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Vp swings to loss, but declares special dividend
StockMarketWire.com
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Equipment hire group Vp swung to a first-half loss as the pandemic hurt sales, though it also declared a special dividend citing an improved cash position.
Pre-tax losses for the six months through September amounted to £6.0 million, compared to a profit of £23.4 million year-on-year.
Revenue sank 24% to £142.1 million, though the company said its performance was gradually recovering to pre-Covid levels.
It didn't declare a final dividend, but did declare a special payout of 20p per share, citing the recovery in trading, record profits in the previous financial year and 'a much improved' cash position.
Chairman Jeremy Pilkington said Vp's resilience and diversity of offering had buffered it from Covid-19.
'Vp's businesses are gradually recovering towards prior year trading levels, buoyed by the positive medium-term outlook for infrastructure investment in the UK,' he said.
'The group remains in excellent financial condition and is well positioned to take advantage of the uplift in demand and return the business to its historic levels of profitability.'
'The board is optimistic but also realistic about prospects for the second half and beyond.'
At 8:59am: (LON:VP.) VP PLC share price was 0p at 649p
Story provided by StockMarketWire.com
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