Harrogate-based specialist equipment rental group Vp plc said its statutory profit before tax edged higher to £30.8 million in the year to March 31, 2018, on revenue up 22% to £303.6 million.

Vp chairman Jeremy Pilkington said: “It has been another year of significant progress for the group underpinned by record profits and the acquisition of Brandon Hire, our largest to date.

“In view of this outstanding set of results, the board is recommending a final dividend of 19.2 pence per share making a total for the year of 26.0 pence per share, an increase of 18%.

“We entered the new financial year in excellent shape and whilst there may be market uncertainties, we look forward to the new financial year with confidence.”

Vp CEO Neil Stothard said: “The start to the new financial year has been positive.

“We anticipate that our core UK markets will continue to provide a strong platform for future growth to our UK division.

“Internationally we do see some recovery in the oil and gas segment and a supportive Australian economy.

“We continue to drive positive change and development through the whole of Vp and we remain excited about delivering on those initiatives in the new financial year.”