TIDMVP.
RNS Number : 4560P
Vp PLC
10 June 2020
For immediate release 10 June 2020
Vp plc
('Vp', the 'Group' or the 'Company')
Final Results
Vp plc, the equipment rental specialist, today announces its
audited Final Results for the year ended 31 March 2020.
Highlights
* Record profit before tax, amortisation and
exceptional items of GBP47.1 million (2019: GBP46.8
million)(1)
* Revenues reduced by 5% to GBP362.9 million (2019:
GBP382.8 million)
* Return on average capital employed 14.5% (2019:
14.5%)(1)
* Basic earnings per share, pre-amortisation and
exceptional items, decreased 4.3% to 91.0 pence
(2019: 95.1 pence) (1)
* Decision on a dividend delayed until later in the
year
* EBITDA before exceptional items down 3% to GBP98.1
million (2019: GBP101.4 million) (1)
* Reduced net debt of GBP159.8 million (2019: GBP167.7
million) after funding:
o Capital investment in the rental fleet of GBP49.1 million
(2019: GBP63.8 million)
* Profit before taxation of GBP28.8 million (2019:
GBP33.6 million) (1) and earnings per share of 47.7
pence (2019: 65.2 pence) (1)
* Exceptional costs of GBP1.5 million (2019: GBP8.6
million) resulting from business restructuring and
regulatory review costs
* Statutory profit before taxation of GBP28.4 million
(2019: GBP33.6 million); statutory earnings per share
of 46.9 pence (2019: 65.2 pence); and profit before
tax, amortisation and exceptional items inclusive of
IFRS 16 impact of GBP46.6 million (2019: GBP46.8
million)
Commenting on the Final Results, Jeremy Pilkington, Chairman of
Vp plc, said: "The results up until 31 March 2020 can be considered
a very satisfactory performance, with modest margin and PBT
improvement achieved against a highly uncertain economic backdrop
with the UK being distracted by Brexit and the General Election in
December 2019.
"Vp was expecting to see a return to heightened activity levels
across our core markets, however the worldwide government
restrictions imposed on movement as a results of Covid-19 have had
an impact on trading for the current financial year. We are however
encouraged that in several sectors, activity has started to pick up
and it is encouraging to hear the emphasis Governments are giving
to the importance of resuming work wherever possible whilst
respecting safety guidelines.
"It is however too early to have visibility on when trading
might restore to normal levels, and therefore owing to the
exceptional circumstances of Covid-19, the Board has decided to
delay the decision on a dividend until later in the year when the
Group would hope to have better visibility of the overall
situation. The Board appreciates that income is of vital importance
to shareholders and we intend to restore normal patterns of
distributions as soon as possible.
"I would like to thank all our employees around the world for
responding so positively to this unprecedented situation."
Neil Stothard, Chief Executive of Vp plc, added: "The Group took
decisive action to control costs at the start of the pandemic
including stopping all but essential recruitment and capital
expenditure. We kept many of our operating locations open for
business throughout, in support of those critical sectors requiring
our services, we initially mothballed some sites and participated
in the Government's job retention scheme, furloughing approximately
half of our UK employees at the peak in April. We have since
re-opened branches and taken employees out of furlough as demand
has slowly recovered. The International division has also been
impacted with different countries feeling different effects of the
pandemic.
"We have strengthened further our financial position by
conserving cash; reducing costs and delaying the dividend. We
believe that this will help ensure the long-term resilience of the
business as well as its capability to respond quickly as markets
recover. Vp is fundamentally sound, and is built on over 60 years
of successful development. A combination of supporting a diversity
of markets across a range of geographies together with a strong
financial discipline and an excellent team will help us to quickly
re-position the business and allow us to embrace the fresh but
increasingly positive challenges that the next 12 months will
hold."
- Ends -
Enquiries:
Vp plc
Jeremy Pilkington, Chairman Tel: +44 (0) 1423 533 400
jeremypilkington@vpplc.com
Neil Stothard, Chief Executive Tel: +44 (0) 1423 533 400
neil.stothard@vpplc.com
Allison Bainbridge, Group Finance Tel: +44 (0) 1423 533 400
Director
allison.bainbridge@vpplc.com www.vpplc.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Jamie Hooper / George Tel: +44 (0) 20 7466
Beale 5000
Vp@buchanan.uk.com www.buchanan.uk.com
Notes on alternative performance measures:
(1.) Following the adoption of IFRS 16 Leases with effect from 1
April 2019, as the Group has adopted the accounting standard using
the modified retrospective approach to transition and has
accordingly not restated prior periods, the results for the year
ended 31 March 2020 are not directly comparable with those reported
in the prior period under the previous applicable accounting
standard, IAS 17 Leases. To provide meaningful comparatives, the
results for the year ended 31 March 2020 have therefore also been
presented under IAS 17. Further, as the decision makers currently
allocate resource and assess performance primarily on an IAS 17
basis, the alternative performance measures will be disclosed based
on IAS 17 until the transition to an IFRS 16 basis in the financial
year ending 31 March 2021. See below and Note 11 in the Annual
Report and Accounts for a reconciliation of the IAS 17 alternative
performance measures to the equivalent IFRS 16 measures. The
adoption of IFRS 16 did not have a significant impact on profit
before taxation (GBP0.5 million impact). The balance sheet impact
has been disclosed in note 11 in the Annual Report and
Accounts.
Impact on Consolidated Income Statement, EBITDA and earnings per
share
Basic earnings per share before the amortisation of intangibles
and exceptional items decreased by 0.8 pence for the period to 31
March 2020 as a result of the adoption of IFRS 16. The financial
impact of the transition on the Group's Consolidated Income
Statement and EBITDA for the year ended 31 March 2020 is set out
below:
Excluding IFRS 16
IFRS Impact Reported
16
GBP000 GBP000 GBP000
Operating profit before amortisation
and exceptional items 51,890 3,590 55,480
Operating profit 33,616 3,590 37,206
EBITDA 98,050 25,767 123,817
Net financial expense (4,791) (4,049) (8,840)
Profit before taxation, amortisation
and exceptional items 47,099 (459) 46,640
Profit before taxation 28,825 (459) 28,366
-- All performance measures stated as before amortisation are
also before impairment of intangibles and exceptional items.
-- Basic earnings per share pre amortisation and exceptional
items is reconciled to basic earnings per share in note 3.
