Interim Results

Press Release         30 November 2010


                                     Vp plc


                             ("Vp" or the "Group")

                                Interim Results


Vp plc, the equipment rental specialist, today announces its Interim Results for
the six months ended 30 September 2010.

Highlights

  *   Revenues of £71.1 million (same level as H1 2009)

  *   Profit before tax and amortisation of £8.6 million (H1 2009: £9.8 million)

  *   Capital investment increased to £9.7 million (2009: £7.6 million)

  *   Net debt reduced by £8 million to £40 million representing financial
      gearing of 35%

  *   Interim dividend maintained at 3.1 pence per share

  *   Solid balance sheet with strong cash performance


Jeremy Pilkington, Chairman of Vp plc, commented:

"Despite  the adverse conditions which have existed in some of our core markets,
the  Group has delivered  very satisfactory profits  and margins.  These results
reinforce  our  confidence  in  the  quality  of  our  business model, which has
demonstrated  once again its ability to mitigate the impact of individual sector
weaknesses  through  the  diversity  of  the  Group's activities.  The Group has
delivered  further significant  debt reductions  and our  balance sheet is again
stronger than at the same time last year.  This financial strength will continue
to be a great asset to the Group in its future development.

"The  Group has  experienced a  period of  general stability  over the  last six
months  and this has continued  since the end of  the half year.  We believe any
recovery  in the economy will be slow  and that there will be further challenges
along  the way.  However, the Board remains  confident of the Group's ability to
capitalise on opportunities as they arise."

                                    - Ends -




For further information please contact:

 Vp plc

 Jeremy Pilkington, Chairman              Tel: [phone]

 [e-mail]


 Neil Stothard, Group Managing Director   Tel: [phone]

 [e-mail]


Media enquiries:

 Abchurch Communications

 Sarah Hollins / Mark Dixon      Tel: [phone]

 [e-mail]      www.abchurch-group.com



CHAIRMAN'S STATEMENT

I am pleased to be able to report a very satisfactory set of results for the six
months  to 30 September 2010, given  the difficult trading  environment in which
the Group has operated.

Revenues  of £71.1 million  were at the  same level as  the corresponding period
last  year and delivered profit before amortisation and taxation of £8.6 million
(2009:  £9.8m).  We  are very  pleased to  have been  able to  maintain top line
revenues  and have experienced a generally  stable market since the beginning of
the  financial  year.   Volatilities  and  uncertainties  do exist in particular
markets  and combined  with pricing  pressure, activity  mix and  shorter rental
periods, this has led to the erosion of operating margins in some divisions.

Capital investment in the fleet rose to £9.7 million (2009: £7.6 million) as the
Group  supported specific opportunities and contract wins.  A net cash inflow of
£8  million saw net debt reduce to £40  million at the period end, compared with
£55  million at  this time  last year  and £48  million at  the year  end.  This
represents  financial gearing of 35% (2009:  53%).  This strong cash performance
underscores  the quality of  our businesses and  the resilience of our operating
model.

During  the period, the Group successfully renewed its maturing debt facilities,
on favourable terms, for a further three year period.

In  light  of  these  very  satisfactory  results,  your  Board  is  declaring a
maintained  interim dividend of 3.1 pence per share payable on 5 January 2011 to
shareholders registered as at 10 December 2010.

Groundforce
Groundforce  was once again the Group's largest profit contributor and continued
to  deliver excellent margins.  Revenues and operating profit reduced due to the
completion  of the  AMP4 programme  and the  generally subdued  construction and
property markets.  We had anticipated this interruption in activity and measures
were  taken  where  possible  to  mitigate  the  impact of the revenue loss.  As
private   sector   investment  has  weakened,  the  Olympics  and  other  public
infrastructure programmes have provided a useful support to revenues.

The investment in marketing Groundforce solutions in mainland Europe has started
to  pay dividends with a number of large propping schemes secured.  Sales of new
equipment  to North America continued at useful, albeit slightly reduced levels.
 The  specialist  sub  divisional  businesses  generally  performed well and the
Harbray   acquisition,  made  in  May  2010, is  performing  in  line  with  our
expectations.   As the AMP5 programme  builds up next year  and beyond, its work
bank should provide good opportunities for Groundforce.

