RNS Number : 8391I
Vp PLC
25 November 2008
Press Release 25 November 2008
Vp plc
("Vp" or "the Group")
Interim Results
Vp plc, the equipment rental specialist, today announces its Interim Results for the six months ended 30 September 2008.
* Profit before tax and amortisation increased by 15% to �13.9 million (H1
2008: �12.1 million)
* Revenue growth of 7% at �81.6 million (H1 2008: �76.0 million)
* Operating margins increased to 17.1% (H1 2008: 15.9%)
* Earnings per share increased by 10% to 23.55 pence per share
* Interim dividend increased by 11% to 3.10 pence per share
* Further product extensions and acquisitions
Jeremy Pilkington, Chairman of Vp plc, commented:
"We are pleased to report further profit improvement in the period and expect that the result for the full year will be satisfactory. Vp
benefits from being engaged in a diverse range of markets and whilst the trading environment is more difficult to predict going forward, we
believe this diversity will offer some resilience against the economic climate and positions us to benefit when more normal trading
conditions resume."
- Ends -
For further information please contact:
Vp plc
Jeremy Pilkington, Chairman Tel: +44 (0) 1423 533 400
jeremypilkington@vpplc.com
Neil Stothard, Group Managing Director Tel: +44 (0) 1423 533 445
neil.stothard@vpplc.com www.vpplc.com
Mike Holt, Group Finance Director Tel: +44 (0) 1423 533 445
mike.holt@vpplc.com www.vpplc.com
Media enquiries:
Abchurch Communications
Sarah Hollins / Mark Dixon Tel: +44 (0) 207 398 7729
mark.dixon@abchurch-group.com www.abchurch-group.com
CHAIRMAN'S STATEMENT
It is very encouraging for the Group to have made good progress in the first six months of the financial year against a background of
unprecedented turmoil in global financial markets and with the UK economy entering recession. However the economic effects of the liquidity
problems in the banking sector started to impact our activities only towards the end of the period under review and even then not in all of
our business sectors.
Profits before tax and amortisation are ahead 15% to �13.9 million on revenues ahead by 7% at �81.6 million. All businesses, with the
exception of UK Forks, posted very satisfactory profit improvement in the first half, driven by strong first quarter performances. Operating
margins improved slightly to 17.1%.
As a Group, we have a significant exposure to regulated markets and infrastructure projects via the water industry, the National Grid
transmission upgrade and rail investment, as well as, of course our international oil and gas exploration support business. We have only a
limited exposure to residential construction, the first and worst hit sector, through our UK Forks business and, to a lesser extent, the
Hire Station tool rental activity.
Prospects for the trading environment within which the Group operates are more difficult to predict than ever but overall we anticipate
that, with the possible exception of oil and gas related work, market conditions will decline further before they improve.
Over the last eighteen months we have, both by organic product extension and acquisition, added a number of new revenue streams to our
business mix. Whilst most are still relatively small and at an early stage of development, we believe they provide the Group with the seeds
for future growth and diversification, whilst remaining within our strategic focus on specialist rental sectors.
Capital investment in rental fleet in the first half remained strong at �17.6 million with a further �5.0 million spent on acquisitions.
We ended the period with a comfortable level of financial gearing of 57%, a modest increase on last year end (31 March 2008: 51%). We expect
capital investment to reduce in the second half, reflecting trading conditions, but we retain the flexibility to take advantage of
opportunities as they may arise.
Reflecting these results and looking beyond the immediate challenges, your Board is declaring an interim dividend of 3.1p per share, an
increase of 11% on last year, payable on 5 January 2009 to shareholders registered at 5 December 2008.
Groundforce
Groundforce delivered better margins on strong revenue growth, benefiting from good demand from the infrastructure and utility sectors
and some early site preparation work for the Olympics. The acquisitions made towards the end of the previous financial year, in Ireland and
in trenchless technology in the UK, are performing satisfactorily. In the current period we acquired a regional competitor in the UK shoring
market which has been fully integrated within the existing Groundforce structure.
