• Presentation• to Carillion

The Equipment Rental Specialists

9th June 2010

The Equipment Rental Specialists

Vp plc

Final Results

for the year ended

31 March 2012

● Results Summary

● Operational Review

● Financial Review

● Conclusion

Agenda 1

2Results summary

2012 2011

Profit before tax and amortisation £16.0m £13.8m +16%

Revenue £163.6m £141.0m +16%

Earnings per share pre amortisation 30.8p 26.1p +18%

Total dividend per share 11.35p 10.8p +5%

Return on Capital Employed 13% 12%

3Highlights

● Impressive trading performance - ahead of market expectations

● No improvement in overall market conditions

● Organic revenue growth, double digit margins maintained

● Strong cash generation

● Borrowings unchanged

● Increased fleet investment to £32.1m (+33%) - ROCE improved

● Successful share tender offer in March 2012

● Service and market specialisation continues to deliver results

4Revenue and operating profit trends

Revenue(£m)

Record revenues Positive profit trend

Operating profit(£m)

5Operational review

6Effective market re-alignment

Segmental % of Total Group Revenues

Market Segments

Total revenue in FY12 - £163.6m £71.3m £39.2m £21.3m £13.1m £4.4m £14.3m

Proportion of total Group revenue 2012 43% 24% 13% 8% 3% 9%

Proportion of total Group revenue 2011 37% 31% 13% 7% 3% 9%

Infrastru

cture

Co

nstru

ction

Oil an

d G

as

Ho

useb

uild

ing

Even

ts

Oth

er

7Group structure

8Divisional overview

● All divisions profitable and growing

● Positives:– reputation for quality of service and equipment is delivering

success across the divisions– appetite and opportunity for fleet investment is growing– divisional initiatives for continuing service improvement– rail, housebuild, oil and gas and utility markets supportive

● Challenges:– macro economic position tests market confidence,– general construction sector remains subdued– price inflation in transport, capital equipment and spares

● Potential for further progress

9Business performance

2012 2011 2012 2011

£m £m £m £m

UK Forks 13.2 10.8 1.5 1.1 Maintained progress

Groundforce 33.7 30.3 6.7 6.7 Specialist sub-sectors

Airpac Bukom 19.5 17.5 3.6 2.7 LNG demand

Hire Station 60.3 53.5 3.3 3.0 Safety services

TPA 14.7 14.0 1.2 1.4 Operational challenge

Torrent Trackside 22.1 14.9 2.2 1.6 Widespread demand

TOTAL 163.6 141.0 +16% 18.5 16.5 +12%

Operating Margin 11.3% 11.7%

Revenues PBITA

10Capital investment in fleet

2012 2011

£m £m

UK Forks 8.6 4.4 High utilisation

Groundforce 5.6 3.8 Specialist investment

Airpac Bukom 2.0 1.3 New products

Hire Station 8.1 10.3 Tool hire fleet re-alignment

TPA 5.1 1.5 Pitch cover, overseas fleet

Torrent Trackside 2.9 2.9 Maintained demand

Total fleet capex 32.1 24.2

Disposal Proceeds (7.4) (7.2)

Net expenditure 24.7 17.0

11Operational outlook

● New financial year has started well

● We will maintain our focus to improve the quality of earnings in our existing businesses

● Uncertainty in domestic and European markets remains a factor but.......

● Our established strength in specialist sectors across a breadth of markets will provide opportunity and.....

● Our excellent, long established, track record demonstrates we have the ideas, the ambition and the ability to deliver further business improvement

12Financial review

13Financial highlights – excellent performance

2012 2011

Revenue £163.6m £141.0m +16%

EBITDA £38.7m £35.0m +11%

EBITA £18.5m £16.5m +12%

Profit before tax and amortisation £16.0m £13.8m +16%

Net margin 9.8% 9.8%

ROACE 13.0% 12.3%

14Earnings per share

2012 2011

Basic EPS 29.63p 23.42p +27%

Basic EPS (pre amortisation & exceptionals) 30.76p 26.09p +18%

Net profit for year £12.2m £9.8m +25%

Amortisation/exceptionals after tax £0.5m £1.1m

Weighted average number shares 41.3m 41.8m

Tax rate 20.2% 20.0%

15Dividend per share

Pen

ce p

er s

har

e

Dividend per share (pence)

2012 2011

Basic EPS 29.63p 23.42p

Dividend per share 11.35p 10.80p

Dividend cover 2.6x 2.2x

● Maintained strong performance in second half

● Confident in ability to deliver in future

● Macro economic challenges stable ?

