Interim Results

Press Release 27 November 2009



                               Vp plc

                        ("Vp" or the "Group")

                           Interim Results

Vp plc, the equipment rental specialist, today announces its Interim
Results for the six months ended 30 September 2009.

Highlights


*     Revenues of £71.1 million (H1 2008 restated: £85.1 million)
*     Profit before tax, amortisation and exceptional items of £10.0
      million (H1 2008: £13.9 million)
*     Reduction in net capital investment to £2.4 million (H1 2008:
      £13.2 million)
*     Net debt reduced by £11 million to £55 million representing
      financial gearing of 53%
*     Interim dividend maintained at 3.1 pence per share
*     All divisions within the Group were cash positive


Jeremy Pilkington, Chairman of Vp plc, commented:
"We are  pleased  to  report  very satisfactory  results  in  such  a
challenging business  environment.  Whilst  we  do see  some  further
downward pressure  and uncertainty  in specific  markets, we  believe
that the  diversity  of  the Group's  activities  and  our  financial
strength will enable  us to  emerge from  this downturn  in a  strong
position.  We are confident in  the Group's ability to capitalise  on
current and future opportunities. "

                              - Ends -



For further information please contact:


Vp plc
Jeremy Pilkington, Chairman            Tel: [phone]
[e-mail]

Neil Stothard, Group Managing Director Tel: [phone]
[e-mail]

Mike Holt, Group Finance Director      Tel: [phone]
[e-mail]                                www.vpplc.com


Media enquiries:


Abchurch Communications
George Parker / Mark Dixon       Tel: [phone]
[e-mail]    www.abchurch-group.com


CHAIRMAN'S STATEMENT

Last year, despite the global financial crisis and onset of recession
in the UK,  the Group reported  an eighth successive  year of  profit
growth.  However, as  anticipated, the  difficult trading  conditions
that were emerging in the second half of the last financial year have
become more pronounced in the current year.  Nevertheless, I am  very
pleased to report that  for the six months  ended 30 September  2009,
the Group delivered impressive  profits before tax, amortisation  and
exceptional  items   of   £10.0  million   (2008:   £13.9   million),
underscoring the resilience of our business model.

Whilst we  remain  focused  on  taking  advantage  of  every  revenue
generating opportunity, our  primary emphasis this  year has been  on
cash conservation  and  cost  reduction to  mitigate  the  impact  on
profitability of  declining  revenues.   Revenues  reduced  to  £71.1
million (2008: £85.1 million), but cost and fleet management measures
have partially  protected  the  bottom line  and  helped  to  deliver
quality earnings.

The Group's mixture of niche  markets with exposure to regulated  and
outsourcing activity has continued to provide some mitigation against
the worst effects of the recession though trading pressures are being
felt in all of our businesses.  We have continued to invest in rental
fleet where  opportunities  have been  secured  and the  returns  are
attractive, but the overall  slowing of demand  and the longevity  of
many of  our product  lines  has enabled  us  to reduce  net  capital
investment to £2.4 million  compared with £13.2  million in the  same
period last year.  No  acquisitions were made in  the period and  all
the divisions  in  the Group  were  cash positive.   These  measures,
combined with  rigorous working  capital management,  have  generated
strong operational cash flow.  Net debt has reduced by £11 million to
£55 million representing financial gearing of 53%.

The cost actions taken in the period have created a small  redundancy
cost of £0.3 million, but  crucially, effective asset management  has
meant it has  not been necessary  for the Group  to make  exceptional
write downs to hire fleet.  In addition, the strength of the  balance
sheet,  which  has  improved  further  even  in  these  exceptionally
challenging times, has allowed the Group to generate all its  funding
requirements organically without having to contemplate equity support
from shareholders.

Given these very satisfactory results achieved in such a  challenging
business environment  and taking  into account  the strong  financial
position of the Group, your  Board is declaring a maintained  interim
dividend of  3.1  pence per  share  payable  on 6  January  2010,  to
shareholders registered at 11 December 2009.

Groundforce
Groundforce reported good profits  despite experiencing a decline  in
revenues for  the first  time in  many years.  Early cost  management
responses protected  profits  to  a  significant  extent.   The  AMP4
utility infrastructure investment programme is now drawing to a close
and although AMP5 is scheduled to start in early 2010, it is  prudent
to anticipate the  customary hiatus between  the two programmes.   In
the meantime, Groundforce  is deriving useful  work from the  Olympic
Games sites and  other major infrastructure  projects.  Export  sales
have performed well.

UK Forks
UK Forks hire revenues fell by 44% compared with the same period last
year.  The business has continued to  reduce its cost base and  fleet
size to better match current levels  of activity but given the  scale
of loss of revenues, it was unable to avoid incurring a small trading
loss.  The residential construction market appears to have stabilised
now, albeit at a very low  level.  Revenues, as elsewhere within  the
Group, are  currently strongly  dependent on  PFI and  public  sector
supported investment activities.  Private sector development  remains
quiet.

