1. Vp plc The Equipment Rental Specialist
Final Results 2009
Jeremy Pilkington - Chairman
Neil Stothard – Group Managing Director
Mike Holt – Group Finance Director

2. Highlights

3. Well positioned for future challenges
Another year of further progress – excellent results under the circumstances
Diversity has provided some resilience to changing conditions
EPS growth affected by tax charge
Maintained final dividend – 3% increase for year
Cash conservation and cost management
Strong balance sheet and committed banking facilities
Well positioned for growth as markets recover

4. Operational Review

5. A challenging but successful year
Excellent performance in light of prevailing conditions
Delivered improved profits in line with original market expectations
5 out of 6 trading divisions increased profits in the year
Profit margins improved further
Overall result further demonstrates the deep rooted strength and consistency of the business and its ability to deliver

6. Delivering results
Operating Profit (£m)
Revenue (£m)

7. Advancing in changing times
More challenging 2nd half with timely and selective response by management
Opportunities continue to be secured
5 acquisitions in Hire Station and Groundforce
new locations
overseas market growth
major customer relationships
Managing for tougher environment
careful cost control
reduced capital investment
working capital management – debtors, stocks and creditors
specific headcount and infrastructure actions
alert to further change

8. Market diversity

9. Business performance

10. Capital expenditure

11. Future challenges and prospects
Diversity provides some resilience
Opportunities exist but our main focus is on optimising current business
Year of cash generation ahead
Reduced fleet investment
Working capital control
Cost management initiatives
Strategic focus on specialist sectors maintained
Capacity to secure opportunities at the appropriate point in the recovery cycle

12. Financial Review

13. Financial highlights

14. Components of pre-tax profit growth (+8%)

15. Earnings and dividend per share

16. Robust balance sheet

17. Operating cash flow

18. Strong cash flow and investment

19. Modest gearing, comfortably within covenants

20. Resilient business model
Strong and growing market leading positions
Diversified offering provides some resilience to changing conditions
Focus on value added service excellence
Balance sheet strong
Consistent good performance with quality returns
Well positioned for further growth when markets recover

21. Quality returns/consistency
Operating Margin (%)
Return on Average Capital Employed (%)
Earnings per share (pence)
Dividend per share (pence)

22. The Equipment Rental Specialist
Vp plc
The Equipment Rental Specialist
Final Results 2009

23. The Equipment Rental Specialist
Vp plc
The Equipment Rental Specialist
Supplementary data

24. Shareholder return

25. UK Forks
Groundforce
Rough terrain material handling equipment for industry, residential and general construction
Excavation support systems, specialist solutions and trenchless technology for the water, gas, civil engineering and construction industries

26. Airpac Bukom Oilfield Services Hire Station
Equipment and service providers
to the international oil and gas
exploration and development
markets
Small tools and specialist equipment for industry and construction

27. Torrent Trackside
TPA
Rail infrastructure portable plant and specialist services for the railway renewals and maintenance industry
Portable roadway systems primarily to the UK market, but also mainland Europe and the Republic of Ireland.

28. Business units – key markets

29. Effective rate of tax

30. Net working capital