Vp PLC Vp Plc : Final Results -2-

                                           Year ended       Year ended 
                                        31 March 2015    31 March 2014 
Revenue                               GBP44.4 million  GBP42.3 million 
Operating Profit before amortisation   GBP8.9 million   GBP7.9 million 
Investment in Rental Fleet             GBP5.7 million   GBP8.0 million 
 
 
   Groundforce reported another excellent result with profits increasing to 
GBP8.9 million (2014: GBP7.9 million) on revenues 5% ahead of prior year 
at GBP44.4 million. 
 
   Within the UK, demand from the Water Industry (AMP5) was maintained 
throughout the year, as contracts were closed-out prior to the 
commencement of the next investment programme (AMP6).  Housing offered 
extra opportunity, as new sites were opened and demand also filtered 
through from the commercial property sector, where groundworks for fresh 
developments began, particularly in the South East.  New depot openings 
in Aberdeen and East Anglia have widened the distribution network for 
the UK during the year. 
 
   Piletec progressed well completing the integration of Mr Cropper which 
relocated into enhanced operational locations.  U Mole delivered 
improvement with new products being introduced.  The markets in Ireland 
remain weaker, but the business grew revenues, as it leveraged the two 
depots opened at the end of last year. 
 
   The operation in Germany remains relatively small as the business seeks 
to gain market share.  It has however, provided the platform to 
undertake a number of major contracts throughout Europe, including a 
basement car park in Paris and major harbour work in Bremerhaven.  It 
also acted as the facilitator to a high profile contract in Qatar for an 
existing European client, which was commenced during Q4.  Whilst 
technically challenging, this project readily illustrated the quality of 
solutions offered by the Groundforce engineered products. 
 
   Capital investment on rental equipment was GBP5.7 million (2014: GBP8.0 
million). 
 
   We anticipate that trading levels in the coming year will be stable as 
improved construction demand balances the challenge presented by the 
slowdown during the transition between AMP cycles in the water sector. 
However, with Groundforce trading across a broad customer base, in a 
variety of sectors, it is well placed for further progress. 
 
   AIRPAC BUKOM 
 
   Equipment and service providers to the international oil and gas 
exploration and development markets 
 
 
 
 
                                           Year ended        Year ended 
                                        31 March 2015     31 March 2014 
Revenue                               GBP21.5 million  GBP 20.2 million 
Operating Profit before amortisation   GBP2.8 million   GBP 2.0 million 
Investment in Rental Fleet             GBP5.3 million   GBP 5.8 million 
 
   Airpac Bukom reported improved results with profits increasing to GBP2.8 
million (2014: GBP2.0 million) on revenues 6% ahead at GBP21.5 million 
(2014: GBP20.2 million).  The division's result was achieved against an 
increasingly challenging market environment, driven by the deterioration 
in the price of oil in the latter part of 2014.  As a consequence, 
revenues in the second half softened. 
 
   The LNG (Liquified Natural Gas) sector continued to offer opportunities 
in the Asia Pacific region.  Services were provided in South East Asia 
for the testing of the manufactured modules for two major LNG contracts 
in Australia, APLNG and Ichthys.  Manufacture of the former completed 
during the financial year although our engagement in the project has 
continued with the testing of the installation phase on Curtis Island in 
Australia.  Progress was also made on the installation phases of the 
QCLNG and GLNG contracts, also on Curtis Island. 
 
   Rentals to the well testing market generally suffered in the second half, 
as the impact of the oil price drop took hold.  Airpac Bukom secured a 
number of long term contracts which have provided some resilience and 
the division has maintained a presence in some early production projects 
in the Middle East.  However, most geographical regions were affected by 
reductions in capital investment by the major oil companies. 
 
   Capital expenditure on equipment was GBP5.3 million (2014: GBP5.8 
million) as the division continued to update the rental fleet to meet 
customer demand. 
 
   There is little doubt that the oil and gas industry is experiencing 
extremely testing conditions which are likely to remain in the immediate 
term.  Volumes and prices are being affected across most sub-sectors and 
management has reshaped the business to suit.  As a consequence, the 
year ahead will be challenging, but we remain confident that 
opportunities will continue to be available, albeit reduced in number. 
 
