Interim Results For the six months ended 30 September 2006 Rental and sale of specialist products and services to construction, civil engineering, rail, oil and gas exploration, events and industrial markets The Equipment Rental Specialist
Jeremy Pilkington – Chairman Neil Stothard – Group Managing Director Mike Holt – Group Finance Director Introduction
Mike Holt Group Finance Director Financial Review
Financial Highlights
Earnings per Share and Dividend
Balance Sheet
Operating Cash Flow
Cash Flow
Net Debt
Excellent Financial Health Operating cash flows remain strong (1.7x profits) Gearing remains relatively modest (57%) Interest cover remains robust (9x) Balance sheet capable of supporting further growth
Neil Stothard Group Managing Director Business Review
Vp’s Investment Case Specialist business with diversified market exposure Strong services element Market leading positions Excellent cash generation and financial strength Proven management team with strength in depth Consistent performer with good returns
Vp Markets Exposure
Markets
Business Performance Record operating profits up 56% to £8.8m 30% of profit growth is organic Substantial revenue growth Operating margins improved by 20% Fleet investment £14.3m (+26%) ROCE 16%
Segmental Analysis
Main Influences This Period Acquisitions integrated successfully AMP4 activity remained quiet Oil and gas buoyant Construction and Housebuilding steady Events market seasonality Non-core training business sold to management
Growth Strategy Progressing Well Interim results endorse growth plan initiatives to date Organic capital investment has been strong Product diversification in most areas New markets e.g. transmission, events New activities e.g. formwork, pipe fitting Acquisition post half year end – MEP Hire
Maintaining Momentum PBIT (£m) Revenue (£m) Earnings (pence per share) ROCE (%) Actuals Brewin Forecast
Share Price
Jeremy Pilkington Chairman Outlook
Future Excellent organic growth opportunities for our businesses Potential for further acquisitive expansion Balance sheet very capable of further leverage Consistent strategy to lead in our chosen markets Overall the markets we serve are in robust health with good visibility Our growth strategy remains on course
Interim Results For the six months ended 30 September 2006 Rental and sale of specialist products and services to construction, civil engineering, rail, oil and gas exploration, events and industrial markets The Equipment Rental Specialist