4th Jun 2019 09:42
LONDON (Alliance News) - Rental equipment company Vp PLC hiked its annual dividend Tuesday after profit and revenue jumped in another "strong" year, with the new financial year starting well.
For the year ended March, pretax profit widened 9.1% to GBP33.6 million from GBP30.8 million the year prior. This was after revenue rose 26% to GBP382.8 million from GBP303.6 million the year before.
"Today Vp is reporting another strong set of full year results, with key financial metrics ahead of last year," Chair Jeremy Pilkington said. "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 proposed a 22.0 pence per share final dividend, up 15% from 19.2p the year prior. For the full year, the dividend rose 16% to 30.2p from 26.0p the year before.
VP Chief Executive Officer Neil Stothard added: "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," Stothard added.
Shares in Vp were 7.3% higher at 794.00 pence on Tuesday.
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