Final Results

Press Release   8 June 2010


                                     Vp plc

                             ("Vp" or "the Group")
                                 Final Results

Vp plc, the equipment rental specialist, today announces its Final Results for
the year ended 31 March 2010.

Highlights

  *   Revenues of £134.2 million (2009 restated: £157.5 million)

  *   Profit before amortisation, exceptional items and tax of £16.0 million
      (2009: £21.7 million)

  *   Basic earnings per share of 24.68 pence (2009: 36.41 pence)

  *   Proposed final dividend of 7.7p per share to maintain last year's full
      year dividend of 10.8p

  *   Net debt reduced by £17.5 million to £48.3 million

  *   Overseas activities providing important and growing non-UK exposure

  *   Solid balance sheet with strong operational cashflows



Jeremy Pilkington, Chairman of Vp plc, commented:

"Despite challenging conditions continuing in most of our markets, this has been
another  robust performance  by the  Group. We  believe that  our combination of
products  and  markets  will  continue  to  stand  us in good stead, providing a
compelling mix of downside resilience and upside opportunity.  Vp enters the new
year  in excellent financial shape, able to sustain the development of the Group
over the longer term, and cope with the shorter term challenges presented by the
current  trading environment.   Overall, the  Board looks  forward to the future
with confidence."


                                    - Ends -



Enquiries:

Vp plc

Jeremy Pilkington, Chairman                            Tel: [phone]

[e-mail]
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Neil Stothard, Group Managing Director                 Tel: [phone]

[e-mail]
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Mike Holt, Group Finance Director                      Tel: [phone]

[e-mail]                        www.vpplc.com <

http://www.vpplc.com/>
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Media enquiries:
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Sarah Hollins / Mark Dixon                             Tel: [phone]

[e-mail]                             www.abchurch-group.com
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CHAIRMAN'S STATEMENT

In the face of the worst economic downturn since the Depression, I am very
pleased to be able to report results which, under the circumstances, represent a
highly satisfactory outcome for the Group.


Having  delivered growth last  year despite the  onset of the economic downturn,
this  year  the  Group  experienced  a  more  severe  impact  from  recessionary
pressures.  The Group achieved profit before amortisation, exceptional items and
tax  of £16.0  million (2009:  £21.7 million)  even as  revenues fell  by 15% to
£134.2  million  (2009  restated:  £157.5  million).   Basic  earnings per share
decreased  to 24.68 pence (2009: 36.41 pence) based on profit before taxation of
£14.3  million (2009:  £20.8 million).   Many companies  in our sector have been
obliged  to  make  large  scale  asset  write-downs,  cut  dividends  and dilute
shareholder  equity to repair unsound balance  sheets.  Our focus on sustainably
enhancing  shareholder value and prudent financial  management has enabled us to
avoid  these scenarios  and, we  believe, has  vindicated our measured long term
approach to managing the business.

Our  emphasis on cash management  has enabled the Group  to reduce borrowings by
£17.5  million to £48.3 million (2009: £65.8 million) representing a comfortable
financial gearing level of 44%.  This has been accomplished even as the downturn
accelerated  and whilst  continuing to  invest £14  million in  rental assets in
support of specific opportunities and fleet renewal.

Taking into account these excellent results and our view of future prospects for
the  Group, the Board  is recommending the  payment of a  final dividend of 7.7
pence  per  share  to  maintain  last  year's  full year dividend of 10.8 pence.
 Subject  to shareholders' approval at the  Annual General Meeting in September,
the  dividend will  be paid  on 1 October  2010 to members  registered as  of 3
September 2010.

Looking  ahead, the systemic threats to the  global economy seem to have receded
although  unpredictable "after-shocks" should be expected for some time.  Within
the  UK, demand  has generally  stabilised and  some markets,  such as  rail and
residential  construction, are showing  signs of growth,  albeit from a severely
depressed base.

However,  the  measures  that  will  have  to  be  taken to reduce public sector
borrowing have not yet impacted economic activity and, in particular, government
capital  investment programmes.  Public infrastructure  investment has become an
important market for several of our businesses and the prospect of cutbacks, not
so  much  this  year  (2010/11)  as  thereafter,  causes  us to view medium term
prospects with a degree of caution.

The  Group's overseas activities, at present most strongly represented by Airpac
Bukom  but  also  with  a  growing  presence  in  Europe  for  some of our other
businesses, give us an important and growing non-UK exposure.

We  believe that the combination of our robust product portfolio and diverse end
markets,  together with the Group's financial strength, will continue to provide
a compelling mix of downside resilience and upside opportunity for the future.

As  always,  it  is  my  pleasure  to  acknowledge  the skills and dedication of
employees  throughout  the  Group  who  have  delivered  exceptional service and
performance under the most trying circumstances this year.