16Tender offer

● Share buy back of 3.1m shares at 254 pence per share

● £7.8m returned to shareholders

● Earnings per share enhancing

● Tender offer oversubscribed

● Successfully completed on 4 April 2012 at nominal expense

● Balance sheet liability of £7.8m at 31 March 2012

17Robust ROACE - improved

Average CapitalEmployed £m

ROACE

Ave

rag

e C

ap

ital

Em

plo

yed

£m

RO

AC

E

18Significant investment for organic growth

96.4

88.290.9

99.7

28.4

13.9

24.2

32.1

16.9 16.9 16.6 18.2

6.9 5.2 4.9 5.1

0

20

40

60

80

100

2009 2010 2011 2012Fleet NBV Fleet CapexFleet Depreciation NBV Fleet Disposals

• Able to invest into customer demand

• Fleet asset lives 3 to 10 years

£m

2012 2011

£m £m

Property, plant and equipment 110.7 101.3

Intangible assets 39.0 39.6

Non current assets 149.7 140.9

Net working capital (9.4) 0.6

Pension/deferred tax (8.8) (9.5)

Capital employed 131.5 132.0

Net debt (40.4) (40.5)

Net assets 91.1 91.5

Gearing 44% 44%

Debtor days 63 65

Bad debt write off as % turnover 0.9% 0.9%

90% fleet

Includes tender offer

Low level gearing

Further improvement

19Strong balance sheet

2012 2011

£m £m

Operating profits 18.5 16.5

Depreciation 20.2 18.5

EBITDA 38.7 35.0

Changes in working capital 1.3 1.4

Gross capex (34.6) (21.9)

Proceeds from disposals 7.4 7.2

Profit on asset disposals (2.2) (2.3)

Interest (2.5) (2.7)

Tax (3.5) (3.1)

Dividends (4.5) (4.5)

Other (acquisitions and exceptionals) - (1.3)

Cash movement (change in net debt) 0.1 7.8

21

Growth in EBITDA

Capex growth

Net debt maintained

20Cash flow – significant capex net debt maintained

2121Bank facilities and headroom

31 March 31 March

2012 2011

£m £m

Revolving credit

3 year facility to Sep '11 - 20

3 year facility to Jun '13 35 35

4 year facility to Aug '15 30 -

65 55

Overdraft facility 5 10

Total facilities 70 65

Net debt 40.4 40.5

Headroom against facilities 29.6 24.5

24

EBITA InterestCover

Net debt /EBITDA

• Net debt reduced by £25m since 2009• Considerable headroom

Less than 2.5 times

Greater than 3 times

22Comfortably within covenants

23Conclusion

24Conclusion

● Strong balance sheet - financial gearing 18% - risk mitigation and capacity to fund opportunities

● Strong cash flow

● £56m investment in rental fleet in last two years - reduction in debt

● Strong working capital management

● Further progress on debtors - 63 days

● Diverse, specialist, high value added services

● Broad spread of end markets

● Market leading positions

● Continuous innovation of products and services

● Growing importance of international exposure

● Consistent, long term focus on shareholder value creation

● Stable management team

● Change positive culture

● Integrity

● Track record of successful acquisitions - opportunities may arise in the future

● Highest ever revenues - £164m

● Highest ever NBV rental assets - £100m

● Double digit operating margins - 11%

● ROCE growth - 13%

● Profit growth - 16% to £16m

Financial Strengths

Business Strengths

Management Strengths

Performance Strengths

2425Supplementary schedules

26Effective rate of tax

Mar 2012 Mar 2011

% %

Standard rate 26.0 28.0

Impact of tax rate change (5.0) (6.4)

Permanent disallowables 0.4 0.8

Chattels (1.8) (1.8)

Share option schemes - (1.4)

Prior year adjustments (0.3) (0.8)

Non qualifying depreciation 0.8 1.6

Other 0.1 -

Effective rate 20.2 20.0

27Net working capital

2012 2011

£m £m

Inventories 4.8 5.4

Trade debtors 30.0 28.7

Prepayments and other debtors 5.0 4.6

Current assets 39.8 38.7

Trade creditors (18.2) (18.8)

