Interim Results

Vibroplant PLC
5 December 2000


Date:      Embargoed until 7.00 am, Tuesday 5 December 2000

Contacts:  Jeremy Pilkington, Chairman & Chief Executive
           Neil Stothard, Finance Director
           Vibroplant plc                                 Tel: [phone]

           Peter Otero
           Financial Dynamics                             Tel: [phone]


                       Vibroplant plc: Interim Results

Vibroplant plc, the specialist UK plant and tool hire group, announces its
interim results for the six months ended 30 September 2000:

  * Total Group Revenue (including terminated operations): £29.7m (1999:£26.6m) 
    generating an operating profit of £1.4m (1999: £2.4m)

  * Earnings per share of 1.43p (1999: 3.22p)

  * Maintained interim dividend of 1.4p per share

  * Net debt of £16.3m (1999: £12.3m), registering an increase of £4m in the
    period, reflecting an acquisition and increased capital investment

  * Acquisitions include:


        -     Purchase of Handi Hire in May, adding 24 Midland branches to the
        Group's tool hire portfolio

        -     Since 30 September, purchase of the rail infrastructure rental
        assets of Hewden Stuart Plc for inclusion within the Torrent Trackside
        division

  * Programme to exit from general plant rental activities now complete. The
    Group is now focused on three business units:

-     Vibroplant

-     Tool Hire

-     Torrent Trackside

Jeremy Pilkington, chairman & chief executive, comments:

'With the repositioning of operations out of low margin general plant
activities, shareholders now have a Group focused on growth from strong market
positions in niche rental sectors enjoying, or capable of achieving, higher
rates of growth and return on capital employed. We now believe the Group is
better positioned to generate future profit growth than it has been for many
years.'

                             CHAIRMAN'S STATEMENT

In my statement accompanying last year's results, I indicated that we had
commenced a programme to substantially exit from our general plant rental
activities. This programme was subsequently extended to include our remaining
general plant activities in Scotland and I am pleased to report that this
process has been successfully completed.

As a result the Group is now focused on three business units; Vibroplant (the
continuing UK Forks, Airpac, Groundforce and Safeforce businesses), Tool Hire
and Torrent Trackside. The financial figures accompanying this statement are
presented so as to delineate between the terminated operations and these
retained businesses.

Total Group revenue for the six months ended 30 September 2000, including
terminated operations, was £29.7m (1999 : £26.6m) generating an operating
profit of £1.4m (1999 : £2.4m) and earnings per share of 1.43p (1999 : 3.22p).

Cash inflow from operating activities was £2.7m (1999 : £8.0m) reflecting the
cash impact of the termination of the general plant activities. Net debt at 30
September was £16.3m (£12.3m at 31 March 2000), an increase of £4.0m in the
period due to the acquisition made and the level of capital investment. This
represents gearing of 35% on shareholders' funds of £46.5m.

The directors are recommending a maintained interim dividend of 1.4 pence per
share. The directors believe that maintenance of the dividend at this stage is
appropriate given the progress made in refocusing the Group around its better
margin and growth businesses. The dividend is payable on 8 January 2001, to
shareholders registered as at 15 December 2000.

RETAINED OPERATIONS

VIBROPLANT DIVISION

  * Turnover of £10.8m
  * Operating profit of £1.9m
  * Investment in rental fleet £9.0m

Comparable figures for the corresponding period last year are not available.

UK Forks


UK Forks was launched at the beginning of this financial year as a specialist
forktruck rental business, building on this product group which was previously
operated within the general plant business. UK Forks has received significant
investment this year in the renewal and expansion of its rental fleet and is
now positioned as the leading rental specialist in its field operating
nationally from 9 locations. Its core residential and new build construction
markets are currently enjoying steady but real growth and we see opportunities
for further growth as we enter alternative, non-construction markets.


