Interim Results - 6 Months to 30 September 1999

Vibroplant PLC
25 November 1999


Jeremy Pilkington, Chairman & Chief Executive
Neil Stothard, Finance Director
Vibroplant plc           Tel: [phone] (25.11.99)
                         Tel: [phone] (thereafter)
Steve Jacobs/Peter Otero
Financial Dynamics       Tel: [phone]


                        Vibroplant plc: Interim Results

Vibroplant plc, the specialist UK plant and tool hire group, announces its
interim results for the six months ended 30 September 1999:

*    Pre-tax profit increased to £2.1m (1998 - £2.0m) on turnover of £26.6m
     (1998 - £27.0m)

*    Earnings per share 3.22p (1998: 3.76p)

*    Maintained interim dividend of 1.4p

*    Strong operating cash flow at £8.0m (1998 - £6.0m)

*    Net debt reduced by 28%to £12.8m since March 1999, representing gearing
     of 27.1% (31.3.99 - 38%)

*    Rapid expansion of the tool hire businesses

*    'Hire Station' launched in October, creating a national tool hire desk
     aimed at customers with a preference for a single order point

Jeremy Pilkington, chairman & chief executive, comments:

'I am pleased to report further progress in our specialist rental activities,
where both revenues and profitability have increased significantly.  In
contrast, the Construction/Industrial services business has remained highly
competitive and faces a prospect of continuing oversupply in the second half,
which also includes the uncertainty of activity levels during the Winter
period.'

                                       
                                       
                             CHAIRMAN'S STATEMENT

Interim Results
                                       
In my last report to shareholders I highlighted certain specialist rental
activities which represented the primary focus of our growth strategy for the
business.  These include tool hire, Torrent Trackside, Groundforce and Safety
Services.  I am pleased to report further progress in these areas where both
revenues and profitability have increased significantly.

In contrast, the Construction/Industrial Services business has remained highly
competitive.  In particular, despite enjoying historically high levels of
utilisation against the background of a relatively buoyant market, this
business has suffered price erosion over the first six months of the financial
year leading to a fall in both revenues and margin.

Profit before tax for the six months ended 30 September 1999 increased
slightly to £2.1m (1998 - £2.0m).  Group operating profits at £2.4m (1998 -
£2.8m) reflected the reduction in turnover to £26.6m (1998 - £27.0m).
Earnings per share for the period were 3.22 pence (1998 - 3.76 pence, a figure
which benefited from a reduced tax charge).

Dividend
The Directors propose a maintained interim dividend of 1.4 pence per share,
payable on 10 January 2000, to shareholders registered as at 10 December 1999.

Operational Review
Vibroplant
Turnover in the period was £18.0m (1998 - £19.6m), generating operating
profits of £1.5m (1998 - £2.1m).   The reduction in operating profits is due
almost entirely to reduced levels of plant sales activity.
The results for the Construction and Industrial Services division for the
first half reflect the  severe competitive pressures resulting from over
supply within the general plant hire market.  The return on capital employed
in this business is unacceptable and we continue to focus investment on those
products, within a coherent product mix, which offer improved levels of
return.  As a result, capital investment in the Construction and Industrial
Services fleet was significantly lower at £2.5m (1998 - £6.8m).

Groundforce offers an extensive range of excavation support products and
performed well in the period.  This division continues its profitable
expansion by offering a value adding combination of highly engineered product,
technical support advice and temporary works designs which deliver improved
productivity to customers and compliance with current safety and environmental
requirements.  Safety Services provides a range of specialist confined space
entry and associated safety products.  Whilst only a relatively small
business, Safety Services generates good returns and enjoys substantial growth
opportunities.  Investment in Groundforce and Safety Services fleet totalled
£0.7m (1998 - £0.7m).

Tool Hire and Rail
Turnover for the period was £8.6m (1998 - £7.4m), generating operating profits
of £0.9m (1998 - £0.7m).

The rapid growth of our tool hire network continued with expansion in all four
regions.  Through Cannon, Instant, 727 and Domindo we now operate from a
network of 45 branches across the United Kingdom.

Our medium term objective of establishing a national tool hire business was
significantly advanced with the launch in October of  'The Hire Station'.  The
Hire Station is a national tool hire desk, targeted at those customers whose
preference is for a single order point irrespective of their working location
across the country.  This customer base is generally distinct from that served
through our local outlets and thus provides new, incremental volume for each
of the regional companies. We are confident that this development will
accelerate the expansion of our tool hire activities across the U.K.

