Vp PLC Vp Plc : Final Results -5-

   In order to grow, it is essential the Group obtains first class products 
at attractive prices and keeps them well maintained. 
 
   Mitigation 
 
   Vp has well established processes to manage its fleet from investment 
decision to disposal.  The Group's return on average capital employed 
was a healthy 16.2% in 2014/15.  The quality of the Group's fleet 
disposal margins also demonstrate robust asset management and 
appropriate depreciation policies. 
 
   People 
 
   Risk description 
 
   Retaining and attracting the best people is key to our aim of exceeding 
customer expectations and enhancing shareholder value. 
 
   Mitigation 
 
   Vp offers well structured reward and benefit packages, and nurtures a 
positive working environment.  We also try to ensure our people fulfil 
their potential to the benefit of both the individual and the Group, by 
providing appropriate career advancement and training. 
 
   Safety 
 
   Risk description 
 
   The Group operates in industries where safety is a key consideration for 
the well being of both our employees and the customers that hire our 
equipment.  Failure in this area would impact our results and 
reputation. 
 
   Mitigation 
 
   The Group has robust health and safety policies, and management systems 
and our induction and training programmes reinforce these policies. 
 
   We provide support to our customers exercising their responsibility to 
their own workforces when using our equipment. 
 
   Financial risks 
 
   Risk description 
 
   To develop the business Vp must have access to funding at a reasonable 
cost.  The Group is also exposed to interest rate and foreign exchange 
fluctuations which may impact profitability and has exposure to credit 
risk relating to customers who hire our equipment. 
 
   Mitigation 
 
   At the year end the Group had a revolving credit facility of GBP85.0 
million and maintains strong relationships with all banking contacts. 
Our treasury policy defines the level of risk that the Board deems 
acceptable.  Vp continues to benefit from a strong balance sheet, with 
growing EBITDA, which allows us to invest into opportunities. 
 
   Our treasury policy requires a tangible proportion of debt to be at 
fixed interest rates, and we facilitate this through interest rate 
swaps.  We have agreements in place to buy or sell currencies to hedge 
against foreign exchange movements.  We have strong credit control 
practices and use credit insurance where it is cost effective.  Debtor 
days were broadly unchanged at 58 at the year end and bad debts, as a 
percentage of revenue, remained low at 0.3% (2014: 0.6%). 
 
   7.            Forward Looking Statements 
 
   The Chairman's Statement and Business Review include 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. 
 
   8.            Annual Report and Accounts 
 
   The Annual Report and Accounts for the year ended 31 March 2015 will be 
posted to shareholders on or around 19 June 2015. 
 
   Directors' Responsibility Statement in Respect of the Annual Financial 
Report (extracted from the Annual Financial Report) 
 
   We confirm that to the best of our knowledge: 
 
   --         The financial statements, prepared in accordance with the 
applicable set of accounting standards, give a true and fair view of the 
assets, liabilities, financial position and profit or loss of the 
Company and the undertakings included in the consolidation taken as a 
whole; and 
 
   --         The Business Review and Financial Review, which form part of 
the Directors' Report, include a fair review of the development and 
performance of the business and the position of the Company and the 
undertakings included in the consolidation taken as a whole, together 
with the description of the principal risks and uncertainties that they 
face. 
 
   For and on behalf of the Board of Directors 
 
 
 
 
J F G Pilkington  A M Bainbridge 
 Director               Director 
 
 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Vp PLC via Globenewswire 
 
   HUG#1926182 
 
 
  http://www.vpplc.com