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Preliminary Results 2008 Jeremy Pilkington - Chairman Neil Stothard – Group Managing Director

Preliminary Results 2008 Jeremy Pilkington - Chairman Neil Stothard – Group Managing Director Mike Holt – Group Finance Director. Vp plc - The Equipment Rental Specialist. Performance summary. Operational Review. Operational highlights. Operating profits 41% up at a margin of 15.6%

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Preliminary Results 2008 Jeremy Pilkington - Chairman Neil Stothard – Group Managing Director

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  1. Preliminary Results 2008 Jeremy Pilkington - Chairman Neil Stothard – Group Managing Director Mike Holt – Group Finance Director Vp plc - The Equipment Rental Specialist

  2. Performance summary

  3. Operational Review

  4. Operational highlights • Operating profits 41% up at a margin of 15.6% • Excellent organic profit growth (82%) • Strong capital investment - £43m on rental fleet • 8 acquisitions - £11m • Strong remediation demand in summer • AMP4 buoyant • Weak rail market • International expansion

  5. Strength through diversity

  6. Business performance

  7. Investing for future growth • Groundforce • Acquisition of ‘U’ Mole trenchless systems business • Expansion into Ireland including acquisition of USS and PTA • Acquisition of Redding Hire • Hire Station • 9 new locations for tools including acquisition of ET Hire and DJ Tool Hire • Development of ‘virtual hire’ concept • Growth of Climate Hire business and Arcotherm acquisition • Acquisition of NSS and Able safety businesses • Airpac Bukom • International hub expansion and capital investment programme

  8. Investing for future growth • UK Forks • Fleet expansion (+13%) to meet growing demand in general construction and reducing reliance on housebuilding sector • TPA • Development of MD40 lightweight roll out roadway • Further penetration /investment in Germany • Torrent • Acquisition of First Engineering rail plant fleet with 3 year supply agreement

  9. Investing for future growth Capital Expenditure

  10. Growth strategy progressing well • Continued organic growth • Significant net capital investment (2 x depreciation) • Increasing ‘share of wallet’ • Complementary/bolt on acquisitions • New products (U-Mole) • New markets (Cool Customers, Arcotherm, NSS, PTA, USS) • Consolidations (ET Hire, DJ, Redding, Able, FEL) • International expansion • Oil and gas hubs (Sharjah, Curaçao and Perth) • Ireland (Groundforce and Hire Station) • Germany (TPA)

  11. Financial Review

  12. Financial highlights

  13. Earnings and dividend per share

  14. Components of profit growth (39%)

  15. Robust balance sheet

  16. Strong cash flow and re-investment

  17. Increased net debt but modest gearing

  18. Quality returns Operating Margin (%) Return on Average Capital Employed (%) Earnings per share (pence) Dividend per share (pence) CAGR = 26% CAGR = 20%

  19. Financial summary • Pre tax profit growth +39% • Operating margins 15.6% • Operating cash flows +42%

  20. Summary

  21. Resilient business model • Strong and growing market positions • Diverse offering provides resilience to individual market fluctuations • Adding value through products, services and operating efficiency • Prior year initiatives and acquisitions provide continuing momentum • Balance sheet strong - capacity as required • Acquisitions will continue where value is identified • Continued profitable growth despite challenges • Current year has started well

  22. Excellent business momentum and consistency Operating Profit (£m) Revenue (£m) CAGR = 15.6% CAGR = 26.8%

  23. Shareholder return Vp Total Shareholder Return

  24. Preliminary Results 2008 Vp plc - The Equipment Rental Specialist

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