ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

VP. Vp Plc

602.50
-10.00 (-1.63%)
25 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Vp Plc LSE:VP. London Ordinary Share GB0009286963 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -10.00 -1.63% 602.50 580.00 625.00 625.00 580.00 605.00 16,344 16:35:22
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Heavy Constr Eq Rental,lease 371.52M 23.01M 0.5730 10.12 232.89M

Vp PLC Interim Results (3587Q)

29/11/2016 7:00am

UK Regulatory


Vp (LSE:VP.)
Historical Stock Chart


From Apr 2019 to Apr 2024

Click Here for more Vp Charts.

TIDMVP.

RNS Number : 3587Q

Vp PLC

29 November 2016

 
              29 November 2016 
 

Vp plc

("Vp", the "Group" or the "Company")

Interim Results

Vp plc, the equipment rental specialist, today announces its Interim Results for the six months ended 30 September 2016 (the "period").

Highlights

 
 --   Profit before tax and amortisation increased 
       9% to GBP18.7 million (H1 2016: GBP17.2 million) 
 --   Revenues 16% ahead at GBP121.7 million, (H1 
       2016: GBP105.1 million) 
 --   Strong return on average capital employed at 
       15.6% (H1 2016: 16.1%) 
 --   Capital investment in rental fleet up 28% to 
       GBP29.9 million (H1 2016: GBP23.4 million) 
 --   EPS, pre-amortisation, increased 8% to 37.9 
       pence per share (H1 2016: 35.1 pence per share) 
 --   12% increase in interim dividend to 6.00 pence 
       per share (H1 2016: 5.35 pence per share) 
 

Jeremy Pilkington, Chairman of Vp plc, commented:

"Strong organic growth plus the successful integration of two acquisitions has delivered this excellent set of results. Increased capital investment into market opportunities gives us confidence that we will be able to deliver results ahead of market expectations for the year as a whole."

- Ends -

Enquiries:

 
 Vp plc 
 Jeremy Pilkington, Chairman      Tel: +44 (0) 1423 
                                            533 400 
 jeremypilkington@vpplc.com 
 Neil Stothard, Chief Executive   Tel: +44 (0) 1423 
                                            533 400 
 neil.stothard@vpplc.com 
 Allison Bainbridge, Group        Tel: +44 (0) 1423 
  Finance Director                          533 400 
 allison.bainbridge@vpplc.com         www.vpplc.com 
 

Media enquiries:

 
 Buchanan Communications 
 Henry Harrison-Topham / Jane       Tel: +44 (0) 20 
  Glover                                  7466 5000 
 vp@buchanan.uk.com             www.buchanan.uk.com 
 

CHAIRMAN'S STATEMENT

I am very pleased to report a further set of excellent results for the six month period to 30 September 2016.

Profit before amortisation and tax rose 9% to GBP18.7 million (H1 2016: GBP17.2 million) on revenues 16% higher at GBP121.7 million (H1 2016: GBP105.1 million). This performance reflects strong underlying organic growth in most of our businesses, plus contributions from the acquisitions of Higher Access and TR Group in March and April 2016 respectively. Earnings per share, pre-amortisation, increased 8% to 37.9 pence per share (H1 2016: 35.1 pence per share). Return on capital employed at 15.6% is strong and remains ahead of our long term target of 15% emphasising the quality of the revenue and profit growth that the Group is generating.

Capital investment in fleet in the period rose significantly to GBP29.9 million (H1 2016: GBP23.4 million). Borrowings at the period end stood at GBP107.5 million (March 2016: GBP86.1 million) after funding organic investment and acquisitions totalling GBP42.5 million. Operational cash flow remained very strong at GBP26.6 million.

In light of these very positive results, we are pleased to declare an interim dividend of 6.00 pence per share (H1 2016: 5.35 pence per share), an increase of 12%, payable on 4 January 2017 to shareholders on the register as at 9 December 2016.

Review of operations

UK division

Our UK division has enjoyed a strong first half, reporting operating profits before amortisation of GBP19.5 million, up 13% (H1 2016: GBP17.2 million) on revenues 12% ahead at GBP108.1 million (H1 2016: GBP96.7 million). Residential construction activity has proved to be robust and we see potential further upside from general construction enhanced in the medium term by the initiatives announced in last week's Autumn Statement. Infrastructure markets have delivered growth and the AMP6 water infrastructure investment programme, in particular, is now starting to show signs of increased activity. The Higher Access business acquired in March 2016 has integrated well.

