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Vp annual profit falls 16%; delays dividend decision until later in 2020

By BFN News | 09:30 AM | Wednesday 10 June, 2020


Equipment rental group Vp reported a 16% fall in annual profit and said it had delayed a decision on a dividend until later in the year. Pre-tax profit for the year through March declined to £28.4m, down from £33.6m on-year. Revenue slid 5% to £362.9m amid market uncertainty caused by Brexit and UK general elections. 'Vp was expecting to see a return to heightened activity levels across our core markets, however the worldwide government restrictions imposed on movement as a results of Covid-19 have had an impact on trading for the current financial year,' chairman Jeremy Pilkington said. 'We are however encouraged that in several sectors, activity has started to pick up and it is encouraging to hear the emphasis governments are giving to the importance of resuming work wherever possible whilst respecting safety guidelines.' A dividend decision would be made when the company had better visibility of the overall situation. 'The board appreciates that income is of vital importance to shareholders and we intend to restore normal patterns of distributions as soon as possible,' Pilkington said. At 9:30am: (LON:VP.) VP PLC share price was -29p at 771p Story provided by StockMarketWire.com

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