Harrogate’s Vp sees revenue jump 26% to £383m

Shares of Harrogate-based equipment rental group Vp plc rose about 10% on Tuesday after it reported a 26% jump in revenues to £382.8 million and a 15% increase in profit before tax, amortisation and exceptional items to a record of £46.8 million for the year to March 31, 2019.

Vp chairman Jeremy Pilkington 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% 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.”

Vp CEO Neil Stothard said: “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 31 March 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.”