Equipment rental specialist Vp today said its diverse market spread helped it record an 8 per cent rise in pre-tax profit.
Vp’s pre-tax profit for the year to 31 March 2009 totalled £21.7 million from £20.2m in 2008.
Turnover increased 1 per cent to £150.9m from £149.3m the previous year.
Chairman Jeremy Pilkington said: “This has been another year of progress for the group.
“The economic conditions remain challenging and uncertain, however we believe that our financial strength, our diversity of end markets and our continued focus on service excellence, will enable Vp to deliver another satisfactory result in the new financial year.”
Bosses said the firm’s natural conservatism with regard to borrowings meant it entered this recession with a relatively modest debt to profit ratio.
Nevertheless, the focus of the group this year is to conserve cash and manage costs, whilst still taking advantage of business opportunities as and when they arise.
Recent investment in the group’s hire fleet has given an age profile enabling Vp to reduce capital expenditure significantly over the short term.