Harrogate’s Vp sees revenue rise 24% to £176m

Harrogate-based equipment rental group Vp plc said on Tuesday its revenues rose 24% to £176.1 million in the six months ended September 30, 2021, and statutory profit before taxation was £18.6 million compared to a £6 million loss in the same period of the prior year.

Vp chairman Jeremy Pilkington said: “I am pleased to report an excellent set of results for the period, reflecting a strong and continuing recovery in all of our businesses and delivery of market leading profit margins.

“Once again Vp has demonstrated the resilience of our distinctive business model and the inherent strength of our businesses.

“Very encouragingly, some of our businesses are already trading in line or ahead of expectations. 

“Where this is not the case, it is generally down to factors such as the longer-term cyclical nature of some of our infrastructure markets and localised supply chain constraints which are impacting elements of the construction sector. 

“We expect these markets will recover and this remains an opportunity for further growth.

“In the light of these strong results and our confidence in the future prospects of the group, the board is declaring an interim dividend of 10.5 pence per share, reinstating our progressive dividend policy. 

“The combination of our financial strength, unique market positions and exceptional team of people will continue to deliver strong results for all stakeholders and we look to the future with much optimism.