21st Apr 2016 09:57
LONDON (Alliance News) - Equipment rental company Vp PLC said Thursday it has purchased TR Pty Ltd for AUD17.4 million in cash and AUD6.6 assumed net debt, in a move which will expand its operations overseas.
TR Pty is a technical equipment rental and calibration company, working primarily with test and measurement, communications, and audio visual equipment, and operates in Australia, New Zealand and Malaysia, Vp said.
TR Pty generated revenue of AUD33.0 million and pretax profit of AUD3.0 million for the year ended June 30, and its net asset value stood at AUD9.9 million at June 30, Vp added.
"In recent years the Vp group has made strong progress based mainly on its operations within the UK. It has been our aspiration for some time to increase the group's overseas presence, given the right opportunity," said Vp Chairman Jeremy Pilkington.
Shares in Vp were untraded on Thursday, having last traded at 726.50 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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