-- Profit before tax, amortisation and exceptional items is
reconciled to profit before tax in the Income Statement.
-- EBITDA is reconciled to profit before tax, amortisation and
exceptional items by adding back net financial expenses and
depreciation.
-- Return on average capital employed is based on profit before
tax, interest, amortisation and exceptional items divided by
average capital employed on a monthly basis using the management
accounts. Profit before tax, interest, amortisation and exceptional
items is reconciled to profit before interest and tax in the Income
Statement.
CHAIRMAN'S STATEMENT
The Covid-19 pandemic has understandably overshadowed the year
end and as a result my statement this year will be more concerned
than usual with current and future prospects. However, I would like
to start with a traditional review of the year ended 31 March
2020.
Profits before tax, amortisation and exceptional items rose
marginally to GBP47.1 million (2019: GBP46.8 million) on revenues
down by 5% to GBP362.9 million (2019: GBP382.8 million). Net debt
at the year-end was GBP159.8 million (2019: GBP167.7 million) after
funding GBP49.1 million capital investment in the rental fleet
(2019: GBP63.8 million). Our characteristically strong EBITDA was
GBP98.1 million (2019: GBP101.4 million).
Return on average capital employed remained strong at 14.5%
(2019: 14.5%) and earnings per share softened marginally to 91.0
pence per share (2019: 95.1 pence per share).
Against an economic background severely distracted in the UK by
Brexit and its associated issues, these results can, I believe, be
considered a very satisfactory performance. However, owing to the
exceptional circumstances of Covid-19, the Board has decided to
delay the decision on a dividend until later in the year when we
would hope to have better visibility of the overall situation. We
appreciate that income is of vital importance to shareholders and
we intend to restore normal patterns of distributions as soon as
possible.
As previously announced, in May 2019 we acquired Sandhurst
Limited for GBP3.325 million. Sandhurst works within the
Groundforce division to offer specialist excavator attachments to
the construction and civil engineering sectors from five locations
across the UK. Within a market that has experienced some local
headwinds, Sandhurst has traded satisfactorily in its first year of
our ownership.
Both in the UK and internationally, the Covid-19 lockdown has
had a severe impact on activity levels across most, but not all, of
our business streams. Our first response everywhere has been to
ensure the safety of our employees, our customers and all other
elements of our supply chain. Thereafter, we have prioritised cash
conservation and the adjustment of our cost base against the new
reality of sharply reduced activity levels. Recruitment and capital
expenditure have been frozen except in the most exceptional
circumstances. We have mothballed some branches and furloughed
workers where appropriate. Homeworking has been widely employed
with only a minimum office presence and subject to the observation
of social distancing and other hygiene guidelines. We have however
needed to maintain a core operational capability in support of
critical infrastructure activities such as health, transport and
utilities.
As a result of these measures, I am pleased to be able to say
that, at this stage, we believe that the strength of the Group's
cash flow referred to above supports what is a comfortable level of
borrowing headroom.
Shareholders are already aware of the announcement by the
Competition and Markets Authority on 9 April 2019 in respect of
suspected anti-competitive behaviour within the temporary
groundworks sector. The CMA's findings remain provisional and we
continue to co-operate fully with their investigation and we await
their determination in due course.
During April and May 2020, revenue levels generally stabilised
and since then, in several sectors, activity has started to recover
somewhat. It is encouraging to hear the emphasis Governments are
now giving to the importance of resuming work wherever possible
whilst respecting safety guidelines. In the UK, the focus on
re-starting construction activity and in particular housebuilding,
is a very welcome move.
Going forward, we will continue to manage the cost base of the
business to reflect trading levels and we have every confidence
that we can manage any necessary adjustments satisfactorily.
Over the past ten years, we have been able to deliver compound
average growth in profits before amortisation, taxation and
exceptional items of 13%. It is to these levels of performance that
we aspire to return as the current downturn abates.
I routinely at this time take the opportunity to thank all our
employees for their contribution to the ongoing success of the
business. Whilst these thanks remain undoubtedly appropriate, I
need to add a special note of appreciation to all for coping with
the unique emotional and operational challenges created by the
pandemic.
Jeremy Pilkington
Chairman
10 June 2020
BUSINESS REVIEW
OVERVIEW
Vp plc is a rental business providing specialist products and
services to a diverse range of end markets including
infrastructure, construction, housebuilding, and oil and gas. The
Group comprises a UK and an International Division.
Year ended Year ended
31 March 2020 31 March 2019
--------------------------------------
Revenue GBP362.9 million GBP382.8 million
----------------- -----------------
Operating profit before amortisation GBP51.9 million GBP51.6 million
and exceptional items(1)
----------------- -----------------
Operating margin(1) 14.3% 13.5%
----------------- -----------------
Investment in rental fleet GBP49.1 million GBP63.8 million
----------------- -----------------
Return on average capital employed 14.5% 14.5%
----------------- -----------------
Statutory Operating profit GBP37.2 million GBP38.3 million
----------------- -----------------
The year to 31 March 2020 was a satisfactory trading period for
the Group against a backdrop of some volatility in the market
environments within which we participate.
Group operating profits before amortisation, exceptional items
and IFRS 16 impact were marginally ahead at GBP51.9 million
compared with prior year of GBP51.6 million. Operating margins
increased to 14.3% (2019: 13.5%) and return on average capital
employed of 14.5% was in line with prior year, a measure which
continues to underline the high quality of the Group's earnings.
Group revenues at GBP362.9 million (2019: GBP382.8 million) were 5%
down on prior year.
Whilst most of our end markets were stable during the year, the
construction market weakened on Brexit concerns during 2019 and
latterly the Covid-19 outbreak negated hopes of a pick up into
2020.
Cash generation from trading remained robust and EBITDA before
exceptional items was GBP98.1 million (2019: GBP101.4 million). Net
debt at 31 March 2020 was GBP159.8 million (2019: GBP167.7
million), a reduction of GBP7.9 million in the period. The Group
has total committed facilities of GBP207.5 million.
With growth more subdued during the year, the investment in
rental fleet was tailored accordingly with gross capital
expenditure of GBP49.1 million, well down on prior year of GBP63.8
million. Fleet disposal proceeds increased to GBP21.4 million up
from GBP20.0 million in the prior year, generating increased profit
on disposals of GBP8.9 million (2019: GBP7.6 million). As
previously reported, in May 2019, we acquired the entire issued
share capital of Sandhurst Limited, a business that specialises in
the rental of excavator attachments to the UK construction and
civil engineering sectors.