UK Forks
As anticipated, UK Forks did not replicate the exceptional performance it delivered in the first half of last year being affected by the
progressive decline in house building activity during the period. Nevertheless, UK Forks has delivered a very satisfactory result under the
circumstances, assisted by strong asset disposal profits. Ongoing adjustments are being made to optimise the hire fleet and at the same time
the cost base of the business is being managed in anticipation of difficult trading conditions continuing for some time.
Airpac Bukom
Airpac Bukom's revenues and profits have benefited from the significant capital investment programme of the last two years. The three
additional overseas hubs in Sharjah, Curacao and Perth give Airpac Bukom an unrivalled platform from which to leverage our expertise within
these key regions. We expect exploration activity to remain strong even though the oil price has fallen back from its all time highs and we
therefore believe that prospects for this business remain very good.
Torrent Trackside
Torrent Trackside improved margins on static revenues although still against a relatively weak and unpredictable release of workload by
Network Rail. We believe that the flow of work from both Network Rail and the London Underground consortiums will improve going forward.
Torrent Trackside remains market leader within its sector and Government commitment to further rail infrastructure improvements should
continue to generate growth within this market.
TPA
TPA reported a strong first half performance with improved revenues and margins supported by high demand from the summer outdoor events
market and the National Grid transmission infrastructure upgrade programme which has continued to develop during the period.
TPA's German subsidiary continued to grow strongly, albeit from a small base, and we believe prospects within the European market are
very promising. Seasonality remains a feature of the business and the challenge over the coming months will be to minimise erosion of the
progress made in the first half.
Hire Station
Hire Station has entered a period of more mature rates of growth but still delivered an excellent uplift in profitability and margins.
This was achieved despite a quiet summer season for cooling equipment and without the flood remediation work which last year added
materially to activity levels in the first half. The specialist product and service lines which represent about a third of the division
continued to make excellent progress. During the period, Hire Station acquired three businesses; a specialist heating solutions provider, an
opportunistic expansion to its tool operations in the North East and the purchase of an in-house plant company together with an associated
three year exclusive supply agreement. An additional four greenfield branches were opened in the first half and post period end, the branch
network was further strengthened by a single branch acquisition on the South Coast.
Outlook
We have delivered what we believe to be a very creditable performance for the first half.
The winter always presents us with an unpredictable trading period but given the further erosion of business confidence during the
autumn, we expect construction activity levels to reduce further in the coming months. However your Group is well placed with a diversity of
businesses deriving significant revenues from outside of the mainstream construction sector and we expect that the result for the full year
will be satisfactory.
We believe our long term focus on a broad range of specialist rental markets will offer some resilience against the economic downturn
and positions us to benefit when more normal trading conditions resume.