   HIRE STATION 
 
   Small tools and specialist equipment for industry and construction 
 
 
 
 
                                           Year ended       Year ended 
                                        31 March 2015    31 March 2014 
Revenue                               GBP77.0 million  GBP66.2 million 
Operating Profit before amortisation   GBP8.7 million   GBP4.8 million 
Investment in Rental Fleet            GBP20.1 million  GBP13.4 million 
 
 
   Hire Station continued to enjoy increasingly supportive markets 
throughout the year and this enabled the business to once again deliver 
record revenues of GBP77.0 million up 16.0% on the prior year.  Profits 
increased strongly to GBP8.7 million (2014: GBP4.8 million). 
 
   The tools business made further excellent progress delivering double 
digit revenue growth and a strong increase in profitability.  New 
locations were opened in London to support growing activity in this 
region and we have relocated a number of provincial depots to larger 
premises.  Our focus on availability, quality and compliance ensures 
that our customers continue to get a first class service.  This 
philosophy has generated loyalty and a greater share of wallet from our 
customer base. 
 
   ESS Safeforce had another record year with growth in all of its key 
revenue streams.  The depots at Port Talbot, Exeter and Dublin, which 
opened in the previous year, all flourished and delivered profits well 
ahead of schedule.  Our trading branch in Rotterdam got off to a 
satisfactory start with a number of significant contract wins, which 
provided the backdrop for accelerated investment in both resource and 
fleet. 
 
   The MEP business, which supplies specialist press fitting and electro 
fusion equipment, also has the largest fleet of low level access 
machines in Europe.  Servicing predominantly the M&E sector, the 
business has been very busy during the year expanding its footprint with 
new locations in London, where the greatest demand for product exists, 
as well as investing in established locations to support new customer 
wins.  During the year, we supplied to projects in Finland and the 
Netherlands, supporting UK contractors, with further opportunities going 
forward. 
 
   A positive construction sector, together with secured opportunities, led 
to the business increasing investment in the fleet to GBP20.1 million 
(2014: GBP13.4 million).  Hire Station continues to have one of the 
youngest fleets in the market.  This investment, together with our 
efficient workshop procedures, has meant that product availability has 
given us a competitive advantage as demand has increased. 
 
   These record results together with significant investment in the branch 
network give Hire Station a strong platform for further profitable 
growth in the coming year. 
 
   TPA 
 
   Rental and installation of portable roadways throughout the UK and 
mainland Europe 
 
 
 
 
                                           Year ended       Year ended 
                                        31 March 2015    31 March 2014 
Revenue                               GBP14.6 million  GBP15.8 million 
Operating Profit before amortisation   GBP1.0 million   GBP1.8 million 
Investment in Rental Fleet             GBP2.3 million   GBP1.0 million 
 
 
   TPA experienced a mixed year, as revenues decreased by 8% to GBP14.6 
million, with profits reducing to GBP1.0 million (2014: GBP1.8 million). 
 
   In the UK, demand from the construction and rail markets in particular 
showed upside, but this could not offset the contract delays and 
reductions in the transmission sector following the break-up of the 
Electricity Alliances.  This, together with an unseasonally dry winter, 
served to create a market spike in product availability depressing 
prices and utilisation. 
 
   In Europe, the business progressed on two fronts.  Firstly, growth from 
an increased customer base provided greater revenue stability and 
secondly, the development of a more robust management structure in 
Germany, which will underpin future growth prospects for the region. 
 
   Capital expenditure in rental fleet increased to GBP2.3 million (2014: 
GBP1.0 million), including investment in new products specific to 
targeted markets. 
 
   The outlook for TPA for the coming year is improved, with an anticipated 
uplift from the transmission sectors in the UK and further positive 
development of the European activity. 
 
 
 
   TORRENT TRACKSIDE 
 
   Suppliers of rail infrastructure portable plant and specialist services 
to Network Rail, London Underground and their respective contractor base 
 
 
 
 
                                           Year ended       Year ended 
                                        31 March 2015    31 March 2014 
Revenue                               GBP29.9 million  GBP22.3 million 
Operating Profit before amortisation   GBP3.4 million   GBP2.8 million 
Investment in Rental Fleet             GBP4.7 million   GBP3.0 million 
 
 
   Torrent Trackside made further good progress in the year with revenues 
of GBP29.9 million, up 34% on the prior year, generating profits of 
GBP3.4 million (2014: GBP2.8 million)