A number of important steps have been taken in the period to create a sound
and sustainable platform for further growth.  Tool hire activities are now
managed on a regional basis, with profit and loss accountability at the
regional and area level.  Building on the introduction last year of a uniform
I.T. and accounting platform, the businesses have developed common pricing and
marketing structures and integrated purchasing policies to maximise
efficiencies in procurement.

As previously reported, Renter Center was acquired in April and has been
successfully incorporated into the Domindo business.  Aytee, acquired in May,
has been merged into Instant.  The aggregate cost of investment in these
acquisitions was £0.8m.

Since the half year Thanet (Hire) Limited, a single location outlet in
Margate, was acquired by the Group and the business and assets transferred to
Cannon.

In addition to acquisitions, we continue our programme of organic growth via
either greenfield sites or existing Vibroplant locations.  Instant expanded
their business into Scotland utilising existing Vibroplant sites in Glasgow
and Paisley and opened a stand-alone greenfield branch in Leicester.  Cannon
opened in Crawley in October;  Domindo opened in Stoke and 727 opened in the
Vibroplant depot at Milton Keynes .

New tool hire outlets can take up to twelve months to achieve a cumulative
profit, and this level of organic growth has necessarily had a short term
negative impact on reported profits.  Investment in tool hire fleet assets in
the period totalled £2.0m (1998 - £1.8m).

At Torrent Trackside, our rail infrastructure rental business, there has been
a reduction in half-year on half-year turnover relating to the planned
withdrawal from activities which were low margin and no longer core to the
business.  The profitability of Torrent improved significantly in the first
half compared with 1998/99.  Investment in rail fleet assets in the period
totalled £0.2m  (1998 - £0.2m).

Balance Sheet and Cash Flow
The selective approach to capital investment and further improvements in
working capital management have led to cash inflow from operating activities
of £8.0m (1998 - £6.0m).  Net debt at 30 September was £12.8m (£17.7m at 31
March 1999), a reduction of £4.9m in the period.  This represents gearing of
27.1% on shareholders funds of £47.2m.

Directors
We are pleased to announce that with effect from Tuesday 4 January 2000, Mr.
Peter Parkin will be joining Vibroplant Plc as a Non-executive Director.  Mr.
Parkin has extensive experience of the construction industry, including having
been Chairman and prior to this, Chief Executive of Raine plc.  With effect
from the same date, Mr. Stuart Doughty will be retiring as a Non-executive
Director.

We take this opportunity to welcome Mr. Parkin to the Board and to thank Mr.
Doughty for his contribution over the last three and a half years.

Outlook
We believe that the general plant sector will continue to suffer from
oversupply in the second half, which also includes the uncertainty of activity
levels during the Winter period.

Elsewhere, good progress has been made in growing our specialist rental
activities and we expect continuing improvement in the second half.

It remains my pleasure to thank all our staff for their commitment and
contribution to the business during the period.


Jeremy Pilkington                              24 November 1999


Vibroplant plc
Consolidated profit and loss account


                         Notes   Six months     Six months      Year to
                                 to 30 Sept     to 30 Sept      31 March
                                    1999           1998           1999
                                (unaudited)     (unaudited)         
                                    £000           £000           £000
                                                                    
Turnover                              26,622         26,982         52,510
                                                                          
Trading Profit                         7,584          8,084         15,245
                                                                          
Depreciation and                                                  
 amortisation                        (5,161)        (5,251)        (10,469)
                                                                          
Operating Profit                       2,423          2,833          4,776
                                                                          
Net interest payable                   (340)          (792)        (1,472)
                                                                          
Profit on ordinary                                                        
 activities before                                                        
 taxation                              2,083          2,041          3,304
                                                                          
Taxation                               (625)          (306)          (662)
                                                                          
Profit on ordinary                                                        
 activities after                                                         
 taxation                              1,458          1,735          2,642
                                                                          
Dividends                                                                 
- Interim                  6           (611)          (647)          (635)
- Final                                    -              -        (1,224)
                                                                          
Retained profit for the                                                   
 period                                  847          1,088            783
                                                                          
Earnings per 5p                                                           
 ordinary share            5           3.22p          3.76p          5.77p
                                                                          
Fully diluted earnings                                                    
 per 5p ordinary                                                          
 share                     5           3.21p          3.76p          5.77p
                                                                          
Dividend per 5p                                                           
 ordinary share            6           1.40p          1.40p          4.05p