Jeremy Pilkington
Chairman
8 June 2010


BUSINESS REVIEW


OVERVIEW
Vp plc is a specialist equipment rental business providing products and services
to  a diverse range  of markets including  civil engineering, rail,  oil and gas
exploration, construction, outdoor events and industry.

The  performance of the Group, in spite of the very difficult trading conditions
in  most markets, was extremely robust and demonstrated the quality, breadth and
overall  resilience of the Vp businesses.   The Group was explicitly profitable,
strongly  cash generative and finished  the year with a  balance sheet net asset
value £7 million stronger than at the start.

Revenue                            £134.2 million (2009     restated:     £157.5
                                                  million)

Operating       Profit      before £18.6 million  (2009: £25.4 million)
amortisation and exceptional items

Investment in Rental Fleet         £13.9 million  (2009: £28.4 million)

Operating margin                   13.9%          (2009: 16.1%)


The  divisional  businesses  have  all  been  affected to varying degrees by the
recessionary   conditions   experienced   in   the   UK.   The  publicly  funded
infrastructure  markets generally held up well but general construction remained
depressed.  Whilst house building was quiet for most of the year we did see some
tentative  signs of  recovery in  the final  quarter.  In  the regulated sector,
water  related demand (AMP4) was good until,  as expected, the programme drew to
an  end in the  second half.  Furthermore,  transmission activity remained good,
though rail remained very subdued.

Operating  profits before  amortisation and  exceptional items  decreased 27% to
£18.6  million, on  revenues 15% reduced  at £134.2  million.  Operating margins
before amortisation reduced from 16.1% to a creditable 13.9% in the year.

The development of the business overseas has continued, in particular for Airpac
Bukom,  TPA and Groundforce.  Overseas revenues now represent 15% of total group
revenues.

Most  of the businesses  had to take  cost reduction actions  during the year to
mitigate  the  impact  of  lower  demand.   This  involved a combination of wage
freezes,  working  hour  reductions,  vehicle  and  fleet reductions and a small
number  of depot closures/mergers.   These were difficult  but necessary actions
given  the extreme uncertainty prevailing at the start of the financial year but
have left the Group well positioned to capitalise on any upturn.

The  focus  of  the  management  teams  has  been to protect profitability where
possible,  whilst  focussing  on  cash  conservation  through controlled capital
investment  and  strong  working  capital  management.   This  has  successfully
delivered a net reduction in Group borrowings of £17.5 million in the year.

Investment in rental fleet was halved to £13.9 million, to reflect the reduction
in   demand  for  growth  capital  expenditure  whilst  maintaining  replacement
investment  in the  rental fleet.   Proceeds from  fleet disposals totalled £8.5
million,  leading to  a 'net'  cash investment  in fleet  of £5.4 million (2009:
£17.6  million) in the period.  The long life nature of much of our rental fleet
allows  us  to  flex  our  capital  investment profile to suit market conditions
without creating an investment spike at a later date.

GROUNDFORCE
Excavation  support systems, specialist solutions  and trenchless technology for
the water, gas, civil engineering and construction industries.

Revenue                             £32.9 million (2009 restated: £40.6 million)

Operating       Profit       before £9.2 million  (2008: £11.0 million)
amortisation

Investment in Rental Fleet          £3.5 million  (2009: £6.8 million)


Whilst  Groundforce experienced a revenue fall of 19%, the profit result of £9.2
million demonstrates the excellent quality of the business.

As  expected, AMP4 demand underpinned  revenues at the start  of the year though
water  activity  slowed  as  anticipated  in  the  second  half as the programme
completed.   Major propping activity  performed well again  with the second Tyne
Tunnel   project   successfully   completing   in   the   autumn.   Demand  from
infrastructure  project work in general and Olympic site work in particular held
up well.
Overall  the shoring activity had another  good year although house building and
commercial  development  remained  very  subdued.   The  specialist divisions of
Piletec,  Easiform and U  Mole who have  greater exposure to general contracting
suffered  relatively  more  than  shoring.   U  Mole experienced a slow year for
product  sales, but rental  demand was satisfactory  and growing.  The market in
Ireland  remained very challenging as  lack of infrastructure investment limited
demand.   The Group continues  to establish a  European mainland presence and is
making  good progress on a number of fronts as we expand the geographic reach of
our  specialist shoring  activity.  The  Harbray acquisition announced following
the year end will be integrated within the division.  Capital investment of £3.5
million was mostly fleet replacement.

There  are further challenges  ahead for Groundforce  in the coming  year as the
water related activity experiences a slow year ahead of AMP5 picking up, but the
quality and breadth of the Groundforce divisional activities should underpin the
performance of this business.

UK FORKS
Rough  terrain material handling equipment for industry, residential and general
construction.

