• Presentation• to Carillion

The Equipment Rental Specialists

9th June 2010

The Equipment Rental Specialists

Vp plc

Interim Results

for the six months ended

30 September 2011

Agenda

● Summary

● Operational review

● Financial review

● Conclusion

1

Results Summary

H1 H1

2012 2011

Profit before tax and amortisation £10.4m £8.6m +21%

Revenue £84.0m £71.1m +18%

Earnings per share pre amortisation 19.4p 15.4p

Total dividend per share 3.10p 3.10p

2

Excellent profit and revenue growth in a challenging trading

environment

Significantly increased fleet investment

Modest increase in borrowings – strong cash generation

ROCE and net margin improved

Diversity smooths impact of individual sector dynamics

Highlights – sector leading performance 3

Revenue and operating profit trends

Revenue (£m) Operating Profit (£m)

2007 2008 2009 2010 2011 20120

5

10

15

20

25

30

16.3

23.325.4

18.616.5

17.0

11.6

Actual Brewin Dolphin Forecast

4

FY FY

FY 2012

Group structure 5

Market diversity

Infrastructure

Proportion of total Group revenue 41% 27% 13% 6% 5% 8%

Total revenue in H1 - £84m £34.0m £22.4m £11.1m £5.4m £4.2m £6.9mIn

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6

Divisional overview

All divisions profitable

Profit growth from UK Forks/Torrent Trackside/Airpac Bukom

Increased capex - supporting growth opportunities

Improved utilisation and pricing countering some supply cost inflation

Quality returns – double digit margins, double digit ROCE

Current year strength in Regulated Markets, Oil & Gas and

Housebuild

European expansion continues in TPA and Groundforce

Financial strength enables the business to respond quickly

7

Business performance

H1 H1 H1 H1

2012 2011 2012 2011

£m £m £m £m

Groundforce 17.3 15.6 +11% 3.5 3.5 0%

UK Forks 6.6 5.3 +25% 1.0 0.6 +67%

Airpac Bukom 10.3 8.5 +21% 2.0 1.5 +33%

Torrent Trackside 10.0 6.2 +61% 1.4 0.6 +133%

TPA 10.5 9.3 +13% 2.2 2.1 +5%

Hire Station 29.3 26.2 +12% 1.5 1.7 -12%

TOTAL 84.0 71.1 +18% 11.6 10.0 +16%

Operating Margin 13.8% 14.1%

Revenues PBITA

8

Fleet capital expenditureH1 H1 Full Year

2012 2011 2011

£m £m £m

Groundforce 2.6 1.7 3.8

UK Forks 3.2 1.1 4.4

Airpac Bukom 0.2 0.5 1.3

Torrent Trackside 1.2 1.2 2.9

TPA 4.0 0.9 1.5

Hire Station 4.7 3.5 10.3

Other capex 1.3 0.8 1.9

Total capex 17.2 9.7 26.1

Disposal proceeds 3.5 4.1 7.2

Net expenditure 13.7 5.6 18.9

9

Operational outlook

Markets offer opportunity though general construction is expected toremain weak

Quality of opportunity governs investment decision

Overseas activities will continue to develop

Macro challenges ongoing, but we are confident in our ability tomaintain our strong track record

10

Financials 11

Highlights

H1 H1 Full Year

2012 2011 2011

Revenue £84.0m £71.1m £141.0m

EBITDA £21.5m £19.2m £35.0m

EBITA £11.6m £10.0m £16.5m

Profit before tax, amortisationand prior year exceptional

Net margin 12.4% 12.1% 9.8%

ROCE 13.1% 12.8% 12.3%

£10.4m £8.6m £13.8m

12

Earnings and dividend per share

H1 H1 Full Year

2012 2011 2011

Basic EPS 19.4p 15.4p 26.1p

Diluted EPS 18.6p 15.2p 25.9p

Dividend per share 3.1p 3.1p 10.8p

Tax rate 22.3% 24.8% 20.0%

13

Quality returns

Operating margin (%) Return on Average Capital Employed (%)

Earnings per share (pence) Dividend per share (pence)

