Plant firm Vp hails resilience as revenues rise

A tool and plant hire firm has urged the Government to deliver on industrial promises after battling “economic and geopolitical headwinds” to record higher revenues.

Vp saw earnings rise three per cent to £380 million in the year to March 31 as statutory pre-tax profit climbed more than 100 per cent to £21.7 million.

Bosses say it benefited from a “supportive” infrastructure market, with strong demand from water, transmission and energy sectors offsetting sluggish rail work and “stable” housebuilding activity.

And they have now called on Westminster to provide urgent “clarity and certainty” on future housebuilding, construction and infrastructure projects to support its future growth plans.

The demand came as the Harrogate-headquartered firm reflected on a “resilient” 12-month period, which included the launch of its Vp Rail division and takeover of Cork-based powered access company Charleville Hire and Platform.

Anna Bielby, chief executive, said: “While we are encouraged by the Government’s revitalisation initiatives in housebuilding, construction and infrastructure projects, it is important we get clarity and certainty through the timely publication of its long-term industrial strategy.”

Highlighting “optimism about future growth opportunities” at the business, which includes heavy-duty construction equipment supplier Groundforce and Brandon Hire Station, she added: “We have delivered a resilient performance against a period of varied economic and geopolitical headwinds.

“During the year, we continued to make changes to our operating model to capitalise on growth opportunities, including the centralisation of operations and the launch of Vp Rail.

“We have entered the new financial year in a solid position, with strong early momentum in infrastructure and specialist construction.”

Vp’s portfolio also includes Tamworth-based rail equipment hire firm Torrent Trackside and Worksop-based portable roadway and walkway supplier TPA.

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