And with a new eye on international expansion, the board is sounding optimistic about its prospects.
Pre-tax profit for the year ending 31st March 2016 was up 11% to 拢29.8m (2015: 拢26.8m).聽 Revenues improved 2% to 拢208.7m (2015: 拢205.6m).聽
Operating profit was 拢31.9m (2015: 拢28.8m), giving an operating margin of 15.3%. Return on average capital employed improved to 16.3% (2015: 16.2%).
Net debt at the year-end increased to 拢86.1m (2015: 拢66.8m) after capital expenditure on the rental fleet of 拢45.9m (2015: 拢49.3m) and including the 拢8.1m outlay on the two acquisitions made during the year 鈥� Test & Measurement and Higher Access.
Benefiting from the strong house-building sector, telehandler division UK Forks had a 30% increase in operating profit to 拢5.2m (2015: 拢4.0m) on revenue up 10% from 拢18.2m to 拢20.0m.
Groundforce profits were up 9% to 拢9.6m (2015: 拢8.9m) from revenue up only marginally at 拢45.0m.
TPA, the portable roadway access business, had a 7% drop in revenue to 拢13.6m (2015: 拢14.6m) but profit was steady at 拢1.0m.
The tool hire chain Hire Station reported a profit increase of 32% to 拢11.5m (2015: 拢8.7m) on revenues 7% up, at 拢82.5m (2015: 拢77.0m). New locations opened in London, South Wales, Glasgow and Birmingham.
Rail plant division Torrent Trackside grew revenue 9% to 拢32.5m (2015: 拢29.9m) but profit was unchanged at 拢3.4m.
Airpac Bukom, which provides equipment to the international oil & gas industry, suffered from the global downturn in oil prices. Operating profit was 拢1.2m (2015: 拢2.8m) from revenue of 拢15.2m (2015: 拢21.5m).
Chairman Jeremy Pilkington said of these results: "Following last year's record breaking results, the group has continued to make further good progress this year reporting another strong financial performance with improvements in profits, margins and returns, delivered from a relatively modest growth in revenues.聽 This trend is expected to continue as the varying demands of supportive infrastructure, housebuilding and construction markets play against a challenged oil and gas sector."
Vp is now looking to expand internationally. In April it purchased TR Pty Ltd, a specialist provider of test and measurement equipment, rental and calibration services with 13 branches in Australia, New Zealand and Malaysia.聽
Vp chief executive Neil Stothard said: 鈥淭he acquisition of TR Group Pty underlines our determination to expand our trading horizons both in terms of product and geography.聽 We believe that opportunity exists to further leverage Vp's key skill sets in equipment rental both in the UK and in overseas markets.
鈥淩eflecting this, and catalysed by the TR acquisition, we have, in the new financial year, started to report the group's performance in two distinct segments.聽 These are UK and International:聽 International being defined as the consolidated performance of Airpac Bukom and TR, with the UK containing the consolidated performance of all other businesses within the group.鈥�
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