Harrogate’s Vp ups first-half revenue to £186m

Harrogate-based equipment rental group Vp plc said on Tuesday it is confident of delivering a full-year outcome in line with expectations as it hired a new chief financial officer.

For the six months that ended on September 30, Vp said revenue increased 5.9% to £186.5 million.

Pretax profit, however, slipped 3.8% to £17.9m. Administrative expenses rose 15% to £23.4 million.

Vp said its UK division delivered a satisfactory performance driven by infrastructure and a resilient house building sector, with revenue reaching £166.9 million compared to £160.8 million a year before.

In the international division, revenue increased 28% to £19.6 million.

Vp chair Jeremy Pilkington said: “I am pleased to report a solid set of results that reflect a period of continuing recovery and which demonstrate the enduring strength of our business and the maintenance of our industry leading returns.”

Vp declared an interim dividend of 11p, up 4.8%.

Looking ahead, Vp said its current trading is in line with expectations.

Separately, Vp said finance director Allison Bainbridge will retire and step down from the board on December 31. Bainbridge will be succeeded by Anna Bielby, who will join as CFO on January 1 next year.

Bielby’s other roles have included being CFO of telecommunications firm KCOM Group, a former London listing, for a year from 2018 to 2019. Most recently, she was the interim CFO at car dealer Lookers PLC.

Vp shares were up about 3%.


Reporter: Xindi Wei

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