Airpac


Airpac experienced a mixed start to the year. The offshore oil and gas markets
began recovering from last year's weakness, buoyed by the recent strong rise
in oil prices. Onshore, demand has remained flatter but we are starting to
feel the benefits from our introduction of new products into this mainly
industrial business sector.


Groundforce


After a strong finish to the previous year, Groundforce has experienced a
slower start to the current financial year. Nevertheless, Groundforce has
performed satisfactorily with the continued introduction of higher value
adding services and additional bespoke products. The delays in the
implementation of the investment programme in response to E.U. directives on
waste water management has inevitably depressed workloads in the water utility
sector but we remain confident of maintained strong performance from our
shoring business.


Safeforce


The relaunch of our safety equipment rental business as Safeforce at the
beginning of the new financial year has acted as a focus for prioritising the
growth of this small but promising business. The addition of new products and
services to our traditionally groundworks orientated rental business is now
starting to deliver revenue and profit growth. We remain positive about the
growth potential of Safeforce.


TOOL HIRE DIVISION

  * Turnover up 79% to £12.7m (1999 : £7.1m)
  * Operating profit up 83% to £1.1m (1999 : £0.6m)
  * Investment in rental fleet £3.8m


Our various tool hire interests, built up on a regional basis through
acquisition and organic growth over the past 4 years, have now been integrated
within a single management structure.


As previously announced, we acquired the business of Handi Hire at the end of
May for a consideration of £2.6m. Handi Hire has 24 branches across the
Midlands and has subsequently been fully integrated within our tool network.


Our programme of greenfield openings continued with shops being opened in
Huddersfield, Portsmouth, and Ashford.


In addition, we launched Lifting Point, a specialist lifting equipment
division within small tools. Lifting Point presently operates from three
locations and will be progressively rolled out nationally over the coming
months.


A common national tool hire brand will be launched early next year that will
offer seamless trading on a national basis.


TORRENT TRACKSIDE

  * Turnover up 73% to £2.6m (1999 : £1.5m)
  * Operating profit up 63% to £0.44m (1999 : £0.27m)
  * Investment in rental fleet totalled £0.4m


The recent tragic rail accidents have brought to the public attention the
unsatisfactory condition of the national rail infrastructure. The new urgency
with which the backlog of work is being addressed should provide significant
growth opportunities for Torrent.


Torrent recently acquired from Hewden Stuart Plc the assets of their rail
infrastructure rental business, thereby consolidating our leadership in this
sector.


TERMINATED OPERATIONS


  * Turnover £3.6m

  * Operating loss £2.0m


The costs of exiting the terminated businesses have been borne within the
interim figures we are reporting today. The second half will not contain any
further costs of a material nature relating to terminated activities.




OUTLOOK


With the repositioning of operations out of low margin general plant
activities, shareholders now have a Group focused on growth from strong market
positions in niche rental sectors enjoying, or capable of achieving, higher
rates of growth and return on capital employed. I would like to take this
opportunity to thank employees throughout the Group for their hard work and
perseverance throughout this difficult transitionary period. We believe the
Group is better positioned to generate future profit growth than it has been
for many years.




Jeremy Pilkington

4 December 2000


Vibroplant plc

Consolidated profit and loss account
           
                 Notes          Six months to          Six months      Year to
                                 30 Sept 2000     to 30 Sept 1999               
                                  (unaudited)         (unaudited)    31 March
                                                                          2000
   
                        Retained  Terminated     Total
                      Operations  Operations
                             £000       £000      £000        £000        £000

Turnover                  26,129       3,556    29,685      26,622      55,002

Trading                    7,417        (853)    6,564       7,584      15,113
Profit

Depreciation              (3,861)     (1,175)   (5,036)     (5,127)    (10,591)

Amortisation            
of goodwill                 (100)          -      (100)        (34)        (83)

Operating              
Profit                     3,456      (2,028)    1,428       2,423       4,439

Profit on                                    
disposal of                   
subsidiary
company                        -           -         -           -       1,487

