29th Nov 2016 08:43
LONDON (Alliance News) - Equipment rental firm Vp PLC on Tuesday reported growth in pretax profit and revenue in the first half of its financial year and said it anticipates outpacing market expectations for the full year.
Vp said it made a pretax profit of GBP17.7 million in the six months to September 30, up from GBP16.3 million a year before, as revenue increased to GBP121.7 million from GBP105.1 million.
Vp said organic growth was strong in the period and was complemented by contributions from the acquisitions of Higher Access and TR Group.
The company said residential construction activity in the UK was strong, and it sees further upside from general construction work following the infrastructure-heavy Autumn Statement delivered by UK Chancellor of the Exchequer Philip Hammond last week.
The company declared an interim dividend of 6.00 pence per share, up from 5.35p a year before.
"Strong organic growth plus the successful integration of two acquisitions has delivered this excellent set of results. Increased capital investment into market opportunities gives us confidence that we will be able to deliver results ahead of market expectations for the year as a whole," said Chairman Jeremy Pilkington.
Shares in Vp were up 3.4% to 755.00p on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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