UK Forks
After  two  very  difficult  trading  years,  it  was  pleasing to experience an
increase  in  demand  from  the  housing  sector.   Hire revenues have increased
substantially  and with  the benefit  of our  reduced cost  base and  the supply
constraints  in  the  marketplace,  this  has  had  a  very  positive  impact on
profitability.    The   decrease  in  reported  top  line  revenues  reflects  a
significant  reduction in the level of rental fleet disposals when compared with
the  same period last year.    For the first time in  nearly two years, as fleet
physical  utilisation levels have recovered to more optimal levels, the Group is
once again reinvesting in fleet to meet contract opportunities.

After  the period end, we completed the acquisition of 150 telehandlers from one
of our larger customers secured by a three year exclusive hire arrangement.

Airpac Bukom
Airpac  Bukom  experienced  a  quiet  first  half.  With subdued demand from the
international  well testing market,  profits reduced against  the prior year but
this  was  primarily  due  to  exchange  rate  fluctuations in US and Australian
dollars.   Pleasingly,  the  major  LNG  air  and  manpower  supply  contract in
Australia  is now building up  to its full potential  and should make a stronger
contribution in the second half of this year and beyond.  Our African operations
also  enjoyed  strong  demand.   We  remain  very positive about the medium term
prospects for the oilfield services sector and have recently strengthened senior
management to take best advantage of future opportunities.

Torrent Trackside
An  improvement in revenues derived from  our key customer relationships and the
benefit  of  the  cost  reduction  measures  taken  last  year, have delivered a
significant turnaround for this business.  We were very pleased to see Torrent's
credentials  as the leading specialist within the sector recognised in the award
by  Network Rail  of a  five year  contract commencing  in December 2010 for the
maintenance  of their trackside plant.  Torrent's  activity levels on the London
Underground  have also  picked up  this year  in support  of new  contract wins.
 Although  the timing and quantum  of work release in  the rail sector is always
difficult  to  predict,  we  look  towards  the  future with a greater degree of
confidence than has been possible for the last couple of years.


TPA
TPA produced another good set of results.  Revenues, both in the UK and Germany,
held  up well but  job mix and  higher costs, particularly within transportation
and logistics, have caused a small reduction in margins.  TPA remains a seasonal
business and whilst significant progress has been made to create a more flexible
overhead  structure, the challenge  for the second  half is, as  always, to find
compensating revenues to substitute for the loss of the summer events work bank.


Hire Station
Hire Station has faced a particularly challenging marketplace but still produced
a profitable and cash positive result.  Although revenues were maintained in the
tools business, a combination of price erosion and increased transaction volumes
created  some pressure on  margins.  Within the  specialist businesses, revenues
and  margins  moved  ahead  with  ESS  Safeforce,  the  safety  equipment rental
business, performing particularly strongly.

Very  pleasingly, we  have recently  secured the  Network Rail non-rail specific
equipment  contract.  This exclusive  five year contract  will provide important
opportunities for Hire Station as it is implemented from early next year.

Outlook
Despite  the adverse conditions which have existed  in some of our core markets,
the  Group has delivered  very satisfactory profits  and margins.  These results
reinforce  our  confidence  in  the  quality  of  our  business model, which has
demonstrated  once again its  ability to smooth  the impact of individual sector
weaknesses.   It is particularly pleasing to see UK Forks and Torrent Trackside,
who  suffered more  than most  over the  last two  years, starting to recover to
better levels of profitability and to justify new capital investment.  The Group
has delivered further significant debt reductions and our balance sheet is again
stronger than at the same time last year.  This financial strength will continue
to be a great asset to the Group in its future development.

The Group has experienced a period of general stability over the last six months
and  this has  been continued  since the  end of  the half year.  We believe any
recovery  in the economy will be slow  and that there will be further challenges
along  the way.  However, the Board remains  confident of the Group's ability to
capitalise on opportunities as they arise.