We have remained alert for signs of any negative impact on our UK businesses from the Brexit decision and whilst there was some initial market volatility and a weakening of Sterling, we have not seen any adverse effect on our UK trading activities to date.

International division

The International division reported a reduction in operating profits before amortisation to GBP0.6 million (H1 2016: GBP1.0 million) on revenues of GBP13.7 million (H1 2016: GBP8.5 million) impacted by a weak oil and gas sector. Despite a recent recovery in oil prices, the oil and gas exploration and development market remains very subdued with the inevitable impact on revenues and profitability in our Airpac Bukom business. However, LNG activity in Australia has held up well and there are tentative signs that the wider oil and gas market may commence a slow recovery over the next 18 months.

The International division results include a maiden contribution from TR Group, which was acquired at the end of April 2016 and which has quickly settled into the wider Vp Group. We were pleased to announce the acquisition on 25 November 2016 of the whole issued share capital of TechRentals NZ for a cash consideration of NZ$2.6 million (New Zealand Dollars), a business which complements TR Group's existing activities in Australia, New Zealand and Malaysia.

Outlook

In conclusion we remain very positive about the opportunities for the Group in the second half of the year and beyond, and believe that we will be able to report results ahead of market expectations for the financial year as a whole.

Jeremy Pilkington

Chairman

29 November 2016

Condensed Consolidated Income Statement

For the period ended 30 September 2016

 
                                  Note    Six months    Six months     Full year 
                                                  to            to            to 
                                              30 Sep        30 Sep        31 Mar 
                                                2016          2015          2016 
                                         (unaudited)   (unaudited)     (audited) 
 
                                              GBP000        GBP000        GBP000 
 
   Revenue                          3        121,733       105,118       208,746 
 
   Cost of sales                            (87,031)      (73,589)     (149,758) 
                                        ------------  ------------  ------------ 
 
   Gross profit                               34,702        31,529        58,988 
 
   Administrative expenses                  (15,528)      (14,210)      (29,395) 
                                        ------------  ------------  ------------ 
 
 
   Operating profit                 3         19,174        17,319        29,593 
 
   Net financial expenses                    (1,452)         (991)       (2,093) 
                                        ------------  ------------  ------------ 
 
  Profit before amortisation 
   and taxation                               18,682        17,189        29,798 
 
   Amortisation of intangibles                 (960)         (861)       (2,298) 
 
 
   Profit before taxation                     17,722        16,328        27,500 
 
   Income tax expense               4        (3,677)       (3,351)       (5,112) 
                                        ------------  ------------  ------------ 
 
   Net profit for the period                  14,045        12,977        22,388 
                                        ============  ============  ============ 
 
 Basic earnings per share          7          35.92p        33.37p        57.49p 
 
 Diluted earnings per 
  share                            7          34.70p        31.23p        54.51p 
 
 Dividend per share                8           6.00p         5.35p        18.85p 
 
 
 
 

Condensed Consolidated Statement of Comprehensive Income

For the period ended 30 September 2016

 
                                    Six months    Six months        Full 
                                            to            to        year 
                                                                      to 
                                        30 Sep        30 Sep      31 Mar 
                                          2016          2015        2016 
                                   (unaudited)   (unaudited)   (audited) 
                                        GBP000        GBP000      GBP000 
 Profit for the period                  14,045        12,977      22,388 
 Other comprehensive income: 
 Items that will not be 
  reclassified to profit 
  or loss 
 
  Actuarial gains on defined 
  benefit pension scheme                     -             -         122 
 Tax on items taken direct 
  to equity                                  -             -        (23) 
 Impact of tax rate change                   -             -        (39) 
 Foreign exchange translation 
  difference                               922         (153)         693 
 Items that may be subsequently 
  reclassified to profit 
  or loss 
 Effective portion of changes 
  in fair value of cash flow 
  hedges                                 (249)           552         581 
 
 Other comprehensive income                673           399       1,334 
 
 
   Total comprehensive income 
   for the period                       14,718        13,376      23,722 
                                  ------------  ------------  ---------- 
 

