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Vp reveals 55pc profits rise

Equipment hire specialists Vp announced today that their pretax profits have shot up 55 per cent to £12.1 million, for the year ending September 2007.

The group also saw revenue shoot up 24 per cent to £76 million.

The company credited their resilience and continued growth to their broad spectrum of interests.

Company managing director Neil Stothard said: “We operate in lots of different fields, including construction, housebuilding and rail. And while construction has been doing well recently, rail has not.

“This is not just a problem for Vp. Everyone who’s made announcements about the sector has said the same thing.

“Network Rail’s decision to reduce its suppliers from six to four has led to a lot of uncertainty. And Metronet’s collapse also led to problems.”

The company said it had made capital investment of £24 million, much of it on new equipment.