With the rapid onset of the Covid-19 virus in March 2020, most
Group companies' activities were severely impacted by lockdowns and
the final two weeks of March saw demand drop severely, our response
to which is covered later in this review.
UK DIVISION
Year ended Year ended
31 March 2020 31 March
2019
=====================================
Revenue GBP331.0 million GBP350.3
million
================= ================
Operating profit before amortisation GBP50.2 million GBP49.9 million
and exceptional items(1)
================= ================
Investment in rental fleet GBP41.0 million GBP57.4 million
================= ================
Operating profits (before amortisation, exceptional items and
IFRS 16 impact) in the UK division increased marginally in the year
to GBP50.2 million compared with GBP49.9 million prior year.
Revenues of GBP331.0 million (2019: GBP350.3 million) were 6% down
on prior year.
The UK division, comprises seven main business units: UK Forks,
Groundforce, TPA, Brandon Hire Station, ESS Safeforce, MEP and
Torrent Trackside. Whilst mainly operating in the UK, some of these
businesses also have operations in mainland Europe, primarily
Germany and the Netherlands. All support our three core sectors of
Infrastructure, Construction and Housebuilding.
Trading in the UK Forks division was largely positive in the
year with strong demand for the telehandler products in particular
from a supportive housebuilding sector. By contrast, general
construction and telecoms were quieter. Net investment in fleet at
UK Forks was similar to prior year. The temporary closure of the
housebuilding sector at the end of March 2020 had a material impact
on the division but pleasingly demand has started to return into
May as most builders have now returned to work, albeit on a reduced
basis.
Groundforce / TPA delivered a small overall increase in revenues
in the year. The division derives a large proportion of its
activity from construction, water and transmission markets. Whilst
these sectors were generally softer during the year, they remained
an important contributor. The temporary roadways business, TPA made
further good progress both in the UK and in mainland Europe, as did
Groundforce's smaller European operations.
Brandon Hire Station has developed into the UK's market leader
for tool hire with a comprehensive network providing a high quality
service to a wide customer base ranging from SME's to larger
regional and national contractors. During the year under review,
the weakness in the construction sector impacted by Brexit
considerations saw demand for tool hire products and revenues down
on prior year. As with UK Forks, the Covid-19 shutdown in mid-March
had a severe impact on the trading levels of the business. This
reduction in trade gradually reversed in May.
The MEP low level access and press fitting division experienced
flat revenues in the year as demand from the fit out and
contracting sector dropped off in London, though this was mitigated
by improved activity in the other major cities in the UK, where
demand was robust.
ESS Safeforce, whilst generally trading satisfactorily,
experienced a reduction in revenues as a large prior year shutdown
contract in the Netherlands was not repeated. Overall the business,
the UK market leader in its sector, is in excellent shape and
whilst currently challenged by the Covid-19 related slowdown,
remains well placed to make progress as restrictions are eased.
Torrent Trackside traded broadly in line with prior year with
rail maintenance activity to the fore, whilst renewals demand
slowed in the transition from the CP5 to CP6 (Control Period 6)
renewal and maintenance programme. The Torrent Trackside and
Brandon Hire Station businesses were successful in renewing the
exclusive contract with Network Rail for the provision of rail
plant and tool hire services for a minimum period of six years
starting in April 2020. This was a competitive tender and we were
very pleased to be re-appointed and gain recognition for the
excellent service previously provided to this important group
customer over the previous nine years. The rail industry has
largely maintained activities throughout the current pandemic and
Torrent Trackside have continued to provide a full service to the
sector.
INTERNATIONAL DIVISION
Year ended Year ended
31 March 2020 31 March 2019
=====================================
Revenue GBP31.9 million GBP32.5 million
================ ================
Operating profit before amortisation GBP1.7 million GBP1.7 million
and exceptional items(1)
================ ================
Investment in rental fleet GBP8.1 million GBP6.4 million
================ ================
The International division reported static operating profits
before amortisation, exceptional items and IFRS 16 impact of GBP1.7
million, on revenues marginally behind prior year of GBP31.9
million (2019: GBP32.5 million).
The International division comprises Airpac Bukom and TR
Group.
Whilst revenues at Airpac Bukom, a global supplier to the oil
and gas sector were slightly improved, markets remained both
subdued and volatile with progress consequently remaining
difficult. Activity in Asia and Europe held up reasonably well, but
the Australian market was much quieter.
The TR business enjoyed a good financial year with improved
profits from marginally reduced revenues. TR Group is Australia's
leading technical equipment rental business with subsidiaries in
New Zealand, Malaysia and Singapore. The introduction of new
product and service offerings to the portfolio, and an encouraging
year for the Malaysia business were the highlights.
Covid-19 Response
Since the close of the last financial year, the Covid-19
pandemic has had a significant global impact.
Group revenues into April 2020 have dropped off at varying rates
dependent upon the markets which our businesses served. During
March it was difficult to predict how far the closures of our
customers' activities would go. By the beginning of April we could
identify a core of customers who were supporting essential service
providers e.g. health service, utilities, rail etc. and we geared
up our business to be able to service these vital sectors whilst at
all times making the health and safety of our colleagues and our
customers a top priority.
Subsequently, during May, the housebuilding sector and general
construction as a whole has seen a gradual return to work at a
reduced number of sites and with strict safe working practices in
place.
Certain of our businesses experienced limited revenue attrition,
though the majority saw weekly revenue falls of between 20% and 70%
compared to the norm. As a result the capacity requirements in our
business were significantly reduced.
Whilst we kept many of our operating locations open for business
throughout, in support of those critical sectors requiring our
services, we initially mothballed some sites and participated in
the government's job retention scheme, furloughing approximately
half of our UK employees at its peak in April. We have since
re-opened branches and taken employees out of furlough as demand
has recovered.
In addition we have stopped all bar essential recruitment and
capital expenditure.
The annual salary review at 1 April 2020 has been deferred and
all senior management (50 in total) including the plc Board have
taken a voluntary 20% reduction in salary to the end of June with
many employees also working a four day week until capacity
requirements change.
