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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 25.00 | 4.63% | 565.00 | 545.00 | 570.00 | 565.00 | 565.00 | 565.00 | 15,174 | 16:35:09 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Heavy Constr Eq Rental,lease | 371.52M | 23.01M | 0.5730 | 9.86 | 226.87M |
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TIDMVP.
25 November 2015
Vp plc
("Vp" or 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 2015.
Highlights
-- Profit before tax and amortisation increased 6% to GBP17.2 million (2014:
GBP16.2 million)
-- Revenues ahead 4% at GBP105.1 million (2014: GBP101.3 million)
-- Significant improvement in return on capital employed to 16.1% (2014:
14.9%)
-- Interim dividend increased 7% to 5.35 pence per share (2014: 5.0 pence
per share)
-- Earnings per share pre-amortisation increased 7% to 35.14 pence (2014:
32.81 pence)
Jeremy Pilkington, Chairman of Vp plc, commented: "This has been another
year of solid progress for the Group, achieved against a more subdued
economic background. Revenues, profits, earnings per share, return on
capital and dividend all moved ahead. Once again the Group has
demonstrated its strength through diversity in the quality of these
results."
"The Board believes that the Group will deliver further value growth for
our shareholders for the year as a whole."
- Ends -
Enquiries:
Vp plc
Jeremy Pilkington, Chairman Tel: +44 (0) 1423 533 400
jeremypilkington@vpplc.com
Neil Stothard, Group Managing Director Tel: +44 (0) 1423 533 400
neil.stothard@vpplc.com
Allison Bainbridge, Group Finance Tel: +44 (0) 1423 533 400
Director
allison.bainbridge@vpplc.com www.vpplc.com
Media enquiries:
Abchurch Communications
Jamie Hooper / Alex Shaw Tel: +44 (0) 20 7398 7719
vp@abchurch-group.com www.abchurch-group.com
CHAIRMAN'S STATEMENT
I am very pleased to report on a period of further solid progress for
the Group.
In the six months to 30 September 2015, profit before tax and
amortisation rose 6% to GBP17.2 million (2014: GBP16.2 million) on
revenues 4% ahead at GBP105.1 million (2014: GBP101.3 million).
Earnings per share pre-amortisation increased 7% to 35.14 pence (2014:
32.81 pence) and very pleasingly, return on capital employed improved
significantly to 16.1% (2014: 14.9%) once again demonstrating the
success of our continuing focus on enhancing the quality of earnings.
Overall, this is a very satisfactory set of results particularly against
the more subdued economic background witnessed during 2015. As we
foresaw at the end of the last financial year, challenges have existed
in both the oil and gas and transmission markets, but stable demand
elsewhere has more than compensated.
Capital investment on fleet in the period was broadly in line with prior
year at GBP23.4 million and borrowings at the period end stood at
GBP81.8 million (1 April 2015: GBP66.8 million).
Reflecting the strength of these results, your Board is declaring an
interim dividend of 5.35 pence per share (2014: 5.0 pence per share),
payable on 8 January 2016 to shareholders on the register as at 4
December 2015.
Post the period end, on 2 November 2015, the Group acquired Test and
Measurement Limited for a consideration of GBP3.95 million. This
testing and calibration business will be operated as a new business
stream within Hire Station by ESS Safeforce. Considerable synergies
exist between the two businesses and we are very positive about the
growth opportunities that this business will provide.
Review of Operations
UK Forks
UK Forks posted profits of GBP2.9 million, up 25% (2014: GBP2.3 million)
on revenues 7% ahead at GBP9.8 million (2014: GBP9.1 million).
Steady demand from the housebuilding sector enabled us to continue to
secure opportunities based upon our demonstrably superior levels of
customer service. Elsewhere, non-residential construction activity was
stable. Refreshment of the rental fleet also delivered useful profit on
disposal of older assets. We anticipate a sustained contribution from
the housebuilding sector and believe that there is upside to be enjoyed
from the general construction sector.
Groundforce
Groundforce delivered another very strong set of results with operating
profits 12% ahead at GBP5.6 million (2014: GBP5.0 million). Revenues
rose 9% to GBP24.5 million (2014: GBP22.6 million).
Whilst Groundforce experienced some weakening in demand during the
transition to the water industry's new five year asset management
programme (AMP6), housebuilding and inner city basement propping schemes
remained strong. We look forward to the new AMP6 contracts starting to
come on stream later in the year.