Jeremy Pilkington
Chairman
25 November 2008 Condensed Consolidated Income Statement
For the period ended 30 September 2008
Note Six months to Six months to 30 Sep 2007 Full year to
30 Sep 2008 31 Mar 2008
Restated
(unaudited) (unaudited) (audited)
�000 �000 �000
Revenue 3 81,604 76,008 149,269
Cost of sales (55,108) (50,545) (104,856)
Gross profit 26,496 25,463 44,413
Administrative expenses (11,019) (12,125) (21,437)
Operating profit before 3 15,894 13,447 23,271
amortisation
Amortisation of intangibles (417) (109) (295)
Operating profit 15,477 13,338 22,976
Net financial expenses (1,950) (1,364) (3,119)
Profit before amortisation and 13,944 12,083 20,152
taxation
Amortisation of intangibles (417) (109) (295)
Profit before taxation 13,527 11,974 19,857
Income tax expense 4 (3,653) (2,840) (4,462)
Net profit for the period 9,874 9,134 15,395
Basic earnings share 8 23.55 p 21.40 p 36.09 p
Diluted earnings share 8 22.64 p 20.35 p 34.26 p
Dividend per share 9 3.10 p 2.80 p 10.50p
Dividends paid and proposed 1,299 1,195 4,409
(�000)
Condensed Consolidated Statement of Recognised Income and Expense
For the period ended 30 September 2008
Six months to Six months to Full year to
30 Sep 2008 30 Sep 2007 31 Mar 2008
Restated
(unaudited) (unaudited) (audited)
�000 �000 �000
Actuarial losses on defined
benefit pension scheme
- - (419)
Tax on items taken direct to - - 126
equity
Impact of change in tax rate
on items taken direct to - (56) (65)
equity
Effective portion of changes
in fair value of cash flow (239) (160) (729)
hedges
Foreign exchange translation 17 - 238
difference
Net expense recognised (222) (216) (849)
directly to equity
Profit for the period 9,874 9,134 15,395
Total recognised income and
expense for the period 9,652 8,918 14,546
Condensed Consolidated Balance Sheet
At 30 September 2008
Note 30 Sep 2008 31 Mar 2008 30 Sep 2007
Restated Restated
(unaudited) (audited) (unaudited)
�000 �000 �000
Non-current assets
Property, plant and equipment 5 108,528 100,867 89,585
Goodwill 6 37,523 35,340 34,103
Intangible assets 7,568 5,979 3,349
Total non-current assets 153,619 142,186 127,037
Current assets
Inventories 5,251 4,794 4,938
Trade and other receivables 37,985 32,779 39,193
Cash and cash equivalents 2,204 4,987 6,746
Total current assets 45,440 42,560 50,877
Total assets 199,059 184,746 177,914
Current liabilities
Interest bearing loans and (1,013) (9,757) (15,866)
borrowings
Income tax payable (4,074) (2,560) (2,970)
Trade and other payables (39,435) (40,697) (37,884)
Total current liabilities (44,522) (53,014) (56,720)
Non-current liabilities
Interest bearing loans and (65,902) (48,679) (36,283)
borrowings
Employee benefits (1,321) (1,433) (1,886)
Other payables - - (4,240)
Deferred tax liabilities (8,659) (7,826) (6,967)
Total non-current liabilities (75,882) (57,938) (49,376)
Total liabilities (120,404) (110,952) (106,096)
Net assets 78,655 73,794 71,818
Equity
Issued capital 2,309 2,309 2,309
Share premium 16,192 16,192 16,192
Hedging reserve (691) (452) 117
Retained earnings 60,818 55,718 53,173
Total equity attributable to 78,628 73,767 71,791
equity
holders of parent
Minority interest 27 27 27
Total equity 7 78,655 73,794 71,818
Condensed Consolidated Statement of Cash Flows
For the period ended 30 September 2008
Note Six months to Six months to Full year to
30 Sep 2008 30 Sep 2007 31 Mar 2008
(unaudited) (unaudited) (audited)
�000 �000 �000
Cash flows from operating
activities
13,527 11,974 19,857
Profit before taxation
Adjustment for:
Pension fund contributions in
excess of service cost (113) (222) (1,034)
Share based payment charges 638 498 1,355
Depreciation 5 9,268 8,546 17,810
Amortisation of intangibles 417 109 295
Net financial expense 1,950 1,364 3,119
Profit on sale of property, (2,190) (1,731) (3,373)
plant and equipment
Operating cash flow before 23,497 20,538 38,029
changes in working capital and
provisions
(Increase)/decrease in (361) 55 467
inventories
Increase in trade and other (4,676) (8,761) (1,957)
receivables
(Decrease)/increase in trade (3,543) 5,463 5,498
and other payables
Cash generated from operations 14,917 17,295 42,037
Interest paid (2,017) (1,397) (3,031)
Interest element of finance (103) (77) (158)
lease rental payments
Interest received 29 132 88
Income tax paid (2,231) (1,051) (3,611)
Net cash from operating 10,595 14,902 35,325
activities
Investing activities
Proceeds from sale of 5,959 4,583 10,284
property, plant and equipment
Purchase of property, plant (20,405) (25,758) (45,470)
and equipment
Acquisition of businesses and 6 (4,985) (1,889) (9,556)