The Covid-19 pandemic has been equally challenging for our
colleagues in Australia, New Zealand, Malaysia, Singapore, Germany,
The Netherlands and elsewhere. Some countries have fared better
than others but all of our businesses have been impacted. As we
enter June, the backdrop generally appears to be improving and
businesses are slowly recovering revenues.
We entered this economic crisis with an excellent business and,
as best as we can manage, we plan to exit with an equally excellent
business. The recovery may be slower than we would want but we are
confident that we will see material recovery during the remainder
of 2020 and into 2021, as activity levels return towards historic
levels.
OUTLOOK
When planning for the new financial year in January we were
anticipating a year of progress, with the UK expected to enjoy a
recovery in activity, particularly in the construction sector as
Brexit related concerns dissipated. The devastating Covid-19
pandemic has unfortunately put paid to those expectations and we
have entered our new financial year with some unique and very
different challenges.
Trading in April was very weak, May has improved and we
anticipate there will be a slow, incremental recovery over the
coming months.
Our ability to return fully over the next year to previous
levels of activity will to a degree be dependent upon the pace with
which our customer base returns to working, which of course will be
dependent upon how quickly Covid-19 is brought under control.
Given the circumstances, we have withdrawn guidance for the next
financial year until more clarity is available as to the impact of
Covid-19 on the Group's customers and activities.
I am supported by a strong senior management team with hundreds
of years of collective business experience and we along with all
our colleagues are fully engaged in returning the business, at an
appropriate pace, to the levels previously achieved.
The Vp business is fundamentally sound, and is built on 66 years
of successful development. A combination of supporting a diversity
of markets across a range of geographies together with a strong
financial discipline and an excellent team will help us to quickly
re-position the Vp business and allow us to embrace the fresh but
increasingly positive challenges that the next 12 months will
hold.
Neil Stothard
Chief Executive
10 June 2020
Consolidated Income Statement
for the year ended 31 March 2020
Note 2020 2019
GBP000 GBP000
---------- ----------
Revenue 1 362,927 382,830
Cost of sales (292,746) (295,539)
Gross profit 70,181 87,291
Administrative expenses (32,975) (48,968)
---------- ----------
Operating profit before amortisation
and exceptional items 1 55,480 51,571
Amortisation and impairment 1 (16,756) (4,632)
Exceptional items 2 (1,518) (8,616)
---------- ----------
Operating profit 37,206 38,323
Net financial expense (8,840) (4,742)
Profit before taxation, amortisation
and exceptional items 46,640 46,829
Amortisation and impairment 1 (16,756) (4,632)
Exceptional items (1,518) (8,616)
---------- ----------
Profit before taxation 28,366 33,581
Taxation 5 (9,779) (7,759)
---------- ----------
Profit attributable to owners
of the parent 18,587 25,822
---------- ----------
Pence Pence
Basic earnings per share 3 46.92 65.20
Diluted earnings per share 3 46.17 63.66
Dividend per 5p ordinary share
interim paid and final deferred 6 8.45 30.20
*IFRS 16 was adopted on 1 April 2019 for statutory reporting
without restating prior year figures. As a result, the primary
statements are shown on IFRS 16 basis for the year ended 31 March
2020 and on an IAS 17 basis for year ended 31 March 2019. Page 3
above provides the impact on the consolidated income statement for
the year ended 31 March 2020, including the GBP3.6 million positive
impact on operating profit before amortisation and exceptional
items (GBP51.9 million pre-IFRS 16), GBP4.0 million adverse impact
on net financial expense (GBP4.8 million pre-IFRS 16) and GBP0.5
million adverse impact on profit before taxation, amortisation and
exceptional items (GBP47.1 million pre-IFRS 16).
Consolidated Statement of Comprehensive Income
for the year ended 31 March 2020
2020 2019
GBP000 GBP000
-------- --------
Profit for the year 18,587 25,822
Other comprehensive income/(expense):
Items that will not be reclassified to
profit or loss
Remeasurements of defined benefit pension
schemes 368 536
Tax on items taken to other comprehensive
income 86 (1)
Impact of tax rate change 47 -
Items that may be subsequently reclassified
to profit
or loss
Foreign exchange translation difference (1,045) (493)
Effective portion of changes in fair value
of cash flow hedges (482) (614)
Total other comprehensive expense (1,026) (572)
Total comprehensive income for the year
attributable to
owners of the parent 17,561 25,250
-------- --------
Consolidated Statement of Changes in Equity
for the year ended 31 March 2020
2020 2019
GBP000 GBP000
------------------------------------------------------- -------------
Total comprehensive income for the year 17,561 25,250
Dividends to shareholders (12,055) (10,853)
Net movement relating to shares held by Vp
Employee Trust (2,396) (3,297)
Share option charge in the year 758 2,395
Tax movements to equity (648) 944
Impact of tax rate change (33) -
Change in Equity 3,187 14,439
Equity at start of year 168,885 154,446
Effect of changes in accounting standards (2,151) -
--------- ---------
Equity at end of year 169,921 168,885
--------- ---------
Consolidated Balance Sheet
as at 31 March 2020
Note 2020 2019
GBP000 GBP000
---------- ----------
Non-current assets
Property, plant and equipment 247,761 248,651
Intangible assets 74,267 89,670
Right of use asset 68,566 -
Employee benefits 3,018 2,732
---------- ----------
Total non-current assets 393,612 341,053
---------- ----------
Current assets
Inventories 9,073 7,809
Trade and other receivables 84,263 79,985
Income tax receivable 1,003 -
Cash and cash equivalents 4 20,094 29,044
---------- ----------
Total current assets 114,433 116,838
---------- ----------
Total assets 508,045 457,891
---------- ----------
Current liabilities
Interest-bearing loans and borrowings 4 (6,161) (17,420)
Income tax payable - (2,184)
Lease liabilities (17,692) -
Trade and other payables (75,186) (81,720)
---------- ----------
Total current liabilities (99,039) (101,324)
Non-current liabilities
Interest-bearing loans and borrowings 4 (173,739) (179,276)
Lease liabilities (54,158) -
Deferred tax liabilities (11,188) (8,406)
---------- ----------
Total non-current liabilities (239,085) (187,682)
---------- ----------
Total liabilities (338,124) (289,006)
---------- ----------
Net assets 169,921 168,885
---------- ----------
Equity
Issued share capital 2,008 2,008
Capital redemption reserve 301 301
Share premium 16,192 16,192
Foreign currency translation
reserve (1,825) (780)
Hedging reserve (805) (323)
Retained earnings 154,023 151,460
---------- ----------
Total equity attributable to equity holders
