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VP Plc Share Discussion Threads
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|New research out from Equity Development
|If you would like to hear Neil Stothard,Chief Executive, provide an update on Vp he will be presenting at our next investor forum on the evening of Wednesday 28th of September. Also appearing will be the management of Benchmark Holdings and Venture Life Group.
To learn more about the forum and to register for free please follow this link: https://www.eventbrite.co.uk/e/equity-development-investor-forum-september-2016-tickets-27428572599
The Equity Development team|
|New research out this morning from Equity development
"Vp plc, the equipment rental specialist, announces that at the Group's Annual General Meeting held earlier today, all resolutions put to Shareholders by the Board were duly passed.
Speaking at the Annual General Meeting, Jeremy Pilkington, Chairman, commented:
"I am pleased to report that the Group has experienced a positive start to the financial year.
In the UK, the key markets are generally performing well, with construction and housebuilding in particular generating good demand.
The International business is enjoying new contributions from the TR Group, which we acquired in April 2016, though as anticipated, the global oil and gas market continues to be challenging.
The business performance year to date is encouraging and we have not seen any impact to trading post the recent Brexit decision.
We anticipate making further good progress this year."
- Ends -"|
|From Speedy Hire update today - It is too early to assess with any degree of certainty what impact the EU referendum result will have on the Group's end markets but, to date, there has been no deterioration in trading.
VP currently 15% off share price day before referendum.|
|New research out from Equity Development
|thats more like it...|
|solid performance again, going unnoticed as usual|
|Great set of numbers as usual - consistent overall performance demonstrating resilience even when some businesses are in difficult markets - Hire Station stand out performer and probably the best small tool operator in the market - nice to see further dividend progression|
· 11% improvement in profit before tax and amortisation to £29.8 million (2015: £26.8 million)
· 2% increase in revenues to £208.7 million (2015: £205.6 million)
· 14% increase in basic earnings per share, pre-amortisation, to 62.21 pence
· Return on average capital employed increased to 16.3% (2015: 16.2%)
· EBITDA up 10% to £59.3 million (2015: £53.8 million)
· Net debt of £86.1 million (2015: £66.8 million) after funding:
o Capital investment in the fleet of £45.9 million
o Acquisitions of Test & Measurement and Higher Access for £8.1 million
· Final dividend proposed of 13.5 pence per share, making a total of 18.85 pence for the full year (2015: 16.5 pence), an increase of 14%
Jeremy Pilkington, Chairman of Vp plc, commented:
"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. 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."|
|Ta, Brummy_git. :-)
Although there are no firm synergies from the deal ...
I'd guess they're going to put TR in the Airpack Bukom division. That would add a Melbourne address to their existing Perth one. So, AirPack Bukom will be much closer to the oil and gas facilities in the Tasman Sea = potentially more sales. Also, TR's equipment could be rented on the west coast, so getting access to a bigger market.
They do well with their add-ons. This looks like another good move.|
|New research out today from Equity development with regards to the TR acquisition
|IC tip today;
"Share price performance among rental companies has been uninspiring over the past year. Valuations for small caps such as Speedy Hire (SDY) and HSS Hire (HSS) have slumped alarmingly, and even FTSE 350 constituent Ashtead (AHT) hasn't escaped the general markdown. However, the share price of Vp (VP.) has flatlined over the past 12-months. That implies resilience in the face of deteriorating markets, which is also borne out by the share price beta of just 0.1 (see table), and a narrow trading band through much of the year. However, Vp's shares aren't just a safety play - we also view them as a potentially lucrative recovery buy.
Vp's contract mix does, indeed, include defensive strands through exposure to the UK water industry's capital spending and railways maintenance work. But that doesn't necessarily mean Vp's shares will underperform once investors regain their appetite for risk taking. That's because Vp, like all equipment-rental operators, has lots of operational gearing - as demand for its equipment rises and revenues respond, its costs stay little changed."
Vp is also likely to be a beneficiary of end-market recovery in the UK due to its efficient operating structure and proactive management. Its record of never cutting a dividend is an obvious draw for investors. However, there is also an implied upside of around one-third from the current share price of 685p if Vp's rating relative to its peer group - as measured by the price-earnings ratio on their shares - recovers to its historic average. True, this rating discount is mostly in relation to Vp's overseas peers, so the widening has been predominantly linked to the relative decline of the UK's support services sector.
The group's focus on specialist segments of the equipment hire market has seen consistent improvement in profit margins and return on capital. The corporate structure comprises six operating divisions: UK Forks, Groundforce, Airpac Bukom Oilfield Services, Hire Station, Torrent Trackside and TPA. The group’s operations stretch across the UK, Ireland and into mainland Europe, and its oil and gas business operates internationally from a network of hubs across the globe. Predictably, this segment of the business has caused some consternation due to the fall-away in capital spending across the oil and gas industry. The effects of the industry-wide retrenchment were reflected in Vp's first-half figures, when Airpac Bukom reported a 25 per cent contraction in revenue, although a focus on cost controls meant that profit margins held up reasonably well.
The group continues to see encouraging remits from the construction and housebuilding industries. This was reflected in the performance of Hire Station in the first half, where revenue and profit were up 9 per cent and 27 per cent respectively. All told, the group claims a highly creditable 16.1 per cent return on equity at the half-year mark, against 14.9 per cent in the previous first half."
|Ta, rhomboid and Brummy_git. :-)
VP follows its own safe business plan. Some of their competitors have shot themselves in the foot. Couldn't bring myself to invest in HSS or Speedy, but am holding VP.|
|New research out today from Equity development
|Trading in line and a niche acquisition ;
Acquisition and Trading Update
Vp plc, the equipment rental specialist, today announces the acquisition of the entire issued share capital of Higher Access Ltd ("Higher Access") for a consideration of £4.1 million.
Higher Access is engaged in the rental of specialist tracked access platforms, and is the market leader in the UK. The company operates from two locations in Burnley and Luton. The business, which has been established for over 10 years, provides equipment and associated services to the construction, transmission and utilities sectors across the whole of the UK.
Higher Access will operate alongside Vp's specialist material handling business, UK Forks.
Vp Trading Update
The Vp business has experienced a satisfactory winter trading period and continues to make good progress. The Board anticipates that the Group will deliver full year results in line with current market expectations for the year ended 31 March 2016.
Jeremy Pilkington, Chairman of Vp plc, commented on the acquisition:
"We are very pleased to welcome the Higher Access team to the Vp group. The acquisition will be an excellent complement to our strong UK Forks business, and fits the Vp model of developing specialist rental businesses with strong market positions."
Looks a good bolt on to me, looking at their abbreviated accounts at Co.House they increased shareholders funds by over 0.5m so seem to be trading well.|
|thanks for posting BG|
|New research report out today from Equity development
|Interesting niche acquisition.
Onwards and upwards !|