Revenue                             £10.6 million (2009 restated: £16.9 million)

Operating       Profit       before £0.0 million  (2009: £1.2 million)
amortisation

Investment in Rental Fleet          £0.1 million  (2008: £1.3 million)


As  anticipated,  trading  conditions  continued  to  be  extremely  challenging
throughout  the  year  for  UK  Forks,  however  the Group has seen some partial
recovery in demand during the final quarter.  The division reported a break even
result (2009: profit £1.2 million) on revenues 37% down on prior year.  The lack
of  demand from the housing market continued but this was exacerbated by a rapid
decline  in general construction  demand.  The combination  of these two factors
led  to the sharp fall in revenues  and hence profitability for the year.  Early
cost  actions  helped  to  mitigate  the  impact  of the revenue shortfall.  The
combination  of improving demand and  a lower cost base  saw UK Forks creditably
return  to profitability  in the  second half,  thus eliminating the small first
half loss.

Capital  investment in fleet  was minimal in  the year as  the focus remained on
disposing  of surplus equipment to  match the fleet, as  closely as possible, to
current  demand patterns.  Disposals  of surplus fleet  generated proceeds of £2
million   and  healthy  profits  even  at  the  bottom  of  the  trading  cycle,
demonstrating the prudence of our depreciation policy.

The  new financial year has started positively for the division and we have seen
an  improvement in house  building demand in  particular.  Tight cost management
has  created a lean structure  which is nevertheless capable  of responding to a
recovery  in demand which should  lead to further business  progress in the year
ahead.  Capital investment will resume albeit on a modest basis.

AIRPAC BUKOM OILFIELD SERVICES
Equipment and service providers to the international oil and gas exploration and
development markets.

 Revenue                                £15.7 million   (2009: £14.7 million)

 Operating Profit before amortisation   £3.9 million    (2009: £3.9 million)

 Investment in Rental Fleet             £4.6 million    (2009: £6.3 million)


Airpac  Bukom  reported  static  operating  profits  of  £3.9 million.  Revenues
increased  by 7% to  £15.7 million,  largely as  a result of favourable exchange
movements.

Activity  during  2009 in  many  of  our  oil  and  gas  market segments was, as
predicted,  affected by the significantly reduced oil price and lower oil demand
against  the backdrop of  adverse general global  economic conditions.  Combined
with  the impacts of the  credit market squeeze, this  had the consequence of an
overall  reduction in exploration and production capital expenditures of roughly
15% from  the oil  majors.  This  resulted in  a contraction  of exploration and
appraisal  drilling  by  oil  operators  and  deferral  of  a number of offshore
projects  with a subsequent knock  on effect on the  demand for our well testing
packages.

The  geographic  spread  of  our  operations  with rental activities in over 60
countries,  local support network and our diverse range of service offerings has
provided some insulation to this challenging business environment.



Within  our  main  well  testing  market,  the  impact on activity has varied by
region.   Asia, Caspian, Former Soviet Union  (FSU) and Middle East regions were
quieter  whilst  Africa  and  Latin  America  held  up well. Maintenance related
activity  in the  North Sea  was reduced,  though this  was partially  offset by
improved offshore operations support with oil operators.

The  division has  continued to  pursue a  wider range  of applications  and new
markets  to better exploit the highly specialised capabilities of the fleet.  In
late  2009, we were very  pleased to have  been awarded the compression services
contract  by  Woodside  for  the  Pluto  LNG  (Liquefied Natural Gas) Project in
Australia.  Throughout 2010, the Pluto LNG project will engage a large spread of
our equipment, much of which was added in the course of the last year, supported
by a team of our operators.

Though  capital  expenditure  was  reduced  on  the  levels  of recent years, we
continued  to  grow  our  offer  with  the  acquisition  of  sand  filters, heat
exchangers and coflexip hoses.  Airpac Bukom has also further developed the high
pressure  fleet  of  compressors,  booster  compressors  and desiccant dryers to
support pipeline, product transfer and LNG works.

Whilst  the pace at which  demand will recover remains  uncertain for the coming
year,  the  business  is  well  positioned  to  capitalise  on what we see as an
inevitable  upturn.  We  have seen  a marked  improvement in  oil prices, demand
forecasts and capital spend estimates by oil companies giving cause for optimism
that exploration and production growth will resume in 2010.  We remain confident
that  the medium to long term view  is positive for the oilfield services sector
and Airpac Bukom.

TORRENT TRACKSIDE
Suppliers  of  rail  infrastructure  portable  plant  and specialist services to
Network Rail, London Underground and their appointed contractor base.

 Revenue                                £10.6 million     (2009: £14.0 million)

 Operating Profit before amortisation   £0.2 million      (2009: £1.2 million)

 Investment in Rental Fleet             £0.8 million      (2009: £1.2 million)




The  rail  market  continued  to  be  extremely  subdued for the majority of the
financial  year,  though  there  were  some  signs  of  improvement in the final
quarter.   Revenues fell by  24% to £10.6 million  leading to reduced profits of
£0.2  million (2009: £1.2 million).  The  anticipated release by Network Rail of
Plain  Line renewals and Switches &  Crossings (S&C) workbanks to the Integrated
Management  Team  (IMT)  contractors  did  not  materialise.   This  made  for a
difficult trading year for all contractors in the rail sector and Torrent was no
exception.  The business responded by reducing the cost base to mitigate some of
the impact of reduced revenues.