of the parent 169,894 168,858
Non-controlling interests 27 27
---------- ----------
Total equity 169,921 168,885
---------- ----------
Consolidated Statement of Cash Flows
for the year ended 31 March 2020
2020 2019
Note GBP000 GBP000
----- --------- ---------
Cash flow from operating activities
Profit before taxation 28,366 33,581
Share based payment charge 758 2,395
Depreciation 1 46,160 49,768
Depreciation of right of use asset 22,177 -
Amortisation and impairment 1 16,756 4,632
Financial expense 8,892 4,830
Financial income (52) (88)
Profit on sale of property, plant and equipment (8,939) (7,583)
--------- ---------
Operating cash flow before changes in working
capital 114,118 87,535
(Increase)/decrease in inventories (1,215) 853
Increase in trade and other receivables (3,890) (9,518)
(Decrease)/increase in trade and other payables (8,898) 13,818
--------- ---------
Cash generated from operations 100,115 92,688
Interest paid (4,454) (4,696)
Interest element of finance lease rental
payments (92) (221)
Interest received 10 88
Income tax paid (10,694) (7,948)
--------- ---------
Net cash generated from operating activities 84,885 79,911
--------- ---------
Cash flow from investing activities
Proceeds from sale of property, plant and
equipment 21,381 19,969
Purchase of property, plant and equipment (54,686) (74,588)
Acquisition of businesses and subsidiaries (3,325) -
(net of cash acquired)
--------- ---------
Net cash used in investing activities (36,630) (54,619)
--------- ---------
Cash flow from financing activities
Purchase of own shares by Employee Trust (2,396) (3,297)
Repayment of borrowings (94,000) (44,000)
New loans 89,000 37,000
New finance leases - 108
Payment of lease liabilities (26,530) (1,551)
Dividends paid (12,055) (10,853)
--------- ---------
Net cash used in financing activities (45,981) (22,593)
--------- ---------
Increase in cash and cash equivalents 2,274 2,699
Effect of exchange rate fluctuations on
cash held (259) (70)
Cash and cash equivalents net of overdrafts
at the beginning
of the year 12,132 9,503
---------
Cash and cash equivalents net of overdrafts
at the end of the year 14,147 12,132
--------- ---------
NOTES
The final results have been prepared on the basis of the
accounting policies which are set out in Vp plc's annual report and
accounts for the year ended 31 March 2020. With the exception of
the new standards below, the accounting policies applied are in
line with those applied in the annual financial statements for the
year ended 31 March 2019.
EU Law (IAS Regulation EC1606/2002) requires that the
consolidated accounts of the Group for the year ended 31 March 2020
be prepared in accordance with International Financial Reporting
Standards ("IFRSs") as adopted for use in the EU ('adopted
IFRSs').
Whilst the financial information included in this announcement
has been computed in accordance with adopted IFRSs, this
announcement does not itself contain sufficient information to
comply with IFRSs. The Company expects to publish full financial
statements in June 2020.
The financial information set out above does not constitute the
Company's statutory accounts for the year ended 31 March 2020 or
2019. Statutory accounts for 31 March 2019 have been delivered to
the registrar of companies, and those for 31 March 2020 will be
delivered in due course. The auditor has reported on those
accounts; the reports were (i) unqualified, (ii) did not include a
reference to any matters to which the auditor drew attention by way
of emphasis without qualifying the report and (iii) did not contain
a statement under section 498 (2) or (3) of the Companies Act 2006
in respect of the accounts for 31 March 2019.
The financial statements were approved by the Board of Directors
on 10 June 2020.
Going Concern
The Group ended the financial year in a healthy financial
position. The Group continues to generate strong cash flows and net
debt reduced by GBP7.9 million from GBP167.7 million at 31 March
2019 to GBP159.8 million at 31 March 2020. EBITDA before
exceptional items and IFRS 16 impact totalled GBP98.1 million
(2019: GBP101.4 million). The Business Review above sets out the
Group's business activities, markets and outlook for the
forthcoming year and beyond.
The Group finances its operations through a combination of
shareholders' funds, bank borrowings, finance leases and operating
leases. The capital structure is monitored using the gearing ratio
of adjusted Net Debt/EBITDA. The Group's funding requirements are
largely driven by capital expenditure and acquisition activity. As
at 31 March 2020 the Group had GBP200 million (2019: GBP200
million) of committed revolving credit facilities and private
placement agreement which are subject to covenant testing. In
addition to the committed facilities the Group's net overdraft
facility at the year end was GBP7.5 million (2019: GBP7.5 million).
At the financial year end, the Group had headroom against these
facilities of GBP47.7 million, further increased to GBP57.3 million
as at 31 May 2020.
The Board has evaluated the facilities and covenants on the
basis of the budget for 2020/21 (including 2021/22 long term
forecast) and Covid-19 forecasts which incorporate the impact of
the Covid-19 lockdown on trading. All of which has been prepared
taking into account the current economic climate, together with
appropriate sensitivity analysis. The Board is in regular dialogue
with our lenders who continue to express their commitment to the
business. The forecasts indicate that existing covenant levels
could be exceeded under certain scenarios and therefore as a
precaution, temporary covenant levels have been agreed with the
lenders as follows:
Quarter Ended June 20 Sept 20 Dec 20 Mar 21 June 21
Net debt to EBITDA
< 2.50 3.25 3.50 3.75 2.50
-------- -------- ------- ------- --------
Interest cover > 3.00 2.25 0.50 (1.00) 3.00
-------- -------- ------- ------- --------
Although the impact of Covid-19 on the Group's financial results
is uncertain at this time, various stress scenarios have been
considered by the Board. Under these scenarios material revenue
reductions have been applied for the financial year ended 31 March
2021 against the Group's original conservative budget followed by
varying degrees of recovery. All scenarios assume being below
budgeted revenue expectations and all scenarios fall within the
revised covenants. Our most severe downside modelling, which
reflects a 40% reduction in revenue levels from our pre Covid-19
budget, demonstrates headroom over the temporary covenant levels
throughout the forecast period to the end of June 2021. In the
unlikely scenario that a covenant breach actually occurred this
would require management to agree further covenant relaxations or
waivers with the Group's lenders in order to ensure the continued
availability of the facilities. Based on the recent covenant
changes agreed with the lenders, management are confident that they
could successfully achieve this if this situation arose.
