Vp profit doubles

Vp, formerly known as Vibroplant, has posted provisional results for the year to the end of March showing pre-tax profit doubled to £6.2m on a turnover of £66.8m, compared with £59.8m in 2001.

Chairman and chief executive Jeremy Pilkington said the results endorsed the company's move out of general plant hire. Profit at Torrent Trackside has risen by 50% to £1.8m.

The company has four more operating divisions, which report as one (including UK Forks and Groundforce).

Their combined profit was £2.6m on a turnover of £25.6m. UK Forks, the only remaining sector of the general plant hire business, had investment of £2.3m and contributed a "substantial element" of the earnings, Pilkington told CJ.

Groundforce's results were seen as satisfactory given that it suffered from the effects of foot and mouth disease, and delays in implementation of the water industry's five-year asset management plan.

Half way through the year it acquired the shoring business of Mechplant for £3.1m, and trading improved towards the end of the calendar year.

While both profit and turnover increased in the Hire Station business - up 4% to £2.8m and 19.2% to £33m respectively - there was disappointment in some areas.

To overcome this, Hire Station has a new managing director, Andrew Makepeace, and two new directors for the south east and northern regions.

Pilkington said he was happy with Hire Station's product mix, and over the next two years the number of outlets will increase from 80 to about 150.