Airpac Bukom
Given Airpac Bukom's significant exposure to the oil and gas exploration
and development sector, it was impossible for Airpac to escape the
impact of a halving in the price of oil over the last 12 months. Whilst
revenues were down 25% at GBP8.5 million (2014: GBP11.2 million) the
business successfully mitigated some of the impact of this reduction in
revenue to deliver profits of GBP1.0 million (2014: GBP1.7 million).
However, there are positives. Liquefied Natural Gas related work in
South East Asia and Australia continued to make a strong contribution to
divisional results and elsewhere progress is being made to take the
fullest advantage of all opportunities.
The industry as a whole is now having to come to terms with the
implications of a perhaps prolonged period of low oil prices. We are
responding to these challenges by demonstrating a nimble and proactive
approach to the energy markets whilst ensuring that our cost base is
appropriate.
Hire Station
Hire Station delivered an outstanding performance with profits up 27% to
GBP6.1 million (2014: GBP4.8 million) on revenues up 9% to GBP39.2
million (2014: GBP36.1 million). All three elements of the business;
Tools, ESS Safeforce and MEP, contributed to this excellent result.
Our long term focus on the quality and availability of rental assets
continues to yield benefits in terms of both customer recruitment and
satisfaction and also business profitability. Executing the basics to a
high standard remains the focus for the business. Growth opportunities
exist for all three elements of Hire Station and we anticipate the
division making further tangible progress in the second half.
Torrent Trackside
Torrent Trackside had a good first half with profits increasing to
GBP1.7 million (2014: GBP1.3 million) as revenues increased by 21% to
GBP15.7 million (2014: GBP13.0 million).
The acquisition of the trackside plant and equipment rental business
from Balfour Beatty Rail Limited in July 2014 has been successfully
integrated and made a useful contribution in the period. The new
Network Rail CP5 programme is now gaining momentum.
There appears to be regular speculation about the future structure of
the rail industry, but despite this background of uncertainty we remain
positive about the opportunities offered by this sector and confident in
our ability to respond to whatever structural changes may result.
TPA
TPA profits fell back to GBP0.9 million (2014: GBP2.0 million), as
revenues reduced by 21% to GBP7.4 million (2014: GBP9.3 million).
In the UK, the anticipated improvement in demand from the transmission
sector did not occur. This, combined with drier weather, led to excess
capacity in the market and created a shortfall in demand for our
products. The experience was similar in mainland Europe, with lack of
transmission work and a quieter renewable energy segment.
The programme of works in the second half and into next year, both in
the UK and in Europe, looks more supportive and new product
introductions are starting to make a useful contribution.
Outlook
This period has once again demonstrated the Group's ability to deliver
good results even when some of our markets are performing at less than
full capacity. This continues the excellent progress delivered over
previous years.
We see opportunity across all divisional segments in Vp and will
continue to deploy our robust financial strength to deliver further
value growth to our shareholders.
The Board has every reason to believe that the Group will be in a
position to deliver a very satisfactory result for the year as a whole.
Jeremy Pilkington
Chairman
25 November 2015
Condensed Consolidated Income Statement
For the period ended 30 September 2015
Six months to Six months to Full year to
Note 30 Sep 2015 30 Sep 2014 31 Mar 2015
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Revenue 3 105,118 101,328 205,602
Cost of sales (73,589) (70,916) (148,773)
Gross profit 31,529 30,412 56,829
Administrative
expenses (14,210) (13,968) (29,733)
Operating profit 3 17,319 16,444 27,096
Net financial expenses (991) (927) (2,023)
Profit before
amortisation and
taxation 17,189 16,235 26,757
Amortisation of
intangibles (861) (718) (1,684)
Profit before taxation 16,328 15,517 25,073
Income tax expense 4 (3,351) (3,284) (5,202)
Net profit for the
period 12,977 12,233 19,871
Basic earnings per 7 33.37p 31.36p 51.03p
share
(MORE TO FOLLOW) Dow Jones Newswires
November 25, 2015 02:00 ET (07:00 GMT)
Diluted earnings per 7 31.23p 28.49p 47.01p
share
Dividend per share 8 5.35p 5.00p 16.50p
Condensed Consolidated Statement of Comprehensive Income
For the period ended 30 September 2015
Six months Six months Full year
to to to
31 Mar
30 Sep 2015 30 Sep 2014 2015
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Profit for the period 12,977 12,233 19,871