Loss on
termination               
of                        
businesses                     -         (15)      (15)          -      (1,770)

Profit on
ordinary                
activities
before
interest                   3,456      (2,043)    1,413       2,423       4,156

Net interest                               
payable                                           (506)       (340)       (727)

Profit on
ordinary                                      
activities
before
taxation                                           907       2,083       3,429

Taxation                                         (272)        (625)     (1,523)

Profit on
ordinary                                        
activities
after
taxation                                          635        1,458      1,906 
Dividends

- Interim      6                                 (618)        (611)      (607)
- Final                                            
  proposed                                          -            -     (1,190)

Retained
profit for                                        
the
period                                            17           847        109

Earnings per
5p ordinary    5                                1.43p         3.22p      4.22p

share

Diluted
earnings per   
5p             5                                1.43p         3.21p      4.22p

ordinary
share

Dividend per
5p ordinary    6                                1.40p         1.40p      4.05p

share

All the activities reflected in the profit and loss account are continuing as
defined by FRS 3.

Vibroplant plc

Consolidated balance sheet




                           30 Sept 2000        31 March 2000      30 Sept 1999

                            (unaudited)                            (unaudited)
                           £000     £000        £000    £000      £000    £000
Fixed assets

Intangible assets -       4,675                2,013             1,373
goodwill
Tangible assets          53,420               54,382            56,039
Investments - own shares  1,168                  796               525
                                  59,263              57,191            57,937

Current assets
Stocks                    2,169               2,026               2,094
Debtors                  17,667              15,580              15,158
Cash at bank and in hand     76                 193               1,082
                         19,912              17,799              18,334

Creditors: amounts
falling                (25,237)             (17,677)            (18,481)

due within one year

Net current
(liabilities) /                   (5,325)                122              (147)

assets

Total assets less
current                           53,938              57,313            57,790

liabilities

Creditors: amounts
falling

due after more than one           (6,589)            (10,043)          (10,402)

year

Provisions for
liabilities and                     (816)               (754)             (134)

charges

Net assets                        46,533              46,516            47,254


Capital and reserves
Called up share capital            2,309               2,309             2,309
Share premium account             16,192              16,192            16,192
Revaluation reserve                1,646               1,646             1,969
Profit and loss account           26,359              26,342            26,757
Equity shareholders'              46,506              46,489            47,227
funds
Equity minority                       27                  27                27
interests
                                  46,533              46,516            47,254



Vibroplant plc

Consolidated cash flow statement


                            Note  Six months to 30  Six months to 30   Year to
                                         Sept 2000         Sept 1999
                                                                      31 March
                                        (unaudited)      (unaudited)      2000

                                             £000              £000       £000

Cash flow from operating      7             2,717             8,010     14,351
activities

Net cash outflow from
returns on                                   (506)             (340)      (727)

investments and servicing
of finance

Tax paid                                     (212)               (9)      (494)

Net cash inflow / (outflow)
from capital                                    6            (1,262)    (3,186)

expenditure and financial
investment

Net cash outflow from
acquisitions and                             (628)             (897)    (1,827)

disposals

Equity dividends paid                           -                 -     (1,831)

Cash inflow before
management of liquid                        1,377             5,502      6,286

resources and financing

Net outflow from financing                 (2,208)          (1,730)     (3,403)

(Decrease) / increase in                     (831)           3,772       2,883
cash in the year



Vibroplant plc

Notes



 1. Basis of preparation


        The interim financial statements have been prepared on the basis of
        the accounting policies set out in the Group's financial statements as
        at 31 March 2000.

        A tax rate of 30% has been used in the profit and loss account to
        reflect the estimated tax charge for the full year.