Vibroplant plc
Consolidated balance sheet


                     30 Sept 1999       31 March 1999        30 Sept 1998
                     (unaudited)                              (unaudited)
                    £000      £000       £000       £000       £000      £000
Fixed assets                                                                 
                                                                             
Intangible assets                                                            
 - goodwill           1,373                877                  492
Tangible assets      56,039             57,912               58,311          
Investments             525                552                    -          
                              57,937              59,341               58,803
                                                                             
Current assets                                                               
Stocks                2,094              2,024                1,765          
Debtors              15,158             16,236               19,525          
Cash at bank and                                                             
 in hand              1,082                 43                   29
                     18,334             18,303               21,319          
                                                                             
Creditors:                                                                   
 amounts falling                                                   
 due within one                                                    
 year              (18,481)           (17,843)             (18,692)
                                                                             
Net current                                                                  
 (liabilities) /                                                             
 assets                        (147)                 460                2,627
                                                                             
Total assets less                                                            
 current                                                                     
 liabilities                  57,790              59,801               61,430
                                                                             
Creditors:                                                                   
amounts falling                                                              
 after more than                                                             
 one year                   (10,402)            (13,250)             (15,032)
                                                                             
Provisions for                                                               
 liabilities and                                                             
 charges                       (134)               (133)                    -
                                                                             
Net assets                    47,254              46,418               46,398
                                                                             
                                                                             
Capital and                                                                  
 reserves
Called up share                                                              
 capital                       2,309               2,309                2,309
Share premium                                                                
 account                      16,192              16,192               16,192
Revaluation                                                                  
 reserve                       1,969               2,180                2,490
Profit and loss                                                              
 account                      26,757              25,710               25,380
Equity                                                                       
 shareholders'                                                               
 funds                        47,227              46,391               46,371
Equity minority                                                              
 interests                        27                  27                   27
                              47,254              46,418               46,398


Vibroplant plc
Consolidated cash flow statement

                             Note     Six months   Six months    Year to
                                      to 30 Sept   to 30 Sept   31 March
                                         1999         1998        1999
                                     (unaudited)  (unaudited)       
                                         £000         £000        £000
                                                                    
Cash flow from operating                                                  
 activities                    7            8,010        5,977      13,805
                                                                          
Net cash outflow from                                                     
 returns on investments                                                   
 and servicing of finance                   (340)        (792)     (1,472)
                                                                          
Tax paid                                      (9)        (514)       (172)
                                                                          
Net cash outflow from                                                     
 capital expenditure                                                      
 and financial investment                 (1,262)      (4,934)     (8,454)
                                                                          
Net cash outflow from                                                     
 acquisitions and                                                         
 disposals                                  (897)        (907)     (1,628)
                                                                          
Equity dividends paid                           -            -     (1,859)
                                                                          
Cash inflow / (outflow)                                                   
 before management of                                                     
 liquid resources and                                                     
 financing                                  5,502      (1,170)         220
                                                                          
                                                                          
Net (outflow) / inflow                                                    
 from financing                           (1,730)        4,112       2,312
                                                                          
Increase in cash in the                                                   
 year                                       3,772        2,942       2,532

Vibroplant plc
Notes

1.   Basis of preparation

     The interim financial statements have been prepared on the basis of the
     accounting policies set out in the Group's financial statements as at 31
     March 1999 with the exception that the Group has amended its policies to
     take account of new Financial Reporting Standard 15. In accordance with
     the new Standard the Group will not adopt a policy of revaluation for
     land and buildings, however, as permitted by the transitional
     arrangements in the Standard, it will retain the current book amounts of
     those properties which have previously been revalued.
     
     An estimated tax rate of 30% has been used in the profit and loss account
     to reflect the estimated tax charge for the full year.

2.   Total recognised gains and losses for the year ended 31 March 1999


     All recognised gains and losses for the reporting periods are reflected
     in the consolidated profit and loss account.
     
3.   Trading performance of acquisitions
     
     The trading performance of acquisitions in the period is not material in
     Group terms and therefore has not been disclosed separately.
     
4.   Reconciliation of movements in consolidated shareholders' funds for the
     six months ended 30 September 1999

                               Six months to    Year to 31    Six months to
                                30 Sept 1999    March 1999     30 Sept 1998
                                (unaudited)                    (unaudited)
                                    £000           £000            £000
                                                                         
    Profit for the period                1,458       2,642          1,735
    Dividends                            (611)     (1,859)          (647)
                                           847         783          1,088
    Goodwill (write off) /                                               
     write back                           (11)         325              -
                                                                         
    Net increase in                                                      
     shareholders' funds                   836       1,108          1,088
    Opening shareholders'                                                
     funds                              46,391      45,283         45,283
    Closing shareholders'                                                
     funds                              47,227      46,391         46,371


5.   Earnings per share have been calculated on 45,295,000 shares (1998:
     46,185,000) being the weighted average number of shares in issue during  
     the year. Fully diluted earnings per share have been calculated on       
     45,388,539 shares (1998: 46,185,000).