Prospects for the new financial year are brighter.  The business now has a lower
and more flexible cost structure which should help improve margins.  There are a
number  of specific rail  projects which Torrent  hope to support  in the coming
year  together  with  a  reasonable  expectation  that  the CP (controlled spend
period) 4 programme will increase investment in track renewal going forward.

TPA
Portable  roadway  systems,  primarily  to  the  UK market, but also in mainland
Europe and the Republic of Ireland.

 Revenue                                £14.2 million   (2009: £15.6 million)

 Operating Profit before amortisation   £2.2 million    (2009: £1.7 million)

 Investment in Rental Fleet             £0.5 million    (2009: £4.0 million)


TPA  made  good  progress  in  a  tough  market,  growing profits by 29% to £2.2
million,  on a reduced revenue of £14.2 million (2009: £15.6 million) reflecting
further improvement in operational processes and fixed cost reduction.

TPA   operates   in   three  main  sectors;  Outdoor  Events,  Transmission  and
Construction.   The former was stable during the year with most key events being
repeated in the UK.  The business secured a three year supply agreement with the
National  Grid  Alliance  for  the  supply  of  services  on  transmission work.
 However, demand from this sector was lower than the prior year and coupled with
a weakening construction market, led to the reduction in revenues.



Within  the UK, the management team continued to develop a more flexible working
structure  to cope better  with the seasonal  fluctuation in demand  which is an
intrinsic  characteristic of the business.   This and other process improvements
created  a more variable cost  base which better matched  the timing of activity
and  revenues.   As  a  result,  profits  improved despite reduced revenues.  In
Europe,  TPA GmbH  maintained its  momentum, growing  revenues and expanding the
fleet.   The key demand in Europe emanates from the energy sector, which is less
seasonal, and activity remained solid throughout the year.

Investment  in  the  fleet  was  minor  and restricted to replacement of damaged
assets and this, together with a robust focus on working capital, enabled strong
cash generation in the year.

The  outlook for TPA's markets is mixed,  with Transmission expected to grow and
Outdoor  Events to be stable.  Construction is anticipated to remain weak but no
worse  than this year.  Demand in Europe is felt to be relatively stable for the
next two years.  A clear focus on revenue generation assisted by the securing of
longer  term supply  agreements with  key customers  will be  the strategy going
forward.

HIRE STATION
Small tools and specialist equipment for industry and construction.

 Turnover                               £50.1 million   (2009: £55.7 million)

 Operating Profit before amortisation   £3.2 million    (2009: £6.4 million)

 Investment in Rental Fleet             £4.5 million    (2009: £8.8 million)


In  the market where  the downturn has  been at its  most severe, Hire Station's
resilient  business model, complemented by  swift and focussed management action
has  delivered a very creditable profit result.  All of the trading arms of Hire
Station delivered profits in the year.

Whilst revenues of £50.1 million were 10% down on prior year, this compares very
favourably  with our main competitors, where revenues have typically fallen at a
rate  in excess of 20%, confirming our  view that we have successfully increased
market  share in the year.   Operating profits of £3.2  million are testament to
the  strong  financial  controls  we  have  in  place and the flexibility of our
trading  model which allows us to rapidly adjust our cost base to absorb revenue
fluctuations.  This remains a key differentiating strength of the business.

Capex  of £4.5 million  was predominantly replacement  spend.  Sales proceeds of
£2.4 million were generated as we continued to cleanse our fleet of obsolete and
underutilised assets.  Going into 2010/11, we have one of the youngest fleets in
the market and significant additional revenue potential available as utilisation
improves on the back of recovering demand.

The  tools business has made steady progress during the year maintaining a tight
control  of the cost base  but at the same  time expanding the key account sales
effort  to address  the many  opportunities created  by the recession.  Customer
loyalty  during this difficult  trading period has  been severely tested as many
have  sought supply savings.   We have approached  this challenge constructively
and  maintained or grown  relationships further as  a result.  The National Call
centre  in  Manchester  has  once  more  grown  its transaction levels as branch
telephone  traffic migrates centrally.  In  addition, further successes with our
virtual  hire  arrangement  means  we  now  have  21 partners  on  board.   This
incremental  activity has been absorbed by the Call centre at little or no extra
cost.   The business moved onto  the Group's in-house IT  platform at the end of
the  year.   The  execution  of  this  major  project has been extremely smooth,
delivered  on time and at  a very reasonable cost  and its benefits were quickly
recognised by customers and staff alike.

