The VP Board has recommended a final dividend of 27.5 pence per share. If approved, the full-year dividend would increase to 39.0 pence per share with dividend cover of 1.9 times (2023: 2.1 times) based upon adjusted basic earnings per share. At 31 March 2024, 40.2 million shares were in issue, of which 609,000 were held by Vp's Employee Trust.
Other financial highlights include:
Solid overall performance despite challenges in some end markets, key metrics encouraging
Strong Return on Average Capital Employed, slightly ahead of prior year
Increased investment in the rental fleet, at £63 million, with a continued transition towards environmentally friendly solutions
Robust balance sheet with reduction in net debt. Net debt/EBITDA of 1.4 with significant headroom and well within covenants
Refinance of £90 million Revolving Credit Facility secured during the year, complementing existing private placements of £93 million. Three quarters of year end borrowings fixed at low rates
Statutory profit before tax includes the impact of non-cash impairment of £27.7 million in relation to Brandon Hire Station.