Condensed Consolidated Statement of Changes in Equity

For the period ended 30 September 2016

 
                                  Six months    Six months    Full year 
                                          to            to           to 
                                      30 Sep        30 Sep       31 Mar 
                                        2016          2015         2016 
                                 (unaudited)   (unaudited)    (audited) 
                                      GBP000        GBP000       GBP000 
 
   Total comprehensive income 
   for the period                     14,718        13,376       23,722 
 
   Tax movements to equity               352         1,058        1,123 
 
   Impact of tax rate change               -             -         (31) 
 
   Share option charge in 
   the period                          1,081         1,012        1,904 
 
   Net movement relating to 
   shares held by Vp Employee 
   Trust                             (3,162)       (8,360)     (10,567) 
 
   Dividends to shareholders         (5,274)       (4,490)      (6,568) 
 Change in equity during 
  the period                           7,715         2,596        9,583 
 
   Equity at the start of 
   the period                        121,350       111,767      111,767 
 
   Equity at the end of the 
   period                            129,065       114,363      121,350 
                                ------------  ------------  ----------- 
 

There were no movements in issued share capital, the capital redemption reserve or share premium in the reported periods.

Condensed Consolidated Balance Sheet

At 30 September 2016

 
                                                30 Sep                      30 Sep 
                                    Note          2016        31 Mar          2015 
                                                                2016 
                                           (unaudited)     (audited)   (unaudited) 
                                                GBP000        GBP000        GBP000 
 Non-current assets 
 
   Property, plant and 
   equipment                         5         188,352       167,201       155,906 
 Goodwill                                       40,381        39,307        35,846 
 Intangible assets                  6            9,949         7,056         6,687 
 Employee benefits                               1,534         1,534         1,231 
                                          ------------  ------------  ------------ 
 Total non-current assets                      240,216       215,098       199,670 
                                          ------------  ------------  ------------ 
  Current assets 
 
   Inventories                                   5,355         5,363         4,981 
 Trade and other receivables                    51,438        44,817        44,039 
 Cash and cash equivalents                       3,247         4,517         2,215 
 Total current assets                           60,040        54,697        51,235 
                                          ------------  ------------  ------------ 
 
   Total assets                                300,256       269,795       250,905 
                                          ------------  ------------  ------------ 
 
   Current liabilities 
 
   Interest bearing loans 
   and borrowings                              (1,401)         (873)             - 
 Income tax payable                            (2,455)         (931)       (1,567) 
 Trade and other payables                     (52,000)      (51,567)      (46,623) 
                                          ------------  ------------  ------------ 
 Total current liabilities                    (55,856)      (53,371)      (48,190) 
                                          ------------  ------------  ------------ 
 
   Non-current liabilities 
 
   Interest bearing loans 
   and borrowings                            (109,339)      (89,778)      (84,000) 
 Deferred tax liabilities                      (5,996)       (5,296)       (4,352) 
                                          ------------  ------------  ------------ 
 Total non-current liabilities               (115,335)      (95,074)      (88,352) 
                                          ------------  ------------  ------------ 
 
   Total liabilities                         (171,191)     (148,445)     (136,542) 
                                          ------------  ------------  ------------ 
 
 Net assets                                    129,065       121,350       114,363 
                                          ------------  ------------  ------------ 
 
 Equity 
 
   Issued share capital                          2,008         2,008         2,008 
 Capital redemption reserve                        301           301           301 
 Share premium                                  16,192        16,192        16,192 
 Hedging reserve                                 (769)         (520)         (549) 
 Retained earnings                             111,306       103,342        96,384 
                                          ------------  ------------  ------------ 
 Total equity attributable 
  to equity 
  holders of parent                            129,038       121,323       114,336 
 
 Non-controlling interest                           27            27            27 
 Total equity                                  129,065       121,350       114,363 
                                          ------------  ------------  ------------ 
 

Condensed Consolidated Statement of Cash Flows

For the period ended 30 September 2016

 
                                    Note    Six months    Six months         Full 
                                                    to            to         year 
                                                                               to 
                                                30 Sep        30 Sep       31 Mar 
                                                  2016          2015         2016 
                                           (unaudited)   (unaudited)    (audited) 
                                                GBP000        GBP000       GBP000 
 Cash flows from operating 
  activities 
 
