VP rallies as full year earnings shine

4th Jun 2013 10:38

Rental equipment specialist Vp delivered a strong full year performance with improved profit, margins and dividend and said positive momentum continued into the new financial year. The group, which provides products and services to oil and gas exploration markets, civil engineering, rail and construction, said profit before tax and amortisation increased 9% to £17.4m for the year ended March 31st 2013 compared to £16.0m in 2012. Basic earnings per share pre-amortisation improved 15.3% to 35.47p.Revenues increased 3% to £167.0m while operating margins increased to 11.9% from 11.5% previously. Net debt increased to £45.3m from £40.4m after it invested in its fleet and made acquisitions of £4.1m. Chairman Jeremy Pilkington said: "Whilst the economic background still contains significant uncertainties and challenges, this set of results again demonstrates the group's ability to continue to deliver value for shareholders even within a relatively unsupportive trading environment." "Each of our businesses continues to work hard to uncover opportunities for investment and growth and we believe that the group has positive momentum moving into the new financial year. We look forward to another year of progression."A final dividend of 9.0p per share has been proposed, giving a total of 12.25p for the full year, an increase of 8%. Shares in the group jumped 5.99% to 358.25p at 11:30 in London.CJ