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Vp hits profit record amid signs of oil market recovery

Published: 08:30 05 Jun 2018 BST

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UK was strong over the year

Equipment rental specialist VP PLC (LON:VP.) accompanied record profits with a bullish update on current year trading.

A first contribution from Brandon Hire, acquired in November for £69mln, helped underlying profit jump 16% to £40.6mln on revenues 22% higher at £303.6mln.

Dividend up 18%

VP also reported an improvement in its international operation following the recent oil price rise.

Neil Stothard, chief executive, said: "The start to the new financial year has been positive. 

“We anticipate that our core UK markets will continue to provide a strong platform for future growth to our UK division. 

“Internationally we do see some recovery in the oil and gas segment and a supportive Australian economy.“

The dividend for the year rises by 18% to 26p.

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