  Profit before taxation                        17,722        16,328       27,500 
 Adjustment for: 
 Pension fund contributions 
  in excess of service 
  cost                                               -         (188)        (369) 
 Share based payment charges                     1,081         1,012        1,904 
 Depreciation                        5          16,172        13,274       27,375 
 Amortisation of intangibles                       960           861        2,298 
 Net financial expense                           1,452           991        2,093 
 Profit on sale of property, 
  plant and equipment                          (3,280)       (3,156)      (6,246) 
                                          ------------  ------------  ----------- 
 Operating cash flow before 
  changes in working capital 
  and provisions                                34,107        29,122       54,555 
 Decrease in inventories                             8         1,514        1,132 
 Increase in trade and 
  other receivables                            (4,955)       (2,937)      (2,101) 
 Increase/(decrease) in 
  trade and other payables                         288       (5,296)      (5,729) 
                                          ------------  ------------  ----------- 
 Cash generated from operations                 29,448        22,403       47,857 
 Interest paid                                 (1,294)       (1,003)      (2,097) 
 Interest element of finance 
  lease rental payments                          (156)             -          (4) 
 Interest received                                  14             4            4 
 Income tax paid                               (1,461)       (2,711)      (4,840) 
                                          ------------  ------------  ----------- 
 Net cash flows from operating 
  activities                                    26,551        18,693       40,920 
 
   Cash flows from investing 
   activities 
 Proceeds from sale of 
  property, plant and equipment                  8,108         9,234       17,179 
 Purchase of property, 
  plant and equipment                         (33,637)      (29,814)     (50,237) 
 Acquisition of businesses 
  and subsidiaries (net 
  of cash and overdrafts)                      (8,876)             -      (7,068) 
                                          ------------  ------------  ----------- 
 Net cash flows used in 
  investing activities                        (34,405)      (20,580)     (40,126) 
 
 
   Cash flows from financing 
   activities 
 Purchase of own shares 
  by Employee Trust                            (3,162)       (8,360)     (10,566) 
 Repayment of loans                              (110)             -            - 
 New loans                                      16,000        12,000       16,000 
 Payment of hire purchase 
  and finance lease liabilities                  (198)             -        (497) 
 Dividends paid                      8         (5,274)       (4,490)      (6,568) 
                                          ------------  ------------  ----------- 
 Net cash flows from / 
  (used) in financing activities                 7,256         (850)      (1,631) 
 
   Net decrease in cash 
   and cash equivalents                          (598)       (2,737)        (837) 
 Effect of exchange rate 
  fluctuations on cash 
  held                                           (756)         (284)          118 
 Cash and cash equivalents 
  at beginning of period                         4,517         5,236        5,236 
                                          ------------  ------------  ----------- 
 Cash and cash equivalents 
  at end of period                   9           3,163         2,215        4,517 
                                          ------------  ------------  ----------- 
 

Notes to the Condensed Consolidated Interim Financial Statements

   1.            Basis of Preparation 

Vp plc (the "Company") is a company incorporated and domiciled in the United Kingdom. The Condensed Consolidated Interim Financial Statements of the Company for the half year ended 30 September 2016 comprise the financial information of the Company and its subsidiaries (together referred to as the "Group").

This interim announcement has been prepared in accordance with the Disclosure and Transparency Rules of the UK Financial Services Authority and the requirements of IAS34 ("Interim Financial Reporting") as adopted by the EU. The accounting policies applied are consistent for all periods presented and are in line with those applied in the annual financial statements for the year ended 31 March 2016, which were prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the EU. There are no new IFRSs or IFRICs that are effective for the first time in the current year which are expected to have a significant impact on the Group.

The interim announcement was approved by the Board of Directors on 28 November 2016.

The Condensed Consolidated Interim Financial Statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

The comparative figures for the financial year ended 31 March 2016 are extracted from the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group's accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 March 2016.

The Group continues to be in a healthy financial position with total banking facilities of GBP120 million, including an overdraft facility. Since the year end net debt has increased by GBP21.4 million to GBP107.5 million. The Board has evaluated the banking facilities and the associated covenants on the basis of current forecasts, taking into account the current economic climate and an appropriate level of sensitivity analysis. Having reassessed the principal risks the Directors consider it appropriate to adopt the going concern basis of accounting in preparing the interim financial information.