subsidiaries (net of cash and
overdrafts)
Net cash from investing (19,431) (23,064) (44,742)
activities
Cash flows from financing
activities
Purchase of own shares by (1,890) (691) (3,489)
Employee Trust
Repayment of loans (15,543) - -
Repayment of loan notes - (70) (70)
New loans 24,500 4,500 16,000
New finance lease - 28 29
Payment of hire purchase and (1,031) (521) (1,205)
finance lease liabilities
Dividends paid 9 - - (3,761)
Net cash from financing 6,036 3,246 7,504
activities
Net decrease in cash and cash (2,800) (4,916) (1,913)
equivalents
Effect of exchange rate 17 - 238
fluctuations on cash held
Cash and cash equivalents at 4,987 6,662 6,662
beginning of period
Cash and cash equivalents at 2,204 1,746 4,987
end of period
Notes to the Condensed Financial Statements
1. Basis of Preparation
Vp plc (the "Company") is a company domiciled in the United Kingdom. The Condensed Consolidated Interim Financial Statements of the
Company for the half year ended 30 September 2008 comprise the Company and its subsidiaries (together referred to as the "Group").
This interim announcement has been prepared in accordance with the Disclosure and Transparency Rules of the UK Financial Services
Authority and the requirements of IAS34 ("Interim Financial Reporting") as adopted by the EU. The accounting policies applied are consistent
for all periods presented and are in line with those applied in the annual financial statements for the year ended 31 March 2008 which were
prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the EU.
The interim announcement was approved by the Board of Directors on 24 November 2008.
The Condensed Consolidated Interim Financial Statements do not include all the information required for full annual Financial
Statements.
Subject to the restatement for hindsight adjustments referred to below, the comparative figures for the financial year ended 31 March
2008 are extracted from the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's
auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to
any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement
under section 237(2) or (3) of the Companies Act 1985.
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances; these
form the basis of the judgements relating to carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods.
The Balance Sheet and Income Statement comparatives disclosed for the six month period ended 30 September 2007 have been restated to
reflect movements from goodwill to intangibles and the associated amortisation. The impacts of the restatements on the Balance Sheet were an
increase in the deferred tax liability of �441,000, an increase in intangible assets of �1,918,000 and a decrease in goodwill of �1,591,000.
In the Income Statement amortisation of intangibles increased by �97,000.
The Balance Sheet at 31 March 2008 has also been restated to reflect minor hindsight adjustments on acquisitions made in that year.
2. Risks and Uncertainties
The risks and uncertainties for the Group have not changed from those disclosed in the last statutory accounts. In particular the Group
comprises six businesses serving different markets and manages the risks inherent to these activities. The key external risks include
general economic conditions, competitor actions, the effect of legislation, credit risk and business continuity. Internal risks relate
mainly to investment and controls failure risk. The Group seeks to mitigate exposure to all forms of risk where practicable and to transfer
risk to insurers where cost effective. The diversified nature of the Group limits the exposure to external risks within particular markets.
Exposure to credit risk in relation to customers, banks and insurers is managed through credit control practices including credit insurance
which limits the Group's exposure to bad debts via an aggregate first loss policy which covers the majority of the Group's accounts
receivable. Business continuity plans exist for key operations and accounting centres. The Group is an active acquirer and acquisitions may involve risks that might materially affect the Group
performance. These risks are mitigated by extensive due diligence and appropriate warranties and indemnities from the vendors.
Taking into account these risk mitigation actions and the treasury management policies described in the 31 March 2008 accounts, the
Group's exposure to market, liquidity and credit risk is considered by the Board to be within normal parameters and represents an acceptable
level of risk.