6.   The Directors are proposing an interim dividend of 1.40 pence (1998: 1.40
     pence) per share payable on 10 January 2000 to shareholders on the       
     register on 10 December 1999.  The charge in the profit and loss account 
     for the current period reflects an adjustment for the interim and final  
     dividends waived by Vibroplant Trustees Limited with regard to the shares
     held for the Group's SAYE scheme.

7.   Reconciliation of operating profit to net cash inflow from operating
     activities

                                Six months to  Six months to       Year to
                                30 Sept 1999   30 Sept 1998       31 March
                                 (unaudited)    (unaudited)         1999
                                    £000           £000             £000
                                                                          
    Operating profit                    2,423          2,833         4,776
    Depreciation and                                                      
     amortisation                       5,161          5,251        10,469
    Profit on sale of tangible                                            
     fixed assets                       (908)        (1,245)       (2,371)
    Increase in stocks                   (21)              -         (179)
    Decrease / (increase) in                                              
     debtors                              967        (1,271)         1,168
    Increase / (decrease) in                                              
     creditors                            388            409          (58)
                                                                          
    Net cash inflow from                                                  
     operating activities               8,010          5,977        13,805



8.   Analysis of net debt (unaudited)

                         As at     Cash                    Other     As at
                       1 April     Flow  Acquisitions   Non-cash   30 Sept
                          1999                           Changes      1999
                         £000      £000          £000       £000      £000
                                                                     
Cash at bank and in                                                       
 hand                       43    1,039             -          -     1,082
Overdraft              (2,733)    2,733             -          -         -
Medium term loan       (6,000)        -             -          -   (6,000)
Loan notes                (42)       42             -      (300)     (300)
Finance leases and                                                        
 hire purchases        (8,988)    1,688             -      (261)   (7,561)
                      (17,720)    5,502             -      (561)  (12,779)

Other Information

Year 2000

As set out in the financial statements for the year ending 31 March 1999 the
Group is aware of the risks and uncertainties associated with the effect of
Year 2000 on its operations and those of its customers and suppliers. To
address these issues the Group has a defined Year 2000 policy based on British
Computer Society Standards; it has also adopted the Society's Definition of
Conformity (PD2000-1). The Year 2000 assessment project team, which the Group
has set up has two clear objectives:

     *    To ensure that the Year 2000 issues, and the Group's policy towards
          them are understood throughout the Group and;
     *    To compile a comprehensive inventory of all IT components and
          services in use in the Group and ensure their compliance.

Due to the complex nature of the issues it is not possible to say with
absolute certainty that all of the risks associated with Year 2000 have been
resolved. However, the Group's Year 2000 project is now almost complete. The
estimated total cost of Year 2000 compliance is £700,000. The majority of
these costs are of a capital nature and include a significant element which
would have been incurred in the normal course of events.
     
Comparative figures

The comparative figures for the financial year ended 31 March 1999 are not the
Group's statutory accounts for that financial year. Those accounts have been
reported on by the Group's auditors and delivered to the Registrar of
Companies. The report of the auditors was unqualified and did not contain a
statement under Section 237(2) or (3) of the Companies Act 1985.

Independent review report by KPMG Audit plc to Vibroplant Plc

Introduction

We have been instructed by the company to review the financial information set
out on pages 6 to 10 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The Listing
Rules of the London Stock Exchange require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where they are to be
changed in the next annual accounts in which case any changes, and the reasons
for them, are to be disclosed.

Review work performed

We conducted our review in accordance with the guidance contained in Bulletin
1999/4: Review of interim financial information issued by the Auditing
Practices Board. A review consists principally of making enquiries of group
management and applying analytical procedures to the financial information and
underlying financial data and, based thereon, assessing whether the accounting
policies and presentation have been consistently applied unless otherwise
disclosed. A review is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on the
financial information.

Review conclusion

On the basis of our review we are not aware of any material modification that
should be made to the financial information as presented for the six months
ended 30 September 1999.

KPMG Audit plc
Chartered Accountants
Leeds
24 November 1999