Reductions in revenues have been mitigated by immediate actions
taken including: deferral of annual pay reviews in April, payroll
cost reductions as employees entered the Government's furlough
scheme, freezing of all non-essential capital expenditure and
recruitment, management voluntary salary reductions from April
2020, rent payment holidays and utilisation of available rates and
tax relief amongst other initiatives.
On the basis of this testing, including the consideration as to
the uncertainty of the future impact of the Covid-19 pandemic, the
directors have a reasonable expectation that the Group has adequate
resources to continue in operation for the foreseeable future. For
this reason the going concern basis has been adopted in preparation
of the consolidated financial statements.
Changes in Accounting Policies
The Group has applied IFRS 16 Leases which replaced IAS 17
Leases for the first time in the annual accounts commencing 1 April
2019. The Group had to change its accounting policies as a result
of adopting IFRS 16. The Group has applied IFRS 16 using the
modified retrospective approach from 1 April 2019 where the
cumulative effect of initially applying the standard has been
recognised as an adjustment to the opening balance of retained
earnings and comparatives have not been restated. Under IFRS 16,
the Group experiences a different pattern of expense within the
Income Statement, with the IAS 17 operating lease expense replace
by depreciation and interest expense. There is no impact on the
Group's underlying cash flows except to present cash outflows as
financing instead of operating.
On adoption of IFRS 16, the Group recognised lease liabilities
in relation to leases which have previously been classified as
'operating leases' under IAS 17. These liabilities were measured at
the present value of the remaining lease payments, discounted using
the Group's weighted average incremental borrowing rates as of 1
April 2019. The weighted average incremental borrowing rate applied
to lease liabilities at 1 April 2019 was 5.3%.
(a) Practical expedients applied
In applying IFRS 16 for the first time, the Group has used the
following practical expedients permitted by the standard:
-- The use of a single discount rate to a portfolio of leases
with reasonably similar characteristics
-- Reliance on previous assessments on whether leases are onerous
-- The accounting for certain operating leases with a remaining
lease term of less than 12 months as at 1 April 2019 as short-term
leases
-- The exclusion of initial direct costs for the measurement of
the right of use asset at the date of initial application, and
-- The use of hindsight in determining the lease term where the
contract contains options to extend or terminate the lease
The Group has also elected not to reassess whether a contract
is, or contains a lease at the date of initial application.
Instead, for contracts entered into before the transition date the
Group relied on its assessment made applying IAS 17.
(b) Adjustments recognised on adoption of IFRS 16
1 April
2019
GBP000
Operating lease commitments disclosed as at 31 March
2019 80,776
Discounted using the incremental borrowing rate
at 1 April 2019 (11,680)
(Less): short-term leases recognised on a straight-line
basis as expense (104)
(Less): low-value leases recognised on a straight-line
basis as expense (191)
Add: adjustments as a result of a different treatment
of extension and termination options(1) 14,522
Lease liability recognised at 1 April 2019 83,323
------------
Note:
(1) Previously, lease commitments only included non-cancellable
periods in the lease agreements. Under IFRS 16, the lease term
includes periods covered by options to extend the lease where the
Group is reasonably certain that such options will be extended.
(c) Measurement of right-of-use assets
The associated right-of-use assets were measured on a
retrospective basis as if the new standard has always been applied.
Onerous lease contracts have been adjusted through the right-of-use
assets.
(d) Adjustments recognised in the balance sheet on 1 April
2019
The change in accounting policy affected the following items in
the balance sheet:
1 April
2019
GBP000
Right of use assets - increase 80,488
Lease liabilities - increase (83,323)
Trade and other payables - decrease 202
Deferred tax liabilities - decrease 482
Net impact on retained earnings at 1 April 2019 (2,151)
------------
1. Business Segments
Revenue Depreciation, Operating profit
amortisation before amortisation
and and exceptional items
impairment
2020 2019 2020 2019 2020 2019
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- -------- -------- ------- ------- ------------ -----------
UK 331,005 350,308 58,346 48,282 53,672 49,838
International 31,922 32,522 4,570 6,118 1,808 1,733
--------------- -------- -------- ------- ------- ------------ -----------
Total 362,927 382,830 62,916 54,400 55,480 51,571
--------------- -------- -------- ------- ------- ------------ -----------
Operating profit before amortisation and exceptional items is
reconciled to profit before tax in the Income Statement. In
addition, all performance measures stated as before amortisation
are also before impairment of intangibles and exceptional
items.
The amortisation and impairment charge of GBP16.8 million (2019:
GBP4.6 million) includes GBP13.2 million (2019: GBP0.7 million) in
relation to impairment of goodwill and intangibles.
Furthermore, return on average capital employed is based on
profit before tax, interest, amortisation and exceptional items
divided by average capital employed on a monthly basis.
2. Exceptional Items
During the year, the Group incurred GBP1,518,000 (2019:
GBP8,616,000) of exceptional costs in relation to regulatory review
costs and continued restructuring costs regarding severance
payments primarily within Hire Station Limited.
In the prior year, GBP8,616,000 was incurred in relation to
regulatory review costs; integration of the Brandon Hire Group
Holdings Limited acquisition; together with restructuring costs in
relation to severance payments and depot closure costs within Hire
Station Limited and Airpac Bukom.
The Competition and Markets Authority (CMA) announced on 9 April
2019 that it is investigating three major suppliers of groundworks
products to the construction industry. The CMA has provisionally
found that the 3 businesses, including a part of the Group's
excavation support system business (Groundforce), were involved in
suspected anti-competitive behaviour. The CMA's findings are, at
this stage in its investigation, provisional and do not necessarily
lead to a decision that the companies have breached competition
law. At this point in the process we cannot make an accurate
estimate of the likely cost that may subsequently arise in the
event that the CMA were to decide in the future that a breach of
competition law has taken place. However, accounting standard IAS
37 required us to provide an amount in the prior year accounts and
accordingly we included a figure of GBP4.5 million as an
exceptional cost which we have brought forward to these accounts
inclusive of legal and professional fees incurred during the
financial year. This figure is in the midpoint of a range of
possible outcome (GBP0 to GBP9.0 million) that we have calculated
based upon previous cases and CMA published guidance and without
any admission of culpability. As commented on in the Chairman's
Statement, the CMA process is still ongoing.