3. Summarised Segmental Analysis
Revenue Operating Profit
Before amortisation
2008 2007 2008 2007
Restated
�000 �000 �000 �000
Groundforce 19,913 17,260 5,587 4,563
UK Forks 7,813 8,098 1,535 1,929
Airpac Bukom 7,442 6,075 1,538 1,358
Hire Station 28,911 29,340 4,224 3,449
Torrent Trackside 6,595 6,519 506 366
TPA 10,930 8,716 2,504 1,782
81,604 76,008 15,894 13,447
4. Income Tax
The effective tax rate of 27.0% in the period to 30 September 2008 (30 September 2007: 23.7%) reflects the standard rate of tax of 28%
as adjusted for estimated permanent differences for tax purposes and adjustments to prior year provisions.
5. Property, Plant and Equipment
Sept 2008 Sept 2007 Mar 2008
�000 �000 �000
Carrying amount 1 April 100,867 76,797 76,797
Additions 19,170 23,530 45,287
Acquisitions 1,528 656 3,538
Restatement of acquisitions - - (34)
Depreciation (9,268) (8,546) (17,810)
Disposals (3,772) (2,852) (6,911)
Effect of movements in exchange rates 3 - -
Closing carrying amount 108,528 89,585 100,867
The value of capital commitments at 30 September 2008 was �8,645,000 (31 March 2008: �10,094,000).
6. Acquisitions
The Group acquired the following businesses in the period to 30 September 2008.
Name of acquisition Date of acquisition Type of acquisition Principle activity
Redding Hire Limited 3 April 2008 Share purchase (100% Hire and sale of
equity) shoring products
Arcotherm (UK) Limited 18 April 2008 Share purchase (100% Hire and sale of
equity) heating and cooling
equipment
D J Tool Hire Limited 24 April 2008 Business and assets Hire and sale of small
tools
UCS Plant Limited 27 June 2008 Business and assets Hire and sale of small
tools
None of the acquisitions in the current period were individually material in Group terms and hence the details are provided in aggregate
below:
�000
Property, plant and equipment 1,528
Current assets 626
Cash 143
Tax, trade and other payables (1,377)
Book value of assets acquired 920
Intangibles on acquisition 2,006
Deferred tax on intangibles (316)
Fair value of assets acquired 2,610
Goodwill on acquisition 2,183
Cost of acquisitions 4,793
Satisfied by
Cash consideration 4,708
Acquisition costs 85
4,793
Analysis of cash flow for acquisitions �000
Consideration 4,708
Acquisition costs 85
Cash included in acquisitions (143)
Payment of deferred consideration 270
Adjustment for accruals 65
4,985
Certain of the fair values included above are provisional due to the timing of acquisitions and will be finalised within 12 months of
the acquisition date.
As a result of the immediate integration of the acquisitions into Hire Station's and Groundforce's business, including the transfer of
assets between branches, it is not possible to accurately disclose separately the trading performance of the acquisitions in the Income
Statement. For the same reason it is not possible to disclose what the revenue or profit for the combined entity would have been had all
business combinations effected in the period occurred on 1 April 2008.
Goodwill on acquisitions relates to the relationships, skills and inherent market knowledge of employees within the acquired businesses
together with the synergistic benefits within the enlarged businesses post acquisition, principally through economies of scale and improved
business processes and management. These are critical to the ongoing success of any specialised equipment rental business, together with the
availability of the right equipment.
7. Statement of Changes in Equity
Six months to Six months to Full year to
30 Sep 2008 30 Sep 2007 31 Mar 2008
Restated
�000 �000 �000
Total recognised income and 9,652 8,918 14,546
expense for the period
Tax movements to equity (287) - (451)
Impact of change in tax rate - (51) (20)
on items taken directly to
equity
Share option charge in the 638 498 1,355
period
(Losses)/gains on disposal of (38) 160 64
shares
Net movement in shares held by (1,890) (691) (3,489)
Vp Employee Trust at cost
Dividends to shareholders (3,214) (2,566) (3,761)
Change in equity during the 4,861 6,268 8,244
period
Equity at the start of the 73,794 65,550 65,550
period
Equity at the end of the 78,655 71,818 73,794
period
Included in the above changes is a charge to reserves of �239,000 (September 2007: �160,000 charge, March 2008: �729,000 charge) in the
Hedging Reserve. There were no changes in Issued Share Capital or Share Premium.
