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Vp profit up 15pc in first half

Profits at equipment rental specialist Vp jumped 15 per cent in the six months to September 2008.

Pre-tax profits increased to £13.9 million and revenue grew 7 per cent to £81.6 million.

The firm said that all its businesses, with the exception of UK Forks, showed ‘satisfactory improvement’ in the first half.

It expects market conditions to decline further before they improve, apart of oil and gas related work.

Chairman Jeremy Pilkington said: “It is very encouraging for the group to have made good progress in the first six months of the financial year against a background of unprecedented turmoil in global financial markets and with the UK economy entering recession.

“However the economic effects of the liquidity problems in the banking sector started to impact our activities only towards the end of the period under review and even then not in all of our business business sectors.”