r e
excavator initiative; the machines are being moved around different branches through 2012 and 50% of the revenue generated from these machines will go to its nominated charities.
Parent Travis Perkins is the UK’s leading builders’ merchant and DIY retailer with a network of over 600 branches. Shortly before Christmas the company issued a trading update which indicated that the turnover in the company’s merchanting division rose 11.3% with like-for-like turnover per trading day up by 9.3%. In the course of last year, Travis Perkins acquired 13 stores from the administrators of Focus.
On the first trading day of 2012, Travis Perkins announced that it had acquired the outstanding 70% of shares in Toolstation Ltd, described as ‘a fast growing multi-channel business selling lightside building material products.’ Toolstation has 103 outlets. Travis Perkins purchased a 30% stake in the business in 2008 when Toolstation had just 12 outlets.
HIRE STATION Managing Director
Head Office
Telephone Number Website
Hire activities
Geographical coverage Status
COMMENT
Vp issued its half year results in late November and these showed strong progress with revenues up by 18% to £84.0m and profits before tax increasing by 22% to just over £10m. Chairman Jeremy Pilkington described the prospects for the business as “excellent. Our combination of consistency, resilience, and financial strength contributed to an outstanding first half performance.” Despite this strong progress, the shares ended the year 13% below their 2011 high point of 260p in June; the current price of 225p capitalises the company at £97.3m.
All six of the company’s divisions saw revenue growth in the half year, with Hire Station expanding its sales by nearly 12% to £29.3m. The tool hire operation, however, saw its margins squeezed and operating profits fell by 15% to £1.5m. Jeremy Pilkington’s describes Hire Station as experiencing “mixed fortunes” and refers to its market dependence on “general construction activity which shows no near term signs of recovery.” Hire Station has undertaken a number of initiatives to improve margins including price increases and a thorough overhaul of operating procedures to improve both service and quality of delivery. The specialist businesses of ESS Safeforce and MEP performed well, especially the former.
e
150mmDIESELChipper
John Singleton
Field Farm Road, Long Eaton, Nottingham NG10 3FZ
0845 604 5337
www.hirestation.co.uk
General tool hire, lifting and safety equipment, specialist fusion and pipe fitting equipment National
Subsidiary of Vp plc, a public company listed on the London Stock Exchange
FOR
(Petrol option available)
£8995 £63 £9995 £70
£9,995
www.greenmech.co.uk 01789 400 044
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