As  previously announced, Mike  Holt, our Group  Finance Director for six years,
left  the company on the 19 November 2010.  On behalf of the Board, I am pleased
to  thank Mike for  his valued contribution  to the Group.   The process for the
appointment of his successor is progressing well.

As  always,  it  is  my  pleasure  to  record our thanks and appreciation of the
efforts  of all members of the  Group, whose commitment and professionalism have
made these impressive results possible.

Jeremy Pilkington
Chairman
30 November 2010
Condensed Consolidated Income Statement
for the period ended 30 September 2010


                     Note Six months to 30    Six months to 30    Full year to
                                   Sep 2010            Sep 2009    31 Mar 2010



                                (unaudited)         (unaudited)      (audited)


                                       £000                £000           £000


Revenue               3              71,095              71,113        134,163


Cost of sales                      (51,501)            (51,195)       (99,350)
                         ------------------------------------------------------

Gross profit                         19,594              19,918         34,813


Administrative                      (9,967)             (9,761)       (17,869)
expenses
                         ------------------------------------------------------



Operating profit      3               9,627              10,157         16,944


Net financial                       (1,400)             (1,339)        (2,605)
expenses
                         ------------------------------------------------------

                         +-----------------+ +-----------------+ +------------+
Profit before            |                 | |                 | |            |
amortisation,            |                 | |                 | |            |
exceptional items        |            8,586| |            9,957| |      16,005|
and taxation             |                 | |                 | |            |
                         |                 | |                 | |            |
                         |                 | |                 | |            |
Amortisation of          |            (359)| |            (975)| |     (1,323)|
intangibles              |                 | |                 | |            |
                         |                 | |                 | |            |
Exceptional items     4  |                -| |            (164)| |       (343)|
                         +-----------------+ +-----------------+ +------------+

Profit before                         8,227               8,818         14,339
taxation


Income tax expense    5             (2,040)             (2,475)        (4,094)
                         ------------------------------------------------------

Net profit for the                    6,187               6,343         10,245
period
                         ------------------------------------------------------


Basic earnings share  7              14.81p              15.42p         24.68p



Diluted earnings      7              14.60p              15.11p         24.36p
share



Dividend per share    8               3.10p               3.10p         10.80p



Dividends paid and                    1,294               1,299          4,510
proposed (£000)

Condensed Consolidated Statement of Comprehensive Income
for the period ended 30 September 2010

                                    Six months to
                                                    Six months to   Full year to

                                      30 Sep 2010     30 Sep 2009    31 Mar 2010

                                      (unaudited)     (unaudited)      (audited)

                                             £000            £000           £000


Profit for the period                       6,187           6,343         10,245


Other comprehensive income:


Actuarial losses on defined benefit
pension scheme                                  -               -            726


Tax on items taken direct to equity          (44)               -          (203)


Effective portion of changes in
fair value of cash flow hedges                634             997            439


Foreign exchange translation                (105)            (26)           (39)
difference


                                   ---------------------------------------------
Other comprehensive income                    485             971            923



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

Total comprehensive income for the          6,672           7,314         11,168
period
                                   ---------------------------------------------


Condensed Consolidated Statement of Changes in Equity
for the period ended 30 September 2010

                                    Six months to   Six months to   Full year to

                                      30 Sep 2010     30 Sep 2009    31 Mar 2010

                                      (unaudited)     (unaudited)      (audited)

                                             £000            £000           £000


Total comprehensive income for the          6,672           7,314         11,168
period


Tax movements to equity                         -               -              1


Share option charge in the period             542             273            434


Net movement relating to Treasury
Shares and shares held by Vp
Employee Trust                              (282)               3           (85)


Dividends to shareholders                 (3,215)         (3,212)        (4,510)
                                   ---------------------------------------------

Change in equity during the period          3,717           4,378          7,008


Equity at the start of the period          84,187          77,179         77,179
                                   ---------------------------------------------
Equity at the end of the period            87,904          81,557         84,187
                                   ---------------------------------------------

Condensed Consolidated Balance Sheet
at 30 September 2010

                                         30 Sep 2010
                                    Note               31 Mar 2010   30 Sep 2009

                                                                      (Restated)
                                         (unaudited)     (audited)   (unaudited)

