Harrogate-based equipment rental group Vp plc said its revenue rose 6% to £371.5 million and adjusted profit before tax, amortisation, impairment of intangible assets and exceptional items rose 4% to £40.5 million in the year to March 31, 2023.

Full year dividend will increase 4% to 37.5p.

In its outlook, Vp said: “International businesses experiencing improving trading conditions.

“Markets including mining, oil and gas, construction and outdoor events, should be supportive in the current financial year.”

Vp chairman Jeremy Pilkington said: “We are pleased to report another solid year of trading with good progress made across all key metrics, with the group successfully navigating a highly volatile macroeconomic backdrop.

“The group’s return on average capital employed of 14.4% continues to demonstrate our excellent quality of earnings and resilience in times of supply chain disruption and slowing growth in some markets …”

Vp CEO Neil Stothard said: “Despite the macro-economic conditions that continue to impact some of our core markets, we are pleased that our performance has remained consistent and in line with the board’s expectations.

“Our revenue rose by 6% during the year to £371.5 million, providing some comfort that the group can progress in a challenging market.

“The increase was driven both by improving trading conditions in our international businesses, particularly in South East Asia, Australia and New Zealand, and in addition to good progress made in the UK and Europe.

“Whilst some macro-economic volatility remains, we are confident that the group will continue to deliver on its objectives of driving demand for products and services and increasing revenues and profitability.”