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Vp lifts dividend 18% as acquisitions boost adjusted earnings

By BFN News | 08:41 AM | Tuesday 05 June, 2018


Rental equipment supplier Vp posted a modest rise in annual profit as rising revenue was offset by acquisition costs and impairment charges. Pre-tax profits rose to £30.8m, up from £30.3m a year earlier, as revenue grew by 22% to £303.6m. An £8.1m amortisation and impairment charge included a write-down related to the company's acquisition of Bukom to reflect lower activity in the oil and gas sector. Profit before tax, amortisation and exceptional items rose 16% to £40.6m. The company declared a final dividend proposed of 19.2p per share, bringing the full year payout to 26.0p, up 18% on-year. 'The start to the new financial year has been positive,' chief executive Neil Stothard said. 'We anticipate that our core UK markets will continue to provide a strong platform for future growth to our UK division.' 'Internationally we do see some recovery in the oil and gas segment and a supportive Australian economy.' 'We continue to drive positive change and development through the whole of Vp and we remain excited about delivering on those initiatives in the new financial year.' At 8:41am: (LON:VP.) VP PLC share price was +30p at 971p Story provided by StockMarketWire.com

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