These are analysed as follows:
2020 2019
GBP000 GBP000
Regulatory review costs 834 4,500
Integration costs - 3,004
Restructuring costs 684 1,112
Total 1,518 8,616
------- -------
3. Earnings Per Share
The calculation of basic earnings per share of 46.92 pence
(2019: 65.20 pence) is based on the profit attributable to equity
holders of the parent of GBP18,587,000 (2019: GBP25,822,000) and a
weighted average number of ordinary shares outstanding during the
year ended 31 March 2020 of 39,618,000 (2019: 39,603,000),
calculated as follows:
2020 2019
Shares Shares
000s 000s
Issued ordinary shares 40,154 40,154
Effect of own shares held (536) (551)
------- -------
Weighted average number of ordinary shares 39,618 39,603
------- -------
Basic earnings per share before the amortisation of intangibles
and exceptional items was 90.21 pence (2019: 95.14 pence) and is
based on an after tax add back of GBP17,153,000 (2019:
GBP11,855,000) in respect of the amortisation of intangibles and
exceptional items.
The calculation of diluted earnings per share of 46.17 pence
(2019: 63.66 pence) is based on profit attributable to equity
holders of the parent of GBP18,587,000 (2019: GBP25,822,000) and a
weighted average number of ordinary shares outstanding during the
year ended 31 March 2020 of 40,260,000 (2019: 40,564,000),
calculated as follows:
2020 2019
Shares Shares
000s 000s
Weighted average number of ordinary shares 39,618 39,603
Effect of share options in issue 642 961
------- -------
Weighted average number of ordinary shares
(diluted) 40,260 40,564
------- -------
Diluted earnings per share before the amortisation of
intangibles and exceptional items was 88.77 pence (2019: 92.88
pence).
4. Analysis of Net Debt At At
31 March 1 April
2020 2019
GBP000 GBP000
Cash and cash equivalents 20,094 29,044
Bank overdraft (5,947) (16,912)
---------- ----------
Cash and cash equivalents as per cash
flow statement 14,147 12,132
Current debt obligations, net of arrangement
fees (214) (508)
Non-current debt, net of arrangement
fees (173,739) (179,276)
---------- ----------
Net debt (159,806) (167,652)
---------- ----------
Year end gearing (calculated as net debt expressed as a
percentage of shareholders' funds) stands at 94% (2019: 99%).
As at 31 March 2020 the Group had GBP200 million (2019: GBP200
million) of committed revolving credit facilities and private
placement agreement. In addition to the committed facilities, the
Group net overdraft facility at the year-end was GBP7.5 million
(2019: GBP7.5 million).
In January 2020, the Group refinanced GBP65.0 million of secured
bank loans with a private placement agreement with PGIM, Inc. at a
value of GBP65.0 million maturing in January 2027 at a fixed
interest rate payable semi-annually.
5. Taxation
The charge for taxation for the year represents an effective tax
rate of 34.5% (2019: 23.1%). The underlying tax rate was 20.3%
(2019: 19.9%) before prior year adjustments, disallowable expenses,
impact of tax rate changes and impairment of intangibles.
6. Dividend
Due to the uncertainty arising from the Covid-19 pandemic, the
Board has deferred the recommendation of a dividend until later in
the financial year. An interim dividend of 8.45 pence per share was
paid on 17 January 2020.
7. Principal risks and uncertainties
The Board is responsible for determining the level and nature of
risks it is appropriate to take in delivering the Group's
objectives, and for creating the Group's risk management framework.
The Board recognises that good risk management aids effective
decision making and helps ensure that risks taken on by the Group
are adequately assessed and challenged.
The Group has an established risk management strategy in place
and regularly reviews divisional and departmental risk registers as
well as the summary risk registers used at board level. A risk
register is prepared as part of the due diligence carried out on
acquisitions and the methodology is subsequently embedded.
All risk registers have a documented action plan to mitigate
each risk identified. The progress made on the action plan is
considered as part of the risk review process. The summary
divisional and departmental risk registers and action plans were
reviewed at risk meetings held in May 2020. In all cases it is
considered that the risk registers are being used as working
documents which provides the required assurance that existing risks
are being managed appropriately. In addition, the risk registers
provide a process for recognising, scoring and thus appropriately
managing new risks.
The risk registers are reviewed at the start (to facilitate the
planning process) and at the end of each internal audit project. A
post audit risk rating is agreed with management. If new risks are
identified following an audit project they are added to the
relevant risk register. Heat maps illustrating post audit risk
ratings and new risks are provided to the board in each published
internal audit report.
To promote risk awareness amongst group and divisional
employees, risk registers are disseminated further down levels of
management.
Since the balance sheet date, the Covid-19 pandemic risk has
emerged. The situation is under close review. In response the Board
considered and modelled the going concern position, this is fully
noted in the above statement. Covid-19 has not been identified as a
specific new risk, but considered in relation to each area of risk
it impacts. As such, 3 of the 8 principal risks disclosed in this
report (Market, Safety and Financial) have an increased risk
status. The executive board created a working party (Group CEO,
Group FD, Group HR Director and senior Divisional Managing
Directors) to consider the risks facing the Group and individual
Divisions. Since March the working party has met weekly to define
the response and employees have been informed of relevant actions
and outcomes where applicable. Refer to further discussion
regarding going concern above.
Further information is provided below on our principal risks and
mitigating actions to address them.
Market risk - increased due to the impact of Covid-19
Risk description
An economic downturn (as a result of economic cycles, political
or Brexit related uncertainty) could result in worse than expected
performance of the business due to lower activity levels or
prices.
Mitigation
Vp provides products and services to a diverse range of markets
with increasing geographic spread. The Group regularly monitors
economic conditions and our investment in fleet can be flexed with
market demand.
The Covid-19 pandemic has impacted the business, some Divisions
being more affected than others depending on the end market they
serve.
Competition
Risk description
The equipment rental market is already competitive and could
become more so, potentially impacting market share, revenues and
margins.
Mitigation
Vp aims to provide a first class service to its customers and
maintains significant market presence in a range of specialist
niche sectors. The Group monitors market share, market conditions
and competitor performance and has the financial strength to
maximise opportunities.
