By Elena Vardon
VP on Wednesday reported that its pretax profit for fiscal 2023 fell on year partly due to exceptional restructuring costs despite higher revenue, and said it is well placed for growth.
The equipment rental company posted a pretax profit of 30.7 million pounds ($38.1 million) for the year ended March 31 compared with GBP35.6 million the year prior.
Revenue rose 6% to GBP371.5 million from GBP350.9 million, driven by improving trading conditions in South East Asia, Australia and New Zealand as well as progress in the U.K. and Europe, it said.
VP proposed a final dividend of 26.5 pence a share, bringing the full-year payout to 37.5 pence, up from 36.0 pence a year earlier.
“Whilst some macroeconomic volatility remains, we are confident that the group will continue to deliver on its objectives of driving demand for products and services and increasing revenues and profitability,” Chief Executive Neil Stothard said.
Write to Elena Vardon at elena.vardon@wsj.com
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