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Vp plc The Equipment Rental Specialist Preliminary Results For the year ended 31 March 2006

Vp plc The Equipment Rental Specialist Preliminary Results For the year ended 31 March 2006. Agenda. Highlights : Jeremy Pilkington – Chairman Financial Review : Mike Holt – Group Finance Director Business Review : Neil Stothard – Group Managing Director. Highlights.

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Vp plc The Equipment Rental Specialist Preliminary Results For the year ended 31 March 2006

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  1. Vp plc The Equipment Rental Specialist Preliminary Results For the year ended 31 March 2006

  2. Agenda • Highlights : • Jeremy Pilkington – Chairman • Financial Review : • Mike Holt – Group Finance Director • Business Review : • Neil Stothard – Group Managing Director

  3. Highlights • Operating profit* +17% to £12.0m • PBT* +13% to £11.2m • EPS* +12% to 18.3 pence • Hire Station profit recovery • 4 significant acquisitions completed - £36m • Markets supportive - outlook positive *Pre restructuring costs

  4. Financial Review Mike Holt Group Finance Director

  5. Financial Highlights Prior year restated for IFRS

  6. Earnings per share and Dividends Prior year restated for IFRS

  7. Revenue(£m)

  8. Profit Before Interest and Tax (£m) *Pre one-off restructuring costs Restated for IFRS

  9. Return on Average Capital Employed (%) % Restated for IFRS

  10. Dividend / Earnings (pence per share) Basic EPS restated for IFRS

  11. Balance Sheet Prior year restated for IFRS

  12. Operating Cash Flow Prior year restated for IFRS

  13. Cash Flow Prior year restated for IFRS

  14. Acquisitions

  15. Net Debt

  16. Financial Summary • Operating profits (pre one-off costs) up 17% to £12.0m • Profit before tax up 8% to £10.7m • Operating cash flows remain strong (1.9x profits) • Acquisitions totalled £44m (£7.9m deferred) • Fleet additions totalled £20.8m (+39%) • Gearing increased to 54% (still modest) • Interest cost covered 14.5x • New loan facilities support further growth

  17. Business Review Neil Stothard Group Managing Director

  18. Segmental Analysis *Pre £0.5m one-off restructuring costs

  19. UK Forks Rough terrain material handling equipment for industry, residential and general construction

  20. UK Forks

  21. UK Forks • Excellent profit result • Good housebuilding and general construction demand • National and regional accounts developing well • Revenue growth delivered incremental margin • Slower final quarter • Prospects remain good subject to market

  22. Groundforce • Groundforce Shorco • Piletec Dudley Vale • Stopper Specialists • Survey Technology Excavation support systems and specialist products for the water, civil engineering and construction industries

  23. Groundforce

  24. Groundforce • Profits reduced as anticipated • Good performance from Shoring division • AMP4 delay affected Specialist divisions • Piling division expanded via Dudley Vale acquisition • Survey business consolidated – Birse purchase • Formwork division established • Remains well placed to leverage off AMP4 driven activity

  25. Groundforce – Dudley Vale acquisition • Acquired November 2005 from GE • Rental and sale of piling hammers and pile breakers • Merged with Piletec division of Groundforce • Trading as Piletec Dudley Vale

  26. Airpac Bukom Oilfield Services • Aberdeen • Great Yarmouth • Singapore Equipment and service providers to the international oil and gas exploration and development markets

  27. Airpac Bukom Oilfield Services

  28. Airpac Bukom Oilfield Services • Solid profit performance • Strong demand for North Sea well testing and rig maintenance • Acquisition of Bukom delivers new products and geographical expertise • Significant additional investment committed for new financial year • Market prospects remain positive

  29. Bukom Oilfield Services • Acquired March 2006 • Long established competitor • Leading international supplier of equipment and services to global oil and gas exploration market • Doubles size of our oil and gas business • Improves our penetration of African and South American markets • Increases breadth of products to offer to our customers • Integration has gone well

  30. Hire Station • Hire Station • ESS Safeforce • Lifting Point Tools and specialist products for industry and construction

  31. Hire Station

  32. Hire Station • Excellent turnaround to profit • Good organic growth in tools • Central hire desk operating well • Strong investment levels in core products • Continuing sales success • Lifting Point expanded via additional satellites • Pivotal Services Group acquisition

  33. Pivotal Services Group acquisition • Acquired July 2005 from Babcock • Loss making business restructured at £0.5m cost • Market leader in safety rental, servicing and sales • Confined Space entry training complementary offering • Integration with Safeforce, trading as ESS Safeforce • Health & Safety and Management Development training trading as Pivotal Performance

  34. Torrent Trackside Portable rail infrastructure equipment, lighting and related services for the railway renewals and maintenance industry

  35. Torrent Trackside

  36. Torrent Trackside • Renewals demand quieter but stable • Reduced revenue levels from Network Rail plant maintenance contract • Success in continuing as secondary provider in maintenance market • Good progress on London Underground • Product expansion • Market has improved in short term and the year finished well

  37. TPA Portable roadway systems, bridging, fencing and barriers

  38. TPA

  39. TPA • Acquired November 2005 • Separate trading division of Vp • Portable aluminium roadways and barriers • Events, construction, rail and power transmissions markets • Experienced management team

  40. TPA • Quiet winter trading period • New Year has started strongly • Significant additional investment to meet current demand • Events market good • Construction activity improving • Business positioned for further growth • Market opportunities remain strong • Prospects for current year positive

  41. Summary • Another year of significant development for Vp • Further good progress for established business • Excellent turnaround at Hire Station • UK Forks performance very strong • Certain markets quieter, but medium term remains positive

  42. Summary • Leveraging balance sheet to create growth opportunities • Identified and secured four quality acquisitions • All command or complement significant market positions • All fit our core skill set • Integration process has gone well • Impetus for further growth in current year and beyond • Enter the the new financial year in excellent shape

  43. Total Shareholder Return

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