Vp divisions come up trumps in first half

Equipment rental specialist Vp has announced a 10% increase in turnover to £40.9m for the six months ending 30 September. Pre-tax profit increased to £4.1m, up from £4m for the same period last year.
Group chairman and chief executive Jeremy Pilkington said: "I am pleased to report another satisfactory performance for the group. We believe our diversified market exposure is demonstrating its value and provides against varying economic conditions."
Most of the group's divisions - UK Forks, Groundforce, Torrent Trackside and Hire Station - all reported first-half turnover increases, with only Airpac Oilfield Services - a supplier of compressors to the oil and gas industry - bucking the trend.
Shoring systems specialist Groundforce continued the pattern of last year's strong performance, with turnover rising by 53% to £8.4m and operating profit ahead by 144% at £2.2m from £900,000.
At telehandler hirer UK Forks, turnover rose 19% to £6.2m and operating profit rose to £840,000 from £720,000 in 2002. The company said securing longer-term relationships with major housebuilders had contributed to its positive results.
Tool and equipment rental outlet Hire Station also posted positive results with turnover up by £18.8m. At Torrent Trackside, the rail maintenance equipment hirer, turnover rose 6% to £5.6m. But tighter margins dragged profit back to £1.1m from £1.4m.
<F06E>Safeforce, the specialist safety equipment arm of Hire Station, has launched Fleet Assist, an asset management service for safety equipment. The programme oversees timely calibration, inspection and testing requirements and keeps a record of service history.