Vp plc Preliminary Results Year Ended 31 March 2005

Jeremy Pilkington Chairman Neil Stothard Group Managing Director Mike Holt Group Finance Director

Specialist equipment rental Breadth of sector exposure – earnings resilience Market leading businesses Core expertise in asset management Excellent cash flow and strong balance sheet Significant growth opportunities identified Vp – an introduction

5 years of >10% earnings growth PBT increased by 14%* to £9.4m EPS increased by 14%* to pence Return on capital employed increased to 17% Dividend increased 15% to 5.75 pence Highlights * Excluding prior year exceptional property profit

Financial Review Mike Holt Group Finance Director

Financial Highlights * Excluding prior year exceptional property profit ** Restated for UITF 38

Balance Sheet * Restated for UITF 38

Operating Cash Flow

Cash Flow

International Financial Reporting Standards

Operational Review Neil Stothard Group Managing Director

Segmental Analysis

Breadth of Markets – Earnings Resilience

Excavation support systems and specialist products for the water, civil engineering and construction industries Groundforce

Market Leader in ground support systems Good demand from AMP3/major projects Successful integration of 03/04 acquisitions Shoring hire fleet rationalisation Improved national coverage – Piletec, Stoppers, Survey Product extension opportunities Well positioned for future AMP4 activity when commenced Groundforce

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

Profit and return on capital growth Focused product investment –10% ‘net’ growth in fleet Further progress with major house-builders Customer appetite for unique offering to the market Housebuilding/Construction markets relatively supportive UK Forks

Equipment and service providers to the international oil and gas exploration and development markets Airpac Oilfield Services

Excellent performance Strong demand from North Sea and South East Asia International project activity good New competences being developed Geographic growth opportunities Market remains busy, with supportive crude oil price Airpac Oilfield Services

Tools and specialist products for industry and construction Hire Station

Disappointing results Turnover reflects exit in prior year of surplus locations Lifting Point responsible for majority of losses Tool hire profitable after a difficult 1 st Quarter Repositioning year restoring stability

Focus on core product lines and guaranteed availability Launch of regional hire desk structure Lower cost network supporting local, regional and national customers Specialist Products Division created December 2004 Hire Station commenced New Year in line with plan Hire Station

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

Strong performance in challenging year Renewals business – further expansion Maintenance business steady but in transition Network Rail maintenance plant tender London Underground – new area for growth Prospects positive overall in competitive market Torrent Trackside

Summary A further year of excellent progress Profitability underpinned by cash generation and strong balance sheet Hire Station well positioned to deliver recovery in coming year Management appetite for growth and incentivised accordingly Top quality teams across all divisions Opportunities to accelerate pace of growth within core expertise of asset management

Overview and Outlook Jeremy Pilkington Chairman

Turnover (£m)

Profit Before Tax (pre goodwill) (£m) *excluding prior year exceptional property profit *

Return on Capital Employed (%) Restated UITF38 %

Dividend (pence per share)

Earnings per share (pence) *excluding prior year exceptional property profit *

Total Shareholder Return

Market leader position strengthened Excellent acquisition identification and integration track record AMP4 – expect delays but very positive Groundforce

Market leader - unique service offering Converting larger users Housebuilding remains firm; prospects good Operational efficiency consistently driving up ROCE : 10.5% 2005 : 14.4% UK Forks

Market Leader Excellent year – strategy bearing fruit Oil industry activity strong International growth opportunities Small but vital role in oilfield supply chain Airpac Oilfield Services

Very disappointing year, behind management expectation Improving trend established within tools Reorganisation and refocus at Specialist Products Recovery plan back on track but behind schedule Hire Station

Clear market leader Another excellent year against background of industry change Challenge to replace NR maintenance plant volumes Renewals programme workload strong Significant opportunities within LUL but will take time Torrent Trackside

Overall outlook for the Group very positive -UK infrastructure spend set to continue -Safety and regulatory regimes supporting growth Breadth of markets gives earnings resilience Strength of balance sheet and cash flow gives significant investment capacity Growth opportunities, organic and acquisition, identified in all markets Group Outlook

Board committed to leveraging up All levels of management strongly incentivised to deliver earnings growth in their business Strengthened senior management team Group Outlook