Investment/product management
Risk description
In order to grow it is essential the Group obtains first class
products at attractive prices and keeps them well maintained.
Mitigation
Vp has well established processes to manage its fleet from
investment decision to disposal. The Group's return on average
capital employed was a healthy 14.5% (2019: 14.5%) in 2019/20. The
quality of the Group's fleet disposal margins also demonstrate
robust asset management and appropriate depreciation policies.
Immediate actions taken include the deferral of capital
expenditure.
People
Risk description
Retaining and attracting the best people is key to our aim of
exceeding customer expectations and enhancing shareholder
value.
Mitigation
Vp offers well structured reward and benefit packages, and
nurtures a positive working environment. We also try to ensure our
people fulfil their potential to the benefit of both the individual
and the Group, by providing appropriate career advancement and
training.
The Group has utilised the Government's Job Retention Scheme.
The Group will look to bring back furloughed employees to work when
trading levels improve.
Safety - increased due to the impact of Covid-19
Risk description
The Group operates in industries where safety is a key
consideration for both the wellbeing of our employees and customers
that hire our equipment. Failure in this area would impact our
results and reputation.
Mitigation
The Group has robust health and safety policies and management
systems. Our induction and training programmes reinforce these
policies. We have compliance teams in each division.
We provide support to our customers exercising their
responsibility to their own workforces when using our
equipment.
The Covid-19 pandemic has had a significant impact on our
employees, many of whom have successfully transitioned to working
from home. Our IT processes and prior planning facilitated
this.
Office workplace assessments have been completed to allow a
managed transition back to work in a safe and controlled
manner.
Our compliance teams have carefully considered safe methods of
working in our depot network and with due consideration of how the
business can safely interact with our customers.
Financial risks - increased due to the impact of Covid-19
Risk description
To develop the business Vp must have access to funding at a
reasonable cost. The Group is also exposed to interest rate and
foreign exchange fluctuations which may impact profitability and
has exposure to credit risk relating to customers who hire our
equipment.
Mitigation
The Group has borrowing facilities of GBP200 million and strong
relationships with all lenders. Our treasury policy defines the
level of risk that the Board deems acceptable. Vp continues to
benefit from a strong balance sheet, and EBITDA, which allows us to
invest into opportunities.
The Group has a detailed model (which has been updated post
Covid-19) to assess our cash position relative to the key
indicators that exist in the business e.g. current revenue, payment
holidays, capital expenditure levels and revised cost models. This
is under constant review. These scenarios have formed the basis of
discussions with our lenders, who have collectively communicated
their commitment to the business. Refer to further discussion above
regarding going concern.
Our strong balance sheet position and committed borrowing
facilities provide adequate headroom against the downturn in
activity caused by the Covid-19 pandemic.
Our treasury policy requires a significant proportion of debt to
be at fixed interest rates and we facilitate this through interest
rate swaps and fixed interest borrowings. We have agreements in
place to buy or sell currencies to hedge against foreign exchange
movements. We have strong credit control practices and use credit
insurance where it is cost effective. Average debtor days were 62
(2019: 58) days and bad debts, as a percentage of revenue remained
low at 0.8% (2019: 0.5%).
Contractual risks
Risk description
Ensuring that the Group commits to appropriate contractual terms
is essential; commitment to inappropriate terms may expose the
Group to financial and reputational damage.
Mitigation
The Group mainly engages in supply only contracts. The majority
of the Group's hire contracts are governed by the hire industry
standard terms and conditions. Vp has defined and robust procedures
for managing non-standard contractual obligations.
Legal and regulatory requirements
Risk description
Failure to comply with legal or regulatory obligations
culminating in financial penalty and/or reputational damage.
Mitigation
The Group mitigates this risk utilising:
-- Specialist Project Committees (e.g. GDPR) with ongoing
responsibility to review key compliance areas and investigate
breaches and non-conformance.
-- Assurance routines from Group Internal Audit and External Auditors.
-- Comprehensive training and awareness programmes rolled out to
wider business (including GDPR, Modern Slavery, Competition Law,
Bribery and Corruption) by representatives from Group Finance, HR,
Internal Audit and IT.
-- Established whistleblowing policy circulated to all employees.
-- Use of legal advisers where required.
8. Forward Looking Statements
The Chairman's Statement and Business Review include statements
that are forward looking in nature. Forward looking statements
involve known and unknown risks, assumptions, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Group to be materially different from any
future results, performance or achievements expressed or implied by
such forward looking statements. Except as required by the Listing
Rules and applicable law, the Company undertakes no obligation to
update, review or change any forward looking statements to reflect
events or developments occurring after the date of this report.
9. Annual Report and Accounts
The Annual Report and Accounts for the year ended 31 March 2020
will be provided to shareholders before the end of June 2020.
Directors' Responsibility Statement in Respect of the Annual
Financial Report (extracted from the Annual Financial Report)
We confirm that to the best of our knowledge:
-- The Group and Parent Company financial statements which have
been prepared in accordance with IFRSs as adopted by the European
Union, give a true and fair view of the assets, liabilities,
financial position and profit of the Group and Parent Company;
and
-- The Business Review and Financial Review, which form part of
the Directors' Report, include a fair review of the development and
performance of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole,
together with the description of the principal risks and
uncertainties that they face.
10. Alternative Performance Measures
(i) All performance measures stated as before amortisation are
also before impairment of intangibles and exceptional items.
(ii) Basic earnings per share pre amortisation and exceptional
items is reconciled to basic earnings per share in note 3.
(iii) Profit before tax, amortisation and exceptional items is
reconciled to profit before tax in the Income Statement.
(iv) EBITDA is reconciled to profit before tax, amortisation and
exceptional items by adding back net financial expenses and
depreciation.
(v) Return on average capital employed is based on profit before
tax, interest, amortisation and exceptional items divided by
average capital employed on a monthly basis using the management
accounts. Profit before tax, interest, amortisation and exceptional
items is reconciled to profit before interest and tax in the Income
Statement.
For and on behalf of the Board of Directors.
J F G Pilkington A M Bainbridge
Director Director
- Ends -
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR EAXKNEEAEEFA
(END) Dow Jones Newswires
June 10, 2020 02:00 ET (06:00 GMT)
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