                                                £000          £000          £000

Non-current assets


Property, plant and equipment        6        96,234        98,635       102,730

Goodwill                                      34,269        33,798        33,754

Intangible assets                              5,933         6,028         6,376
                                        ----------------------------------------
Total non-current assets                     136,436       138,461       142,860
                                        ----------------------------------------
Current assets


Inventories                                    4,114         3,813         4,007

Trade and other receivables                   31,446        27,330        29,562

Cash and cash equivalents                      3,603         1,385           712
                                        ----------------------------------------
Total current assets                          39,163        32,528        34,281
                                        ----------------------------------------

Total assets                                 175,599       170,989       177,141
                                        ----------------------------------------

Current liabilities


Interest bearing loans and                  (18,037)      (49,692)         (448)
borrowings

Income tax payable                           (2,936)         (263)       (2,500)

Trade and other payables                    (30,460)      (25,493)      (27,494)
                                        ----------------------------------------
Total current liabilities                   (51,433)      (75,448)      (30,442)
                                        ----------------------------------------

Non-current liabilities


Interest bearing loans and                  (26,005)          (18)      (55,042)
borrowings

Employee benefits                              (919)       (1,127)       (1,814)

Deferred tax liabilities                     (9,338)      (10,209)       (8,286)
                                        ----------------------------------------
Total non-current liabilities               (36,262)      (11,354)      (65,142)
                                        ----------------------------------------

Total liabilities                           (87,695)      (86,802)      (95,584)
                                        ----------------------------------------

                                        ----------------------------------------
Net assets                                    87,904        84,187        81,557
                                        ----------------------------------------


Equity


Issued capital                                 2,309         2,309         2,309

Share premium                                 16,192        16,192        16,192

Hedging reserve                              (2,533)       (3,167)       (2,609)

Retained earnings                             71,909        68,826        65,638
                                        ----------------------------------------
Total equity attributable to equity           87,877        84,160        81,530
holders of parent



Minority interest                                 27            27            27
                                        ----------------------------------------
Total equity                                  87,904        84,187        81,557
                                        ----------------------------------------


Condensed Consolidated Statement of Cash Flows
for the period ended 30 September 2010
                               Note Six months to   Six months to   Full year to

                                      30 Sep 2010     30 Sep 2009    31 Mar 2010

                                      (unaudited)     (unaudited)      (audited)

                                             £000            £000           £000

Cash flows from operating
activities
                                            8,227           8,818         14,339

Profit before taxation

Adjustment for:

Pension fund contributions in
excess of service cost                      (208)         (2,253)        (2,214)

Share based payment charges                   542             273            434

Depreciation                    6           9,208           9,536         18,901

Amortisation of intangibles                   359             975          1,323

Net financial expense                       1,400           1,339          2,605

Profit on sale of property,               (1,280)         (2,021)        (3,375)
plant and equipment
                                   ---------------------------------------------
Operating cash flow before                 18,248          16,667         32,013
changes in working capital and
provisions

(Increase)/decrease in                      (297)           1,456          1,650
inventories

(Increase)/decrease in trade
and other receivables                     (4,037)           3,294          5,484

Increase/(decrease) in trade                2,542         (1,808)        (1,919)
and other payables
                                   ---------------------------------------------
Cash generated from operations             16,456          19,609         37,228

Interest paid                             (1,287)         (1,260)        (2,453)

Interest element of finance                  (76)            (84)          (156)
lease rental payments

Interest received                               -              11             17

Income tax paid                             (394)         (2,411)        (4,546)
                                   ---------------------------------------------
Net cash from operating                    14,699          15,865         30,090
activities


Investing activities

Proceeds from sale of                       4,105           5,201          8,718
property, plant and equipment

Purchase of property, plant               (9,884)        (10,034)       (16,744)
and equipment

Acquisition of businesses and               (690)              17             19
subsidiaries (net of cash and
overdrafts)
                                   ---------------------------------------------
Net cash from investing                   (6,469)         (4,816)        (8,007)
activities




Cash flows from financing
activities

(Purchase)/sale of Treasury                 (282)               3           (85)
Shares and own shares by
Employee Trust