9.6

21.6

15.4

March September

2.0 2.32.8 3.1

14

Robust balance sheet

30 Sept 11 31 Mar 11 30 Sept 10

£m £m £m

Property, plant and equipment 105.9 101.3 96.2

Intangible assets 39.3 39.6 40.2

Non current assets 145.2 140.9 136.4

Net working capital 2.1 0.6 2.1

Pension obligations - (0.2) (0.9)

Deferred tax (8.5) (9.3) (9.3)

Capital employed 138.8 132.0 128.3

Net debt (43.4) (40.5) (40.4)

Net assets 95.4 91.5 87.9

Debtor days 60 65 67

15

Operating cash flow

H1 H1 Full Year

2012 2011 2011

£m £m £m

Operating profits 11.6 10.0 16.5

Depreciation 9.9 9.2 18.5

EBITDA 21.5 19.2 35.0

Changes in debtors/creditors/stock (4.5) (1.8) 1.6

Gross Capex (19.1) (9.9) (21.9)

Proceeds from disposals 3.5 4.1 7.2

Profit on asset disposals (0.8) (1.3) (2.3)

Interest (1.3) (1.4) (2.7)

Tax (1.2) (0.4) (3.1)

Dividends - - (4.5)

Other (1.0) (0.6) (1.5)

Cash movement (change in net debt) (2.9) 7.9 7.8

16

Modest gearing, comfortably within covenants

Net debt Underlying gearing

Interest cover (12 months) Net debt / EBITDA (12 months)

17

Bank facilities

30 Sept 31 Mar

2011 2011

£m £m

Committed facilities

Due to expire Sep '11 - 20

Due to expire May '13 35 35

Due to expire Aug '15 30 -

65 55

Overdraft facilities 5 10

Total facilities 70 65

18

Vp qualities that will deliver further progress

● Resilient– market leading positions– diverse markets– specialist

● Consistent– quality returns, even in downturn

● Financial– positive cash generation– strong balance sheet

● Sustainable– consistently enhancing shareholder value

19

• Presentation• to Carillion

The Equipment Rental Specialists

9th June 2010

The Equipment Rental Specialists

Supplementary Schedules

20

Net working capital

H1 H1 Full Year

2012 2011 2011

£m £m £m

Inventories 5.9 4.1 5.4

Trade debtors 31.5 27.1 28.7

Prepayments and other debtors 7.5 4.3 4.6

Current assets 44.9 35.5 38.7

Trade creditors (17.7) (11.4) (18.8)

Accruals and other creditors (25.1) (22.0) (19.3)

Net working capital 2.1 2.1 0.6

Debtor days 60 67 65

21

Effective rate of tax

H1 H1 Full Year

2012 2011 Mar 2011

% % %

Standard rate 26.0 28.0 28.0

Permanent disallowables 1.0 1.4 0.8

Chattels (1.5) (1.4) (1.8)

Share schemes (0.4) 1.1 (1.4)

Prior year adjustments - (0.5) (0.8)

Rate change (3.7) (5.0) (6.4)

Other 0.9 1.2 1.6

Effective rate 22.3 24.8 20.0

22

1954

1990

2010

2006

19731980

Group history – 1954 to date

Turnover 1970: £2m 1980: £14m 1990: £70m 2000: £55m 2010: £134m 2011: £141m

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;

specialist businessesexpanded

1997Rail: Torrent

Trackside acquired

2000UK Forks division

2001Renamed Vp plc

2005TPA and ESS

acquired

2007 - 2009Continuing growth inspecialist areas via

acquisitions of MEP andU Mole; and start up ofClimate Hire, Easiform

andVirtual Hire

2010Geographical expansion:Global (Airpac Bukom).

Eire (Groundforce),Germany (TPA)

1954

19731980 1990

2006

2011

23

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

Markets:• Civil engineering (including regulated

AMP programme), construction and housebuilding

Opportunities:• AMP 5• European growth

24

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

25

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

Markets:• Well testing, rig maintenance, gas

transfer, LNG

Opportunities:• Recovery in well test market• New applications• Greater penetration of under represented

geographic regions

26

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

Markets:• Maintenance and renewals projects on

national rail network, London Underground

Opportunities:• Network Rail maintenance contract• LUL, Crossrail, renewal activity

27

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• European growth

28

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 – own brand partnerships,

e.g. Homebase, Garden Centre Group

Markets:• Construction, industry, civil engineering,

housebuild, DIY

Opportunities:• Specialist products• Market share growth

29