Accruals, other creditors and tax (31.0)* (19.3)

Net working capital (9.4) 0.6

*includes £7.8m tender offer credit

1954

1990

2010

2006

19731980

Turnover 1970: £2m 1980: £14m 1990: £70m 2000: £55m 2010: £134m 2012: £164m

1954Vibratory Roller & Plant Hire(Northern) Limited founded

1973Floated on main market

Vibroplant plc

1980Shoring division

established

1982US powered access

business established

1996Tool Hire:

Cannon Tool Hireacquired in 1996

2001Hire Station formedthrough merger of

5 regional toolbusinesses

2002-2004Shoring expansionthrough acquisition

of Mechplant,Trenchshore &

Eve Shorco2006

Acquisition of BukomOilfield Services

(Airpac Bukom formed)

1975First move into

specialist

1990Groundforceacquired from

SGB

1996Exit from USA;

UK specialist businessesexpanded

1997Rail: Torrent

Trackside acquired

2000UK Forks divisioncreated

2001Renamed Vp plc

2005TPA and ESS

acquired

2007 - 2009Continuing growth inspecialist areas via

acquisitions of MEP andU Mole

2010Geographical expansion:Global (Airpac Bukom).

Eire (Groundforce),Germany (TPA)

1954

19731980 1990

2006

2012

2011Mainland Europe -

Groundforce

28Group history – 1954 to date

19901980

29Group Thumbnail

● Rental specialist serving diverse, niche end markets

● 6 operating divisions

● Established for over 50 years

● Mainly UK based with growing European

exposure (Groundforce/TPA) and global presence (Airpac Bukom Oilfield Services)

● 1500+ employees; £100m asset base; £160m+

revenues

1954

1990

2010

2006

19731980

30TPA

Europe’s market leader in portable roadways:• Operations in UK, Republic of Ireland

and Germany

• Skilled installation of bespoke roadway and fencing solutions

Markets:• Transmission, outdoor events, rail,

construction - UK and Europe

Opportunities:• Regulated transmission programme, new

products and European growth

1954

1990

2010

19731980

31UK Forks

National hire of telescopic handlers/rough terrain forklifts:

• Only UK national telehandler specialist

• Fleet of c.1200 machines

• Strategically located distribution network

Markets:• General construction, housebuild and industry

Opportunities:• Housebuilding improvement, market share growth

1990

2010

1980

32Hire station

Tool hire and specialist equipment for construction and industry:

• Local tool hire branches supported by national call centre

• Plus, specialist products and services° ESS Safeforce – safety equipment and

confined space training° MEP – press fitting and electrofusion

equipment° Climate Hire – heating and cooling

products° Virtual Hire – ‘white label’ partnerships,

e.g. Homebase, Garden Centre GroupMarkets:

• Construction, industry, civil engineering, housebuild, DIY

Opportunities:• Specialist products, market share growth

1990

2010

1980

33Groundforce

Opportunities:• AMP 5, European growth

Markets:• Civil engineering (including regulated

AMP programme), construction and housebuilding

UK market leaders in the rental and sale ofShoring Products and Solutions:

• Groundforce has the largest excavation support fleet in the UK and Ireland

• Plus, specialist products and services

° Piletec – piling equipment

° Stopper Specialists – pipeline pressure testing

° Shorflo – pumps

° ‘U’ Mole – trenchless technology

1990

2010

1980

34Torrent Trackside

Opportunities:• LUL, Crossrail, increased renewal

activity

Markets:• Maintenance and renewals projects on

national rail network, London Underground and Network Rail maintenance contract

Provision of rail specific light plant, trackside lighting and skilled trackside personnel:

• Genuine 24/7 x 365 national support

• The widest range of specialist portable rail equipment in the UK

• Significant safety and compliance barriers to entry in a regulated market

19901980

35Airpac Bukom

Opportunities:• Recovery in well test market, new

applications and greater penetration ofunder represented geographic regions

Markets:• Well testing, rig maintenance, gas

transfer, LNG

International rental of high pressure air compressors, steam generators and specialist equipment supported by skilled engineers:

• Global network of six service and distribution facilities located in the UK (Aberdeen and Great Yarmouth), Singapore, Australia, Middle East and Latin America

• Rental assignments in more than 60 countries