EQUIPMENT rental specialist Vp announced record half year results thanks to strong demand from housebuilders and an improvement in the general construction market.
The Harrogate-based company said pre-tax profits rose 27 per cent to £16.2m in the six months to September 30 on the back of an 11 per cent rise in revenues to £101.3m.
Group managing director Neil Stothard said the six month period was the strongest the group has ever had.
“It’s down to a combination of reasons,” he said.
“We’re seeing a sustained improvement in construction, although a gradual one. That is favouring Hire Station and UK Forks.”
He said the group’s Hire Station division delivered “an outstanding performance” with profits up 78 per cent to £4.8m.
Revenue growth was supported by fleet investment of £8.8m and improved product selection and availability. The division’s tools business benefited from improved demand from general construction customers.
Mr Stothard said prospects for the division remain “very positive” for the remainder of the financial year.
The group said its water, electricity transmission and rail operations experienced some expected, temporary disruption due to the changeover of long term investment programmes.