Hire giant Vp sees revenue rise at all divisions

Grant Prior 12 years ago

Equipment rental specialist Vp has reported a surge in turnover in all its divisions despite the challenging general construction market.

Profit was also up at all divisions bar the roadway systems operation as Vp invested £32m in new plant and equipment.

Final results for the year to March 31 2012 show revenue up 16% to £163.6m while pre-tax profit jumped by the same percentage to £16m despite operating margins dipping slightly to 11.3%.

The firm’s excavation support business Groundforce had a solid year with operating profits flat at £6.7m on turnover up to £33.7m from £30.3m last time.

More work started to come through from the water companies’ AMP5 programme during the second half of the year alongside Crossrail contracts.

The Piletec business operated in a “very challenging marketplace” but Vp managing director Neil Stothard said it “remains well positioned to grow as work is released into a sector with a diminished supplier base.”

The UK Forks division saw hire revenues grow by around 20% despite trading being slower than expected since the start of this year.

The Hire Station small tools division faced “very testing” market conditions but still managed to boost turnover and operating profit.

The Torrent Trackside rail hire division saw the greatest growth as a contract award with Network Rail kicked-in.

Stothard said: “Torrent experienced strong demand from the UK rail infrastructure market, both in renewals and maintenance.

“In addition further growth has been secured through plant hire activities and contracting services to London Underground and other non national infrastructure contracts.

“The rail market has been stable and consistent over the past year within the areas of spend from which Torrent derives most of its revenues.  This positive market view is forecast to continue through into the new financial year.”

Commenting on the overall market, he said: “We believe the construction market in the UK will remain testing over the next 12 months, but we equally believe we have the ideas, the ambition and the ability to develop the business further into the future.”

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