Repayment of loans                       (40,500)        (14,500)       (20,000)

New loans                                  35,000           4,000          4,000

Payment of hire purchase and                (168)           (398)          (678)
finance lease liabilities

Dividends paid                  8               -               -        (4,510)
                                   ---------------------------------------------
Net cash used in financing                (5,950)        (10,895)       (21,273)
activities
                                   ---------------------------------------------

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

Net increase in cash and cash               2,280             154            810
equivalents

Effect of exchange rate                      (62)               7             24
fluctuations on cash held

Cash and cash equivalents at                1,385             551            551
beginning of period
                                   ---------------------------------------------
Cash and cash equivalents at                3,603             712          1,385
end of period
                                   ---------------------------------------------

Notes to the Condensed Financial Statements

1.Basis of Preparation

      Vp  plc (the "Company") is a company domiciled in the United Kingdom.  The
Condensed  Consolidated Interim Financial Statements of the Company for the half
year ended 30 September 2010 comprise the Company and its subsidiaries (together
referred to as the "Group").

      This  interim  announcement  has  been  prepared  in  accordance  with the
Disclosure and Transparency Rules of the UK Financial Services Authority and the
requirements of IAS34 ("Interim Financial Reporting") as adopted by the EU.  The
accounting  policies applied are consistent for all periods presented and are in
line  with those applied in  the annual financial statements  for the year ended
31 March  2010, which were  prepared in  accordance with International Financial
Reporting Standards ("IFRS") as adopted by the EU.

      The  interim announcement  was approved  by the  Board of Directors on 29
November 2010.

      The Condensed Consolidated Interim Financial Statements do not include all
the information required for full annual Financial Statements.

      The  comparative figures  for the  financial year  ended 31 March 2010 are
extracted  from the Company's statutory accounts for that financial year.  Those
accounts  have been reported on  by the Company's auditors  and delivered to the
Registrar  of Companies.  The  report of the  auditors was (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 498(2) or (3) of the Companies Act 2006.

      The  preparation of financial statements  in conformity with IFRS requires
management  to  make  judgements,  estimates  and  assumptions  that  affect the
application  of policies and reported amounts  of assets and liabilities, income
and  expenses.  The estimates and associated assumptions are based on historical
experience  and various other  factors that are  believed to be reasonable under
the  circumstances; these form the basis  of the judgements relating to carrying
values  of  assets  and  liabilities  that  are  not readily apparent from other
sources.  Actual results may differ from these estimates.

      The estimates and underlying assumptions are reviewed on an ongoing basis.
 Revisions  to accounting  estimates are  recognised in  the period in which the
estimate  is revised if the revision affects  only that period, or in the period
of  the revision  and future  periods if  the revision  affects both current and
future periods.

      As  stated  in  the  year  end  accounts,  despite  the  current  economic
conditions  and uncertain global outlook, the Group continues to be in a healthy
financial  position.  Since the year end net debt has reduced by a further £7.9m
to  £40.4m and the Group has put in place a £35m committed revolving facility to
replace  the existing £50m committed five  year revolving facility which was due
to  expire in November 2010.  The Group's total banking facilities are now £65m.
 The  Board has evaluated  these facilities and  the associated covenants on the
basis  of current forecasts,  taking into account  the current economic climate,
with  a reasonable level  of sensitivity analysis.   On this basis the Directors
have  a reasonable expectation that the Group has adequate resources to continue
in  operation for the foreseeable future and  to manage its business risks.  For
this reason the going concern basis has been adopted in the preparation of these
financial statements.

      The  Balance Sheet at 30 September 2009 has been restated to reflect minor
hindsight adjustments on acquisitions made in that year.

2.Risks and Uncertainties

      The  risks and  uncertainties for  the Group  have not  changed from those
disclosed in the last statutory accounts.  In particular the Group comprises six
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 risks within
particular markets.  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 a significant proportion 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 by the Board to be
within normal parameters and represents an acceptable level of risk.


