After falling into losses last year, Vp has posted half-year results showing a resurgence in turnover, a return to profit and a doubling in capital spending.
In the six months to 30th September 2021, VP made a pre-tax profit of 拢18.6m (2021 H1: 拢6.0m loss) on revenue up 24% to 拢176.1m (2021 H1: 拢142.1m).聽
Profits before tax, amortisation and exceptional items rose to 拢20.2m (2021 H1: 拢8.6m).
Vp is the holding company that includes UK Forks, Groundforce, TPA, Brandon Hire Station, ESS, MEP Hire, Torrent Trackside, Airpac Rentals and (in Australia) TR Group.
During the first half of it financial year, Vp鈥檚 invested 拢31.7m in new equipment, compared to 拢14.6m during the same period last year.
鈥淭he focus has been heavily focused towards eco-friendly, lower emissions solutions including investment in the largest solar powered lighting fleet in the UK rail sector and significant substitution of equipment with battery/cordless models,鈥� said chairman Jeremy Pilkington. 鈥淭he increased level of demand across our businesses has also allowed us to improve pricing on certain product lines and has encouraged us to place substantial advance orders for H2 2022 to ensure that we have appropriate capacity to meet future customer needs.鈥�
The spending meant that borrowings rose from 拢119m to nearly 拢132m, but well within the company鈥檚 current borrowing limit of 拢190.5m.
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