The  specialist safety rental business, ESS Safeforce had another excellent year
cementing  its  position  as  market  leader  and  preferred supplier for safety
equipment  and services in the UK.  Revenue  growth was derived from a number of
areas  including major petrochemical shutdowns  at which ESS Safeforce supported
the   clients  with  hire,  sales,  training  and  an  onsite  labour  presence.
 Investment  in  breathing  air  trailers  continued  and  helped  to secure new
customers.   The  training  business  was  again  busy with almost 20,000 people
receiving accredited qualifications.

MEP continues to progress well with a new branch in Birmingham opened during the
year  and an expanded operation in Manchester.   MEP has been engaged on Olympic
projects via our Heathrow site.

Climate  Hire  &  Sales  had  an  excellent  year  and  benefited from its newly
established   national   footprint.   Although  the  summer  was  poor  for  air
conditioning  units, the winter  saw a strong  performance from both our heating
product range and our disaster recovery products.
PROSPECTS

During  the  year  we  have  experienced  periods  of great uncertainty and seen
reduced  demand in certain of our markets.  Although some volatility will remain
in  individual sectors, we  anticipate that there  will be overall stability for
the  Group in the new  financial year.  We will  continue to manage the business
carefully  in the near term, balancing our focus on maintaining a strong balance
sheet  with our commitment  to embrace suitable  opportunities, both organic and
acquisitive.   The Group announced the acquisition of Harbray Plant Hire Limited
last  month and where quality opportunities such as this are identified, we will
pursue them with vigour.

We  enter  the  new  financial  year  in  excellent financial shape and ready to
sustain  the development of the  Group over the longer  term, whilst coping with
the shorter term challenges of the current trading environment.


Neil Stothard
Group Managing Director
8 June 2010
Consolidated Income Statement
For the year ended 31 March 2010
                                                Note          2010         2009
                                                                     (Restated)
                                                              £000         £000
--------------------------------------------------------------------------------

Revenue                                          1         134,163      157,470

Cost of sales                                             (99,350)    (114,331)
--------------------------------------------------------------------------------


Gross profit                                                34,813       43,139

Administrative expenses                                   (17,869)     (18,617)
--------------------------------------------------------------------------------

                                                    +-------------+ +----------+
Operating profit before amortisation and         1  |       18,610| |    25,431|
exceptional items                                   |             | |          |
                                                    |             | |          |
Amortisation                                        |(1,323) (343)| |     (909)|
Exceptional items                                2  |             | |         -|
                                                    +-------------+ +----------+

--------------------------------------------------------------------------------


Operating profit                                            16,944       24,522

Net financial expense                                      (2,605)      (3,687)
--------------------------------------------------------------------------------

                                                    +-------------+ +----------+
Profit before amortisation, exceptional items       |       16,005| |    21,744|
and taxation                                        |             | |          |
                                                    |             | |          |
Amortisation                                        |      (1,323)| |     (909)|
Exceptional items                                2  |        (343)| |         -|
                                                    +-------------+ +----------+
Profit before taxation                                      14,339       20,835


Taxation                                         5         (4,094)      (5,701)
--------------------------------------------------------------------------------


Net profit for the year                                     10,245       15,134
--------------------------------------------------------------------------------


                                                             Pence        Pence

Basic earnings per share                         3           24.68        36.41

Diluted earnings per share                       3           24.36        35.30

Dividend per share paid and proposed             6           10.80        10.80
--------------------------------------------------------------------------------

The restatement of the prior year figures relates solely to the effect of IAS16
on revenue and cost of sales.  There was no profit effect.

Consolidated Statement of Comprehensive Income
For the year ended 31 March 2010

                                                           Note   2010      2009

                                                                  £000      £000
--------------------------------------------------------------------------------


Profit for the year                                             10,245    15,134


Other comprehensive income:
Actuarial gains/(losses) on defined benefit pension scheme         726   (1,882)

Tax on items taken directly to equity                            (203)       527

Effective  portion of changes  in fair value  of cash flow         439   (3,154)
hedges

Foreign exchange translation difference                           (39)       274
--------------------------------------------------------------------------------
Total other comprehensive income                                   923   (4,235)
--------------------------------------------------------------------------------
Total comprehensive income for the year                         11,168    10,899
--------------------------------------------------------------------------------

Consolidated Statement of Changes in Equity
For the year ended 31 March 2010

                                                                  2010      2009


                                                                  £000      £000
--------------------------------------------------------------------------------
Total comprehensive income for the year                         11,168    10,899

Dividends paid                                                 (4,510)   (4,505)

Net movement relating to Treasury Shares and shares held by Vp    (85)   (3,166)
Employee Trust

Share option charge in the year                                    434       442

Tax movements on equity                                              1     (285)
--------------------------------------------------------------------------------
Change in Equity                                                 7,008     3,385

Equity at start of year                                         77,179    73,794
--------------------------------------------------------------------------------
Equity at end of year                                           84,187    77,179
--------------------------------------------------------------------------------

