- Vp plc, the equipment rental specialist, announced a fall in profits to the year ended 31 March 2011.

Revenues increased by 5% to £141.0 million (2010: £134.2 million)however profit before amortisation, exceptional items and tax was £13.8m (2010: £16million)

The company reported a basic earnings per share of 23.42 pence(2010: 24.68 pence)and a proposed final dividend of 7.7 pence per share to maintain last year's full year dividend of 10.8 pence

On the postive side, net debt was reduced by £7.8 million to £40.5 million and the company pointed to its solid balance sheet with strong operational cashflows

Jeremy Pilkington, Chairman of Vp plc, commented:"I am delighted to report a very satisfactory set of results given the current trading environment and the continuing recessionary pressures felt in many of our markets. The Group enters the new financial year with a strong balance sheet and I have every confidence that we will continue to create opportunities and deliver satisfactory business performance over both the short and longer term."

At 9:12am: [LON:VP.] VP share price was +5.5p at 233.5p

Story provided by