   2.            Risks and Uncertainties 

The principal risks and uncertainties facing the Group and the ways in which they are mitigated are described on page 22 and 23 of the 31 March 2016 Annual Report and Accounts. The principal risks and uncertainty are market risk, competition, investment / product management, people, safety, financial risks and contractual risk. These risks and uncertainties remain the same for this interim financial report.

   3.            Summarised Segmental Analysis 

Income statement

 
                            Revenue            Operating Profit 
                     Sept 2016   Sept 2015   Sept 2016     Sept 
                                                           2015 
 
                        GBP000      GBP000      GBP000   GBP000 
 
 UK                    108,071      96,658      19,485   17,177 
 
 International          13,662       8,460         649    1,003 
 
                       121,733     105,118      20,134   18,180 
                    ----------  ----------  ----------  ------- 
 
 Amortisation                                    (960)    (861) 
 
 Operating Profit                               19,174   17,319 
                                            ----------  ------- 
 

Net Assets

 
                       Assets            Liabilities       Net Assets 
                      Sep    Sep 15       Sep       Sep           Sep        Sep 
                       16                  16        15            16         15 
 
 UK               251,324   216,398    51,988    45,352       199,336    171,046 
 
 International     42,675    28,394    10,734     4,622        31,941     23,772 
 
 Group/ 
  unallocated       6,257     6,113   108,469    86,568     (102,212)   (80,455) 
                  300,256   250,905   171,191   136,542       129,065    114,363 
                 --------  --------  --------  --------  ------------  --------- 
 
 

The net liability in Group primarily reflects the balance on the revolving credit facility which is controlled centrally by the Group.

   4.            Income Tax 

The effective tax rate is 20.7% in the period to 30 September 2016 (30 September 2015: 20.5%). The effective rate for the period reflects the current standard tax rate of 20% (H1 2016: 20%), as adjusted for estimated permanent differences for tax purposes offset by gains covered by exemptions.

   5.            Property, Plant and Equipment 
 
                                    Sept 2016       Sept        Mar 
                                                    2015       2016 
                                       GBP000     GBP000     GBP000 
 Opening carrying amount              167,201    147,817    147,817 
 Additions                             31,608     27,297     52,036 
 Acquisitions                           8,512          -      5,089 
 Depreciation                        (16,172)   (13,274)   (27,375) 
 Disposals                            (4,828)    (6,078)   (10,933) 
 Effect of movements in exchange 
  rates                                 2,031        144        567 
                                   ----------  ---------  --------- 
 Closing carrying amount              188,352    155,906    167,201 
                                   ----------  ---------  --------- 
 

The value of capital commitments at 30 September 2016 was GBP8,746,000 (31 March 2016 GBP6,525,000).

   6.            Acquisitions 

On 21 April 2016 the Group acquired TR Pty Limited, a group based in Australia, for cash consideration of A$17.4m (Australian Dollars), GBP9.3m. The fair value of net assets at the date of acquisition, including provisional estimates of intangibles for the trade name and customers relationships, was GBP8.3m. The revenue in the period from acquisition to 30 September 2016 was GBP8.2m and the operating profit was GBP0.8m.

   7.            Earnings Per Share 

Earnings per share have been calculated on 39,098,567 shares (H1 2016: 38,887,444 shares) being the weighted average number of shares in issue during the period. Diluted earnings per share have been calculated on 40,473,236 shares (H1 2016: 41,554,659 shares) adjusted to reflect conversion of all potentially dilutive ordinary shares. Basic earnings per share before the amortisation of intangibles was 37.89 pence (H1 2016: 35.14 pence) and was based on an after tax add back of GBP768,000 (H1 2016: GBP689,000) in respect of the amortisation of intangibles. Diluted earnings per share before amortisation of intangibles was 36.60 pence (H1 2016: 32.89 pence).

