its half year results for the six months to the end of September.

Total group revenues were £192.5 million, around one percent up on the same period last year. made up as follows:
UK
Revenues: £162.6 million – 1.8%
Operating profit: £21.37 million – 3%.

International
Revenues: £29.5 million +17%
Operating profit: £4.5 million +5%

Pre-tax profit slipped around two percent to £19.5 million,

Capital Expenditure
Capital expenditure totalled £41.5 million an increase of just 3 1 percent. While disposals were around £1.4 million lower at just over £8 million.

Net Debt
Net debt was increased a further five percent to £140.4 million. After the half year closed the company announced the acquisition of one of Ireland's leading specialist powered access companies Charleville Hire & Platform ('CPH') and launched a new division - Vp Rail.

Chief executive Anna Bielby said:
"Due to its specialist businesses and diversified revenue streams, the group has delivered a robust performance in the first half of the year, despite challenging conditions in some end markets. In parallel, Vp is progressing well with its refreshed strategy, centralising operations and investing in people. While market headwinds persist in the short term, management remains encouraged by market opportunities, particularly in areas such as Rail, Water and Transmission. These opportunities, alongside strategic progress, a strong financial position and increased investment in the rental fleet, position the group well for the future."