Hire Station reaps the benefits of changes

Vp's tool rental division, Hire Station, has returned to profit in the past six months.

Chairman Jeremy Pilkington said he was pleased with the progress made at Hire Station, the only division that previously reported a loss in the year to the end of March.

Turnover fell by nearly 2m to 34.8m for the 12 months to March, but the loss increased to 700,000 from 400,000.

Group managing director Neil Stothard said Hire Station was reaping the benefits of changes made last year. "We've revitalised the division by installing a new management team. Hire Station is more efficient and has a better structure geared for further growth."

Stothard said the tool hire market is buoyant and Vp plans to increase profit through organic growth. The company is also looking at acquisitions, if they were in the correct geographical regions, he said.