Other comprehensive income:
Items that will not be reclassified to profit or loss
Actuarial gains on defined benefit pension scheme - - (55)
Tax on items taken direct to equity - - 12
Foreign exchange translation difference (153) (532) (1,028)
Items that may be subsequently reclassified to profit
or loss
Effective portion of changes in fair value of cash
flow hedges 552 (165) (1,011)
Other comprehensive income 399 (697) (2,082)
Total comprehensive income for the period 13,376 11,536 17,789
Condensed Consolidated Statement of Changes in Equity
For the period ended 30 September 2015
Six months Six months Full year
to to to
31 Mar
30 Sep 2015 30 Sep 2014 2015
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Total comprehensive income for the period 13,376 11,536 17,789
Tax movements to equity 1,058 667 1,145
Share option charge in the period 1,012 823 1,894
Net movement relating to shares held by Vp Employee
Trust (8,360) (7,122) (11,059)
Dividends to shareholders (4,490) (4,039) (5,986)
Change in equity during the period 2,596 1,865 3,783
Equity at the start of the period 111,767 107,984 107,984
Equity at the end of the period 114,363 109,849 111,767
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 2015
31 Mar
Note 30 Sep 2015 2015 30 Sep 2014
(unaudited) (audited) (unaudited)
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 5 155,906 147,817 135,758
Goodwill 35,846 35,846 35,846
Intangible assets 6 6,687 7,548 8,514
Employee benefits 1,231 1,043 877
Total non-current assets 199,670 192,254 180,995
Current assets
Inventories 4,981 6,495 5,655
Trade and other receivables 44,039 41,102 44,445
Cash and cash equivalents 2,215 5,236 7,582
Total current assets 51,235 52,833 57,682
Total assets 250,905 245,087 238,677
Current liabilities
Interest bearing loans and
borrowings - - (3)
Income tax payable (1,567) (1,948) (2,816)
Trade and other payables (46,623) (54,988) (48,933)
Total current liabilities (48,190) (56,936) (51,752)
Non-current liabilities
Interest bearing loans and
borrowings (84,000) (72,000) (73,000)
Deferred tax liabilities (4,352) (4,384) (4,076)
Total non-current liabilities (88,352) (76,384) (77,076)
Total liabilities (136,542) (133,320) (128,828)
Net assets 114,363 111,767 109,849
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 (549) (1,101) (255)
Retained earnings 96,384 94,340 91,576
Total equity attributable to equity
holders of parent 114,336 111,740 109,822
Non-controlling interest 27 27 27
Total equity 114,363 111,767 109,849
Condensed Consolidated Statement of Cash Flows
For the period ended 30 September 2015
Six months Six months Full year
Note to to to
31 Mar
30 Sep 2015 30 Sep 2014 2015
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Cash flows from operating activities
Profit before taxation 16,328 15,517 25,073
Adjustment for:
Pension fund contributions in excess of service cost (188) (188) (409)
Share based payment charges 1,012 823 1,894
Depreciation 5 13,274 12,073 25,023
Amortisation of intangibles 861 718 1,684
Net financial expense 991 927 2,023
Profit on sale of property, plant and equipment (3,156) (2,102) (3,277)
Operating cash flow before changes in working capital
and provisions 29,122 27,768 52,011
Decrease/(increase) in inventories 1,514 (14) (854)
Increase in trade and other receivables (2,937) (6,089) (2,746)
(Decrease)/increase in trade and other payables (5,296) 3,121 6,114
Cash generated from operations 22,403 24,786 54,525
Interest paid (1,003) (923) (2,016)
Interest element of finance lease rental payments - (1) (2)
Interest received 4 4 1
Income tax paid (2,711) (887) (2,873)
Net cash flows from operating activities 18,693 22,979 49,635
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 9,234 5,757 11,982
Purchase of property, plant and equipment (29,814) (24,346) (52,887)
Acquisition of businesses and subsidiaries (net of
cash and overdrafts) - (5,405) (5,405)
Net cash flows used in investing activities (20,580) (23,994) (46,310)
Cash flows from financing activities
Purchase of own shares by Employee Trust (8,360) (7,122) (11,059)
Repayment of loans - (9,000) (10,000)
New loans 12,000 20,000 20,000
Payment of hire purchase and finance lease liabilities - (14) (17)
Dividends paid 8 (4,490) (4,039) (5,986)
Net cash flows used in financing activities (850) (175) (7,062)
Net decrease in cash and cash equivalents (2,737) (1,190) (3,737)
Effect of exchange rate fluctuations on cash held (284) (206) (5)
Cash and cash equivalents at beginning of period 5,236 8,978 8,978
Cash and cash equivalents at end of period 9 2,215 7,582 5,236
(MORE TO FOLLOW) Dow Jones Newswires
November 25, 2015 02:00 ET (07:00 GMT)
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 2015 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 2015, 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 24
November 2015.