Included  in total comprehensive income for the  year is a credit to the hedging
reserve  of £439,000 (2009: £3,154,000 charge).  There were no changes in issued
Share Capital or Share Premium.
Consolidated Balance Sheet
As at 31 March 2010
                                             Note            2010         2009
                                                                    (Restated)

                                                             £000         £000
------------------------------------------------------------------------------
ASSETS

Non-current assets

Property, plant and equipment                              98,635      107,889

Intangible assets                                          39,826       41,197
------------------------------------------------------------------------------
Total non-current assets                                  138,461      149,086
------------------------------------------------------------------------------

Current assets

Inventories                                                 3,813        5,463

Trade and other receivables                                27,330       32,856

Cash and cash equivalents                     4             1,385          551
------------------------------------------------------------------------------
Total current assets                                       32,528       38,870
------------------------------------------------------------------------------
Total assets                                              170,989      187,956
------------------------------------------------------------------------------

LIABILITIES

Current liabilities

Interest bearing loans and borrowings         4          (49,692)        (681)

Income tax payable                                          (263)      (2,289)

Trade and other payables                                 (25,493)     (30,473)
------------------------------------------------------------------------------
Total current liabilities                                (75,448)     (33,443)



Non-current liabilities

Interest bearing loans and borrowings         4              (18)     (65,707)

Employee benefits                                         (1,127)      (3,194)

Deferred tax liabilities                                 (10,209)      (8,433)
------------------------------------------------------------------------------
Total non-current liabilities                            (11,354)     (77,334)
------------------------------------------------------------------------------
Total liabilities                                        (86,802)    (110,777)
------------------------------------------------------------------------------
Net assets                                                 84,187       77,179
------------------------------------------------------------------------------

EQUITY

Issued share capital                                        2,309        2,309

Share premium account                                      16,192       16,192

Hedging reserve                                           (3,167)      (3,606)

Retained earnings                                          68,826       62,257
------------------------------------------------------------------------------
Total equity attributable to equity holders of the         84,160       77,152
parent

Minority interests                                             27           27
------------------------------------------------------------------------------
Total equity                                               84,187       77,179
------------------------------------------------------------------------------

The restatement of the prior year figures relates solely to hindsight
adjustments to prior year acquisitions.
Consolidated Statement of Cash Flows
For the year ended 31 March 2010
                                                        Note     2010       2009



                                                                 £000       £000
--------------------------------------------------------------------------------
Cash flow from operating activities

Profit before taxation                                         14,339     20,835

Pension fund contributions in excess of service cost          (2,214)      (204)

Share based payment charge                                        434        442

Depreciation                                             1     18,901     18,964

Amortisation of intangibles                                     1,323        909

Financial expense                                               2,622      3,715

Financial income                                                 (17)       (28)

Profit on sale of property, plant and equipment               (3,375)    (3,825)
--------------------------------------------------------------------------------
Operating cashflow before changes in working capital           32,013     40,808

Decrease/(increase) in inventories                              1,650      (348)

Decrease in trade and other receivables                         5,484        741

Decrease in trade and other payables                          (1,919)    (6,073)
--------------------------------------------------------------------------------
Cash generated from operations                                 37,228     35,128

Interest paid                                                 (2,453)    (3,711)

Interest element of finance lease rental payments               (156)      (199)

Interest received                                                  17         28

Income tax paid                                               (4,546)    (5,991)
--------------------------------------------------------------------------------
Net cash flow from operating activities                        30,090     25,255
--------------------------------------------------------------------------------
Cash flow from investing activities

Disposal of property, plant and equipment                       8,718     10,799

Purchase of property, plant and equipment                    (16,744)   (34,211)

Acquisition of businesses (net of cash and overdrafts)             19    (6,013)
--------------------------------------------------------------------------------
Net cash flow from investing activities                       (8,007)   (29,425)
--------------------------------------------------------------------------------


Cash flow from financing activities

Purchase of own shares by Employee Trust                         (85)    (3,166)

Repayment of borrowings                                      (20,000)   (20,401)

Proceeds from new loans                                         4,000     29,000

Capital element of hire purchase/finance lease                  (678)    (1,216)
agreements

Dividends paid                                                (4,510)    (4,505)
--------------------------------------------------------------------------------
Net cash flow from financing activities                      (21,273)      (288)
--------------------------------------------------------------------------------


Increase/(decrease) in cash and cash equivalents                  810    (4,458)

Effect of exchange rate fluctuations on cash held                  24         22

Cash and cash equivalents at the beginning of the year            551      4,987
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the year                1,385        551
--------------------------------------------------------------------------------

NOTES

The  final results have  been prepared on  the basis of  the accounting policies
which  are to be  set out in  Vp plc's annual  report and accounts  for the year
ended 31 March 2010.