3. Summarised Segmental Analysis

                              Revenue                  Operating Profit

                     Sept 2010       Sept 2009       Sept 2010   Sept 2009



                          £000            £000            £000        £000
                   -------------   -------------   ------------------------
 Groundforce            15,572          17,217           3,506       5,092

 UK Forks                5,256           5,685             590       (297)

 Airpac Bukom            8,544           8,157           1,451       2,028

 Torrent Trackside       6,196           5,129             577           6

 TPA                     9,349           9,345           2,146       2,434

 Hire Station           26,178          25,580           1,716       2,033
                   -------------   -------------   ------------------------
                        71,095          71,113           9,986      11,296
                   -------------   -------------
 Amortisation                                            (359)       (975)

 Exceptional items                                           -       (164)
                                                   ------------------------
                                                         9,627      10,157
                                                   ------------------------







4.        Exceptional Items
      There  were no exceptional  items during the  current period. In the prior
year  period the Group made a profit of £113,000 from the disposal of a freehold
property and incurred £277,000 of employment termination costs.

5.Income Tax
      The  effective tax  rate of  24.8% in the  period to 30 September 2010 (30
September  2009: 28.1%) is  made  up  of  two  elements.  Firstly,  an estimated
underlying tax rate of 29.8%  which reflects the current standard rate of tax of
28% as  adjusted  for  estimated  permanent  differences  for  tax  purposes and
adjustments  to  prior  year  provisions.  Secondly  there is a release of £0.4m
(5.0%)  from the opening deferred  tax balance as a  result of the change in the
future UK corporation tax rate from 28% to 27% with effect from 1 April 2011.

6.Property, Plant and Equipment
                                         Sept 2010   Mar 2010   Sept 2009

                                              £000       £000        £000

 Carrying amount 1 April                    98,635    107,889     107,889

 Additions                                   9,677     15,055       7,590

 Acquisitions                                    4          -           -

 Depreciation                              (9,208)   (18,901)     (9,536)

 Disposals                                 (2,825)    (5,343)     (3,180)

 Effect of movements in exchange rates        (49)       (65)        (33)
                                       -----------------------------------
 Closing carrying amount                    96,234     98,635     102,730
                                       -----------------------------------

      The  value of capital commitments  at 30 September 2010 was £1,246,000 (31
March 2010 £916,000).
7.Earnings Per Share
      Earnings  per  share  have  been  calculated  on  41,772,783 shares (2009:
41,123,633) being  the weighted  average number  of shares  in issue  during the
period.   Diluted earnings per  share have been  calculated on 42,388,177 shares
(2009:  41,977,858) adjusted to  reflect conversion  of all potentially dilutive
ordinary   shares.    Basic  earnings  per  share  before  the  amortisation  of
intangibles  and exceptional items  was 15.43 pence (2009:  17.42 pence) and was
based  on an after tax add back  of £258,000 (2009: £820,000).  Diluted earnings
per  share before amortisation  of intangibles and  exceptional items was 15.21
pence (2009: 17.06 pence).


8.Dividends
      The Directors have declared an interim dividend of 3.10 pence (2009: 3.10
pence)  per share payable  on 5 January 2011 to  shareholders on the register at
10 December  2010.  The  dividend  proposed  at  the  year  end was subsequently
approved  at the AGM in September and therefore accrued, but was not paid in the
period  (2009 paid: nil).  The cost of  dividends in the Statement of Changes in
Equity is after adjustments for the interim and final dividends waived by the Vp
Employee  Trust in relation to the shares  it holds for the Group's share option
schemes together with dividends waived in relation to treasury shares.

9.Analysis of Net Debt
                                            As at    Cash       As at

                                         1 Apr 10    Flow   30 Sep 10

                                             £000    £000        £000


Cash in hand and at bank less overdrafts    1,385   2,218       3,603


Revolving credit facilities              (49,500)   5,500    (44,000)


Finance leases and hire purchases           (210)     168        (42)
                                        ---------- ------- ----------

                                         (48,325)   7,886    (40,439)
                                        ---------- ------- ----------

               The Group's bank  facilities comprise a £35m committed three year
revolving credit facility which expires in May 2013, a £20m committed three year
revolving  credit facility  expiring in  September 2011 and overdraft facilities
totalling £10m.