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 2015 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 2015.
The Group continues to be in a healthy financial position with total
banking facilities of GBP100 million, including an overdraft facility.
Since the year end net debt has increased by GBP15.0 million to GBP81.8
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 21 of the 31 March 2015
Annual Report and Accounts. The principal risks and uncertainty are
market risk, competition, investment / product management, people,
safety and financial risks. These risks and uncertainties remain the
same for this interim financial report.
3. Summarised Segmental Analysis
Revenue Operating Profit
Sept 2015 Sept 2014 Sept 2015 Sept 2014
GBP000 GBP000 GBP000 GBP000
Groundforce 24,543 22,566 5,556 4,962
UK Forks 9,785 9,128 2,919 2,343
Airpac Bukom 8,460 11,228 1,003 1,713
Torrent Trackside 15,748 13,035 1,677 1,300
TPA 7,376 9,288 915 2,021
Hire Station 39,206 36,083 6,110 4,823
105,118 101,328 18,180 17,162
Amortisation (861) (718)
17,319 16,444
There has been no material change in the total net assets or liabilities
from the amounts disclosed in the last annual financial statements.
4. Income Tax
The effective tax rate is 20.5% in the period to 30 September 2015 (30
September 2014: 21.2%). The effective rate for the period reflects the
current standard tax rate of 20% (2014: 21%), as adjusted for estimated
permanent differences for tax purposes offset by gains covered by
exemptions. On 26 October 2015 the Finance Bill 2015/16 passed through
the House of Commons and so is now substantively enacted for IFRS
purposes. The Bill includes the change in corporation tax rate from 20%
to 19% from 1 April 2017 and to 18% from 1 April 2020. This will require
a release from the deferred tax balance in the full year accounts to
reflect the future reduction in the tax rate. This release from the
change in tax rate has not been reflected in this interim statement.
5. Property, Plant and Equipment
Sept 2015 Sept 2014 Mar 2015
GBP000 GBP000 GBP000
Opening carrying amount 147,817 124,834 124,834
Additions 27,297 25,587 56,337
Acquisitions - 1,389 1,389
Depreciation (13,274) (12,073) (25,023)
Disposals (6,078) (3,655) (8,705)
Effect of movements in exchange rates 144 (324) (1,015)
Closing carrying amount 155,906 135,758 147,817
The value of capital commitments at 30 September 2015 was GBP7,029,000
(31 March 2015 GBP7,630,000).
6. Acquisitions
There were no acquisitions in the period. However, on 2 November 2015
the Group acquired the entire issued share capital of Test & Measurement
Group Limited for consideration of GBP3.95 million.
7. Earnings Per Share
Earnings per share have been calculated on 38,887,444 shares (2014:
39,010,574 shares) being the weighted average number of shares in issue
during the period. Diluted earnings per share have been calculated on
41,554,659 shares (2014: 42,930,653 shares) adjusted to reflect
conversion of all potentially dilutive ordinary shares. Basic earnings
per share before the amortisation of intangibles was 35.14 pence (2014:
32.81 pence) and was based on an after tax add back of GBP689,000 (2014:
GBP567,000) in respect of the amortisation of intangibles. Diluted
earnings per share before amortisation of intangibles was 32.89 pence
(2014: 29.82 pence).
8. Dividends
The Directors have declared an interim dividend of 5.35 pence (2014: 5.0
pence) per share payable on 8 January 2016 to shareholders on the
register at 4 December 2015. The dividend declared will absorb an
estimated GBP2,087,000 (2014: GBP1,947,000) of shareholders funds. The
dividend proposed at the year-end was subsequently approved at the AGM
in July 2015 and GBP4,490,000 was paid in the period (2014: GBP4,039,000
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 15 Flow 30 Sep 15
GBP000 GBP000 GBP000
Cash and cash equivalents 5,236 (3,021) 2,215
Revolving credit facilities (72,000) (12,000) (84,000)
(66,764) (15,021) (81,785)
On 11 May 2015 the GBP35 million revolving credit facility which was due
to expire in May 2016 was replaced with a new five year GBP45 million
facility expiring in May 2020. The Group's bank facilities therefore
comprise a GBP45 million committed five year revolving credit facility
which expires in May 2020, a GBP30 million committed four and a half
year revolving credit facility expiring in October 2017 and a GBP20
million committed revolving facility taken out in June 2014 which also
expires in October 2017, together with an uncommitted step up facility
of GBP20 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. 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;
(MORE TO FOLLOW) Dow Jones Newswires
November 25, 2015 02:00 ET (07:00 GMT)
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