The  following new standards  and amendments to  standards have become effective
from 1 January 2009 and hence are reflected in this statement:

  * IAS   1 (revised),   "Presentation   of   Financial  Statements".  The  most
    significant  change within IAS  1 (revised) is the  requirement to produce a
    statement  of  comprehensive  income  setting  out  all  items of income and
    expense  relating to non-owner changes in  equity. There is a choice between
    presenting  comprehensive  income  in  one  statement  or  in two statements
    comprising  an income  statement and  a separate  statement of comprehensive
    income.  The Group has elected to present an income statement and a separate
    statement of comprehensive income. In addition, IAS 1 (revised) requires the
    statement  of changes in  shareholders' equity to  be presented as a primary
    statement.
  * Amendments  to IFRS  2, "Share Based  Payments", clarifies  the treatment of
    cancelled  options, whereby if a grant  of an option over equity instruments
    is cancelled the Group shall account for the cancellation as an acceleration
    of  vesting and shall recognise immediately  the amount that would have been
    recognised  over the remainder of the vesting period. The effect of this for
    the year to 31 March 2010 was not material.
  * IFRS  8, "Operating  Segments"  replaces  IAS  14, "Segment  reporting"  and
    requires  the disclosure  of segment  information on  the same  basis as the
    management  information provided to the  chief operating decision maker. The
    adoption  of  this  standard  has  not  resulted  in a change in the Group's
    reportable segments.
  * An amendment to IAS 16, "Property, Plant and Equipment", classifies proceeds
    from  the sale of ex rental assets as  revenue. As a result revenue and cost
    of  sales recognised in the consolidated  statement of income have increased
    by  £4,676,000 for  the year  to 31 March  2010 and £6,525,000  for the year
    ended 31 March 2009.


EU  Law (IAS Regulation EC1606/2002) requires  that the consolidated accounts of
the  group  for  the  year  ended  31 March  2010 be prepared in accordance with
International  Financial Reporting Standards ("IFRSs") as adopted for use in the
EU ('adopted IFRSs').

Whilst  the financial information included  in this preliminary announcement has
been computed in accordance with adopted IFRS, this announcement does not itself
contain  sufficient information  to comply  with IFRS.   The Company  expects to
publish full financial statements in July 2010.

The  financial  information  set  out  above  does  not constitute the Company's
statutory accounts for the year ended 31 March 2010 or 2009.  Statutory accounts
for  31 March 2009 have been delivered to  the registrar of companies, and those
for  31 March 2010 will be delivered in  due course.  The auditors have reported
on  those accounts; their reports  were (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  237 (2) or (3) of the Companies Act 1985 in respect of the accounts for
31 March  2009 nor a statement under section 498 (2) or (3) of the Companies Act
2006 in respect of the accounts for 31 March 2010.

The financial statements were approved by the board of directors on 8 June 2010.

1.Business Segments

                       Revenue       Depreciation   Operating profit
                                                   before amortisation
                                                     and exceptional
                                                          items

                     2010       2009   2010   2009   2010         2009

                          (Restated)

                     £000       £000   £000   £000   £000         £000
----------------------------------------------------------------------
Groundforce        32,874     40,606  3,554  3,597  9,169       11,004

UK Forks           10,625     16,901  1,719  2,378     16        1,238

Airpac Bukom       15,677     14,733  3,434  2,702  3,865        3,882

Hire Station       50,121     55,650  6,639  6,518  3,223        6,385

Torrent Trackside  10,635     13,952  1,796  1,998    175        1,231

TPA                14,231     15,628  1,437  1,394  2,162        1,691

Group                   -          -    322    377      -            -
----------------------------------------------------------------------
Total             134,163    157,470 18,901 18,964 18,610       25,431
----------------------------------------------------------------------

2.Exceptional Items


During  the year  the Group  made a  profit of  £113,000 from  the disposal of a
freehold property and incurred £456,000 of employment termination costs.



3.Earnings Per Share


The  calculation of basic earnings per  share of 24.68 pence (2009: 36.41 pence)
is  based  on  the  profit  attributable  to  equity  holders  of  the parent of
£10,245,000 (2009: £15,134,000) and a weighted average number of ordinary shares
outstanding   during   the   year   ended   31 March  2010 of  41,514,000 (2009:
41,562,000), calculated as follows:
                                                 2010      2009

                                               Shares    Shares

                                                000's     000's

 Issued ordinary shares                        46,185    46,185

 Effect of own shares held                    (4,671)   (4,623)
                                            --------------------
 Weighted average number of ordinary shares    41,514    41,562
                                            --------------------

Basic  earnings per share before the amortisation of intangibles and exceptional
items  was 27.57 pence (2009: 37.99 pence) and is based on an after tax add back
of £1,200,000 (2009: £654,000) in respect of the amortisation of intangibles and
exceptional items.