   8.            Dividends 

The Directors have declared an interim dividend of 6.00 pence (H1 2016: 5.35 pence) per share payable on 4 January 2017 to shareholders on the register at 9 December 2016. The dividend declared will absorb an estimated GBP2,358,000 (H1 2016: GBP2,087,000) of shareholders funds. The dividend proposed at the year-end was subsequently approved at the AGM in July 2016 and GBP5,274,000 was paid in the period (H1 2016: GBP4,490,000 was paid). The cost of dividends in the Statement of Changes in Equity is after adjustments for the interim and final dividends waived by the Vp Employee Trust in relation to the shares it holds for the Group's share option schemes.

   9.            Analysis of Net Debt 
 
                                 As at                     Cash       As at 
                                 1 Apr   Acquisition       Flow      30 Sep 
                                    16                                   16 
                                GBP000        GBP000     GBP000      GBP000 
 Cash and cash equivalents       4,517           419    (1,773)       3,163 
 Revolving credit 
  facilities                  (88,000)       (4,313)   (15,890)   (108,203) 
 Finance leases and 
  hire purchases               (2,651)             -        198     (2,453) 
                             ---------  ------------  ---------  ---------- 
                              (86,134)       (3,894)   (17,465)   (107,493) 
                             ---------  ------------  ---------  ---------- 
 

On 11 April 2016 the Group took out an additional revolving credit facility of GBP20 million which expires in May 2020 by making use of an uncommitted step up facility. The Group's committed revolving credit bank facilities therefore comprise a GBP45 million five year facility which expires in May 2020, a GBP20 million four year facility also expiring in May 2020, a GBP30 million four and a half year facility expiring in October 2017 and a GBP20 million facility taken out in June 2014 which also expires in October 2017, together with an uncommitted step up facility of GBP5 million and overdraft facilities totalling GBP5 million.

   10.          Related Party Transactions 

Transactions between Group Companies, which are related parties, have been eliminated on consolidation and therefore do not require disclosure. The Group has not entered into any other related party transactions in the period which require disclosure in this interim statement.

   11.          Post Balance Sheet Event 

On 25 November 2016 the Group acquired TechRentals NZ Limited, a company in New Zealand, for a cash consideration of NZ$2.6 million.

   12.          Forward Looking Statements 

The Chairman's Statement includes statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Company undertakes no obligation to update, review or change any forward looking statements to reflect events or developments occurring after the date of this report.

Responsibility statement of the directors in respect of the half-yearly financial report

We confirm that to the best of our knowledge:

   --           the condensed consolidated set of interim financial statements has been prepared in 

accordance with IAS 34 Interim Financial Reporting as adopted by the EU;

   --           the interim management report includes a fair review of the information required by: 

(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

By order of the Board

29 November 2016

The Board

The Directors who served during the six months to 30 September 2016 were:

Jeremy Pilkington (Chairman)

Neil Stothard (Chief Executive)

Allison Bainbridge (Group Finance Director)

Steve Rogers (Non-Executive Director)

Phil White (Non-Executive Director)

Independent review report to Vp plc

Report on the Condensed Consolidated Interim Financial Statements

Our conclusion

We have reviewed Vp plc's Condensed Consolidated Interim Financial Statements (the "interim financial statements") in the Interim Results of Vp plc for the 6 month period ended 30 September 2016. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

What we have reviewed

The interim financial statements comprise:

   --     the Condensed Consolidated Balance Sheet as at 30 September 2016; 
   --     the Condensed Consolidated Income Statement for the period then ended; 
   --     the Condensed Consolidated Statement of Cash Flows for the period then ended; 
   --     the Condensed Consolidated Statement of Changes in Equity for the period then ended; and 
   --     the notes to the interim financial statements. 

The interim financial statements included in the Interim Results have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

As disclosed in note 1 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the Group is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The Interim Results, including the interim financial statements, are the responsibility of, and have been approved by, the directors. The directors are responsible for preparing the interim results in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

Our responsibility is to express a conclusion on the interim financial statements in the Interim Results based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

What a review of interim financial statements involves

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the Interim Results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

PricewaterhouseCoopers LLP

Chartered Accountants

Leeds

29 November 2016

- Ends -

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR UWSWRNSAAUAA

(END) Dow Jones Newswires

November 29, 2016 02:00 ET (07:00 GMT)

1 Year Vp Chart

1 Year Vp Chart

1 Month Vp Chart

1 Month Vp Chart

Your Recent History

Delayed Upgrade Clock