10.Related Party Transactions

      Transactions between Group Companies, which are related parties, have been
eliminated on consolidation and therefore do not require disclosure.


11.Forward Looking Statements

      The  Chairman's Statement includes 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.

Responsibility  statement  of  the  directors  in  respect  of  the  half-yearly
financial report

We confirm that to the best of our knowledge:

  * the condensed set of financial statements has been prepared in accordance
    with IAS 34 Interim Financial Reporting as adopted by the EU


  * the interim management report includes a fair review of the information
    required by:


      (a)  DTR  4.2.7R of  the  Disclosure  and  Transparency  Rules,  being  an
indication of important events that have occurred during the first six months of
the  financial  year  and  their  impact  on  the  condensed  set  of  financial
statements;  and a description of the  principal risks and uncertainties for the
remaining six months of the year; and

      (b)  DTR 4.2.8R of  the Disclosure  and Transparency  Rules, being related
party  transactions that have taken place in the first six months of the current
financial  year  and  that  have  materially  affected the financial position or
performance  of the entity  during that period;  and any changes  in the related
party transactions described in the last annual report that could do so.

By order of the Board
30 November 2010





The Board
The Board of Directors who served during the 6 months to 30 September 2010 was:

Jeremy FG Pilkington (Chairman)
Neil A Stothard
Michael J Holt
Peter W Parkin
Stephen Rogers


Independent Review Report to Vp plc

Introduction

We  have been engaged  by the Company  to review the  condensed set of financial
statements  in the  half-yearly financial  report for  the six  months ended 30
September   2010 which  comprises  the  condensed  consolidated  interim  income
statement, the condensed consolidated interim statement of comprehensive income,
the  condensed consolidated  interim balance  sheet, the  condensed consolidated
interim statement of changes in shareholders' equity, the condensed consolidated
interim cash flow statement and the related explanatory notes.  We have read the
other  information contained in the  half-yearly financial report and considered
whether  it contains any apparent misstatements or material inconsistencies with
the information in the condensed set of financial statements.

This  report is made solely  to the Company in  accordance with the terms of our
engagement  to assist the Company in  meeting the requirements of the Disclosure
and  Transparency Rules  ("the DTR")  of the  UK's Financial  Services Authority
("the  UK FSA").  Our review  has been undertaken so  that we might state to the
Company  those matters we are required to state  to it in this report and for no
other  purpose.  To  the fullest  extent permitted  by law,  we do not accept or
assume  responsibility to anyone other than the company for our review work, for
this report, or for the conclusions we have reached.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved
by,  the Directors.  The Directors are responsible for preparing the half-yearly
financial report in accordance with the DTR of the UK FSA.

As  disclosed  in  note  1, the  annual  financial  statements  of the Group are
prepared  in accordance with IFRSs  as adopted by the  EU.  The condensed set of
financial  statements  included  in  this  half-yearly financial report has been
prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the
EU.



Our responsibility

Our  responsibility is to express  to the Company a  conclusion on the condensed
set  of financial  statements in  the half-yearly  financial report based on our
review.

Scope of review

We  conducted our  review in  accordance with  International Standard  on Review
Engagements  (UK  and  Ireland)  2410 Review  of  Interim  Financial Information
Performed  by  the  Independent  Auditor  of  the  Entity issued by the Auditing
Practices  Board for use in  the UK.  A review  of interim financial information
consists of making enquiries, primarily of persons responsible for financial and
accounting  matters,  and  applying  analytical  and other review procedures.  A
review is substantially less in scope than an audit conducted in accordance with
International  Standards on Auditing (UK and  Ireland) and consequently does not
enable  us to  obtain assurance  that we  would become  aware of all significant
matters that might be identified in an audit.  Accordingly, we do not express an
audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe
that  the condensed  set of  financial statements  in the  half-yearly financial
report  for  the  six  months  ended  30 September  2010 is not prepared, in all
material respects, in accordance with IAS 34 as adopted by the EU and the DTR of
the UK FSA.

Chris Hearld

For and on behalf of KPMG Audit Plc

Chartered Accountants

Leeds

30 November 2010



[HUG#1466759]








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