The calculation of diluted earnings per share of 24.36 pence (2009: 35.30 pence)
is  based on profit attributable to equity  holders of the parent of £10,245,000
(2009: £15,134,000) and a weighted average number of ordinary shares outstanding
during the year ended 31 March 2010 of 42,056,000 (2009: 42,872,000), calculated
as follows:

                                                          2010     2009

                                                        Shares   Shares

                                                         000's    000's

 Weighted average number of ordinary shares             41,514   41,562

 Effect of share options in issue                          542    1,310
                                                      ------------------
 Weighted average number of ordinary shares (diluted)   42,056   42,872
                                                      ------------------

There  are additional options  which are not  currently dilutive, but may become
dilutive  in the future.  Diluted earnings  per share before the amortisation of
intangibles and exceptional items was 27.21 pence (2009: 36.83 pence).

4.Analysis of Debt


                                       At        At
                                 31 March   1 April
                                     2010      2009
                                     £000      £000
----------------------------------------------------
 Cash and cash equivalents        (1,385)     (551)

 Current debt                      49,692       681

 Non current debt                      18    65,707
----------------------------------------------------
 Net debt                          48,325    65,837
----------------------------------------------------

Year  end  gearing  (calculated  as  net  debt  expressed  as  a  percentage  of
shareholders'  funds) stands  at 57% (2009:  85%).  Excluding investment  in own
shares  at  market  value  of  £7.8  million  (2009:  £7.7  million), underlying
financial gearing for business activities was 44% (2009: 69%).

The Group has agreed terms for a £35 million committed revolving credit facility
through  to June 2013 to  replace its £50  million committed five year revolving
credit  facility which is due  to expire in November  2010.  The new facility is
expected  to be  signed within  the next  few weeks,  well ahead  of the current
facility's  expiry. The sizing of the  new facility reflects the lower projected
borrowing  profile of  the Group.   The Group  also has  a £20 million committed
three  year revolving credit facility which is due to expire in September 2011,
which  the  Group  will  seek  to  refinance next year, and overdraft facilities
totalling £10 million.

5.Taxation

The  charge for taxation for the year represents an effective tax rate of 28.6%
(2009: 27.4%).  The effective tax rate excluding adjustments in respect of prior
years is 27.7% (2009: 29.4%).

6.Dividend

The  Board has proposed a final dividend of 7.7 pence per share to be paid on 1
October  2010 to  shareholders  on  the  register  at  3 September  2010.  This,
together  with the  interim dividend  of 3.10 pence  per share paid on 6 January
2010 makes  a total dividend for the year  of 10.8 pence per share (2009: 10.80
pence per share).

7. Post Balance Sheet Events


On  14 May  2010 the  Group  acquired  a  small  pipe  testing  equipment rental
business,  Harbray  Plant  Hire  Limited,  which  augments  the  business within
Groundforce for a net cash investment of £0.6m.

8.Risks and Uncertainties

The Group comprises a number of businesses serving different markets and manages
the  risks inherent to these activities.  The key external risks include general
economic  conditions, competitor actions, the effect of legislation, credit risk
and  business  continuity.   Internal  risks  relate  mainly  to  investment and
controls  failure risk.  The  Group seeks to  mitigate exposure to  all forms of
risk  where practicable and  to transfer risk  to insurers where cost effective.
 The diversified nature of the Group limits the exposure to external risk within
a  particular market.  Exposure  to credit risk  in relation to customers, banks
and  insurers  is  managed  through  credit  control  practices including credit
insurance  which limits the Group's exposure to bad debts via an aggregate first
loss  policy  which  covers  nearly  half  of the Group's accounts receivable.
 Business continuity plans exist for key operations and accounting centres.  The
Group  is  an  active  acquirer  and  acquisitions  may involve risks that might
materially affect the Group performance.  These risks are mitigated by extensive
due diligence and appropriate warranties and indemnities from the vendors.

Taking  into account these  risk mitigation actions  and the treasury management
policies  described  in  the  31 March  2010 accounts,  the  Group's exposure to
market,  liquidity and credit risk is  considered to be within normal parameters
and represents a level of acceptable risk.


9.Forward Looking Statements

The Chairman's Statement and Business Review include 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.


10.Annual Report and Accounts

The  Annual Report and Accounts for the  year ended 31 March 2010 will be posted
to shareholders on or about 30 July 2010.


Directors'  Responsibility Statement in  Respect of the  Annual Financial Report
(extracted from the Annual Financial Report)

We confirm that to the best of our knowledge:

  * The  financial statements, prepared in accordance with the applicable set of
    accounting  standards, give a true and fair view of the assets, liabilities,
    financial  position and profit  or loss of  the Company and the undertakings
    included in the consolidation taken as a whole; and


  * The  Business Review and Financial Review, which form part of the Directors'
    Report,  includes a  fair review  of the  development and performance of the
    business  and the position  of the Company  and the undertakings included in
    the  consolidation taken  as a  whole, together  with the description of the
    principal risks and uncertainties that they face.



For and on behalf of the Board of Directors


J F G PilkingtonM J Holt
DirectorDirector


[HUG#1422245]