8. Earnings Per Share
Earnings per share have been calculated on 41,922,500 shares (2007: 42,684,615) being the weighted average number of shares in issue
during the period. Diluted earnings per share have been calculated on 43,618,604 shares (2007: 44,886,741) adjusted to reflect conversion of
all potentially dilutive ordinary shares.
9. Dividends
The Directors have declared an interim dividend of 3.10 pence (2007: 2.80 pence) per share payable on 5 January 2009 to shareholders on
the register at 5 December 2008. The dividend proposed at the year end was subsequently approved at the AGM in September and therefore
accrued, but was not paid in the period (2007 paid: nil). The cost of dividends in the Statement of Changes in Equity is after adjustments
for the interim and final dividends waived by the Vp Employee Trust in relation to the shares it holds for the Group's share option
schemes.
10. Analysis of Net Debt
As at Cash Acquisitions As at
1 Apr 08 Flow 30 Sep 08
�000 �000 �000 �000
Cash in hand and at bank less 4,987 (2,783) - 2,204
overdrafts
Revolving credit facilities/ (56,543) (8,957) - (65,500)
medium term loans
Finance leases and hire (1,893) 1,031 (553) (1,415)
purchases
(53,449) (10,709) (553) (64,711)
During the period the Group has replaced its �20m 364 day revolving credit facility with a three year committed facility increasing
total committed facilities to �70m. In addition the Group continues to have overdraft facilities totalling �15m. Underlying financial
gearing, excluding investment in own shares at cost, was 57% (51% at 31 March 2008).
11. Subsequent Events
Since the half year the Group has made one acquisition totalling �1.1m (Power Tool Supplies Limited).
Responsibility statement of the directors in respect of the half-yearly financial report
We confirm that to the best of our knowledge:
* the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the
EU
* the interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six
months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months
of the current financial year and that have materially affected the financial position or performance of the entity during that period; and
any changes in the related party transactions described in the last annual report that could do so.
On behalf of the Board
Mike Holt
Group Finance Director
25 November 2008
The Board
The Board of Directors who served during the six months to 30 September 2008 is unchanged from that set out on page 14 of the Annual
Report and Financial Statements 2008. With effect from 1 October 2008, Stephen Rogers joined the Board as a Non-Executive Director.
Independent Review Report to Vp plc
We have been engaged by the Company to review the condensed set of Financial Statements in the half-yearly financial report for the six
months ended 30 September 2008 which comprises the Condensed Consolidated Income Statement, Condensed Consolidated Balance Sheet, Condensed
Consolidated Statement of Cash Flows, Condensed Consolidated Statement of Recognised Income and Expense and the related explanatory notes.
We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting the
requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Services Authority ("the UK FSA"). Our review has
been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for
this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for
preparing the half-yearly financial report in accordance with the DTR of the UK FSA.
As disclosed in note 1, the annual Financial Statements of the Group are prepared in accordance with IFRSs as adopted by the EU. The
condensed set of Financial Statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim
Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of Financial Statements in the half-yearly financial
report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim
Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review
of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of
all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of Financial Statements in the
half-yearly financial report for the six months ended 30 September 2008 is not prepared, in all material respects, in accordance with IAS 34
as adopted by the EU and the DTR of the UK FSA.
KPMG Audit Plc
Chartered Accountants Leeds
25 November 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR USSWRWBRAUAA
Vp (LSE:VP.)
Historical Stock Chart
From Jul 2024 to Aug 2024
Vp (LSE:VP.)
Historical Stock Chart
From Aug 2023 to Aug 2024
