Vp plc (VP.L), an equipment rental specialist, reported Wednesday that its fiscal 2024 profit before tax plunged 91 percent to 2.8 million pounds from last year's 30.7 million pounds.
On an after tax basis, the company recorded loss per share of 13.4 pence, compared to profit of 58.1 pence a year ago.
The latest results were hit by the impact of non-cash impairment of 27.7 million pounds in relation to Brandon Hire Station.
Adjusted basic earnings per share were 74.8 pence, compared to 79 pence last year. Adjusted EBITDA dropped 2 percent to 91.0 million pounds from prior year's 92.9 million pounds.
Revenue for the year dropped 0.8 percent to 368.7 million pounds from 371.5 million pounds last year.
Further, at the Annual General Meeting scheduled to be held on July 25, the Board will be recommending payment of a final dividend of 27.5 pence per share, up 3.8 percent from last year. This will bring total dividend for the year of 39.0 pence per share, a growth of 4 percent year-over-year.
Subject to shareholder approval, it is proposed to pay the final dividend on August 7 to members registered at June 21.
Regarding the current trading and outlook, Vp said it has made a solid start to the new financial year, which is expected to be in line with the Board's expectations, despite some economic uncertainty.
Anna Bielby, Chief Executive of Vp plc, said, "We have made considerable progress in FY24 with new leadership and a refreshed strategy. We are excited about the future and have confidence in our ability to both grow the business and drive value through simplifying the way we work."
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