 2. Total recognised gains and losses

    All recognised gains and losses for the reporting periods are reflected in
    the consolidated profit and loss account.
 3. Trading performance of acquisitions

    The trading performance of acquisitions in the period is not material in
    Group terms and therefore has not been disclosed separately.
 4. Reconciliation of movements in consolidated shareholders' funds for the six
    months ended 30 September 2000
                                Six months to 30    Year to    Six months to 30
                                      Sept 2000  March 2000           Sept 1999

                                    (unaudited)                     (unaudited)
                                           £000        £000               £000

          Profit for the period            635        1,906              1,458
          Dividends                       (618)      (1,797)              (611)
                                            17          109                847
          Goodwill write off                 -          (11)               (11)

          Net increase in                   17           98                836
          shareholders funds
          Opening shareholders'         46,489       46,391             46,391
          funds
          Closing shareholders'         46,506       46,489             47,227
          funds


 5. Earnings per share have been calculated on 44,528,919 shares (1999:
    45,295,000) being the weighted average number of shares in issue during
    the year. Diluted earnings per share have been calculated on 44,554,871
    shares (1999: 45,388,539).
 6. The Directors are proposing an interim dividend of 1.40 pence (1999: 1.40
    pence) per share payable on 8 January 2001 to shareholders on the register
    on 15 December 2000. The charges in the profit and loss account reflect
    the adjustments for the interim and final dividends waived by the
    Vibroplant Employee Trust in relation to the shares it holds for the
    Group's share option schemes.


 7. Reconciliation of operating profit to net cash inflow from operating
    activities.
                                   Six months to 30  Six months to 30   Year to
                                          Sept 2000         Sept 1999
                                                                      31 March
                                         (unaudited)      (unaudited)     2000
                                                £000            £000      £000

          Operating profit                     1,428          2,423      4,439
          Exceptional business                  (553)             -          -
          termination costs
          Depreciation and                     5,136          5,161     10,674
          amortisation
          Profit on sale of tangible            (945)          (908)    (2,106)
          fixed assets
          Decrease / (increase) in                29            (21)        63
          stocks
          (Increase) / decrease in              (802)           967        388
          debtors
          (Decrease) / increase in            (1,576)           388        893
          creditors

          Net cash inflow from                 2,717          8,010     14,351
          operating activities




 8. Analysis of net debt (unaudited)

                                As at  Cash                  Other        As at

                         1 April 2000  Flow Acquisitions  Non-cash 30 Sept 2000

                                                           changes
                                 £000  £000         £000      £000        £000

Cash at bank and in hand          193  (117)           -         -          76
Overdraft                           -  (714)           -         -        (714)
Medium term loan               (6,000)   36         (606)        -      (6,570)
Loan notes                       (235)    -            -    (2,676)     (2,911)
Finance leases and hire        (6,296) 2,172      (1,340)     (700)     (6,164)
purchases
                              (12,338) 1,377      (1,946)   (3,376)    (16,283)



Other information

Comparative figures

The comparative figures for the financial year ended 31 March 2000 are not the
Group's statutory accounts for that financial year. Those accounts have been
reported on by the Group's auditors and delivered to the Registrar of
Companies. The report of the auditors was unqualified and did not contain a
statement under Section 237(2) or (3) of the Companies Act 1985.



Independent review report by KPMG Audit Plc to Vibroplant plc

Introduction

We have been instructed by the company to review the financial information set
out on pages 6 to10 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with
those applied in preparing the preceding annual accounts except where they are
to be changed in the next annual accounts in which case any changes, and the
reasons for them, are to be disclosed.

Review work performed

We conducted our review in accordance with the guidance contained in Bulletin
1999/4: Review of interim financial information issued by the Auditing
Practices Board. A review consists principally of making enquiries of group
management and applying analytical procedures to the financial information and
underlying financial data and, based thereon, assessing whether the accounting
policies and presentation have been consistently applied unless otherwise
disclosed. A review is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on the
financial information.

Review conclusion

On the basis of our review we are not aware of any material modification that
should be made to the financial information as presented for the six months
ended 30 September 2000.

KPMG Audit Plc

Chartered Accountants

Leeds

4 December 2000