VP PLC 2022 revenues increase
By Lewis Tyler14 June 2023
UK rental company VP PLC has reported a 6% increase in its revenues for year ending March 2023 to £371.5 million, with EBITDA profits up to £92.9 million.
According to the company, the growth was down to a combination of increased prices and activity growth in some of its markets that saw demand stabilise.
VP said that it saw strong demand from rail, transmission and the water sectors in the UK’s infrastructure markets, while its international businesses, particularly in South East Asia, Australia and New Zealand experienced better trading conditions with an overall improving outlook.
Elsewhere, the company revealed that capital investment in its rental fleet, which accounted for £59.9 million (up from £59.8 million), focused on specific investment opportunities and “continued transition towards more environmentally friendly solutions.”
Neil Stothard, chief executive of Vp plc, said the company’s performace had remained “consistent” and “in line with the Board’s expectations.”
Stothard said, “The increase was driven both by improving trading conditions in our international businesses, particularly in South East Asia, Australia and New Zealand, and in addition to good progress made in the UK and Europe.
“Whilst some macro-economic volatility remains, we are confident that the Group will continue to deliver on its objectives of driving demand for products and services and increasing revenues and profitability.”