Airpac Bukom
Airpac Bukom advanced  both revenues  and profits  within the  period
despite the volatility  in the oil  price which led  to deferment  of
some well test and maintenance projects.  Airpac Bukom has  continued
to bid successfully for contracts  around the world and has  recently
secured the contract for the  supply of compression equipment to  the
major Pluto Liquified Natural Gas  (LNG) contract in Australia.   The
recent recovery  in  the  oil  price  has  created  a  more  positive
background for  the  oil and  gas  exploration sector,  which  should
continue to be a supportive market over the medium to long-term.

Torrent Trackside
Torrent Trackside, in line  with many suppliers  to the rail  market,
had a disappointing  first half as  a result of  the slow release  of
track renewal contracts.   Torrent has  excellent relationships  with
the specialist rail  contractors and remains  well positioned  within
its market.  We  look forward  to improving  work flows  in the  near
future and believe rail remains an attractive sector for the Group.

TPA
TPA delivered a very satisfactory profit result despite the deferment
of some National Grid infrastructure work.  Improved operational cost
management helped  to  protect  margins and  we  anticipate  stronger
demand from the Grid going  forward.   TPA Germany delivered  another
solid performance and prospects look  positive for the second  half.
Seasonality remains a significant  feature of this business  although
operational efficiencies should help to defend the profits earned  in
the first half.

Hire Station
Hire  Station   experienced   a  difficult   first   half's   trading
particularly within its  mainstream tool business  where pressure  on
revenues and  prices  were  greatest.  Despite  this  background  the
business has continued to secure new customers on a long-term  basis.
The specialist  safety equipment  and press  fitting tool  activities
have traded more strongly.  Significant  cost savings have been  made
in Hire Station, and even in  this very difficult market it has  been
able  to  deliver   a  level  of   profits  which  demonstrates   the
responsiveness and quality of the business model.

Outlook
The specialist markets we serve were affected by recession later than
mainstream construction but inevitably they are now experiencing both
volume and pricing pressure.

Currently our markets are relatively  stable, albeit at much  reduced
levels of activity. Whilst we  do see some further downward  pressure
and uncertainty in specific markets, we believe that the diversity of
the Group's activities and our  financial strength will enable us  to
continue to  deliver satisfactory  results and  to emerge  from  this
downturn in a strong position.

The quality of the  results delivered in  the first half  illustrates
why we  are confident  in the  Group's ability  to deal  with  market
challenges, and, more positively, to capitalise on opportunities both
now and in the future.


Jeremy Pilkington
Chairman
27 November 2009
Condensed Consolidated Income Statement
For the period ended 30 September 2009



                     Note Six months to   Six months to   Full year
                            30 Sep 2009     30 Sep 2008          to
                                                             31 Mar
                                                               2009
                                               Restated    Restated
                            (unaudited)     (unaudited)   (audited)

                                   £000            £000        £000

Revenue               3          71,113          85,133     157,470

Cost of sales                  (51,195)        (58,637)   (114,331)

Gross profit                     19,918          26,496      43,139

Administrative                  (9,761)        (11,019)    (18,617)
expenses


Operating profit      3          10,157          15,477      24,522

Net        financial            (1,339)         (1,950)     (3,687)
expenses


Profit before
amortisation,                     9,957          13,944      21,744
exceptional items
and taxation

Amortisation      of              (975)           (417)       (909)
intangibles
Exceptional items     4           (164)               -           -

Profit before                     8,818          13,527      20,835
taxation

Income tax expense    5         (2,475)         (3,653)     (5,701)

Net profit  for  the              6,343           9,874      15,134
period

Basic earnings share  7          15.42p          23.55p      36.41p

Diluted     earnings  7          15.11p          22.64p      35.30p
share

Dividend per share    8           3.10p          3.10 p      10.80p

Dividends  paid  and              1,299           1,290       4,505
proposed (£000)


Condensed Consolidated Statement of Comprehensive Income
For the period ended 30 September 2009


+-------------------------------------------------------------------+
|                   |  Six months |   |             |   |           |
|                   |          to |   |  Six months |   | Full year |
|                   |             |   |          to |   |        to |
|-------------------+-------------+---+-------------+---+-----------|
|                   | 30 Sep 2009 |   | 30 Sep 2008 |   |    31 Mar |
|                   |             |   |             |   |      2009 |
|-------------------+-------------+---+-------------+---+-----------|
|                   | (unaudited) |   | (unaudited) |   | (audited) |
|-------------------+-------------+---+-------------+---+-----------|
|                   |        £000 |   |        £000 |   |      £000 |
|                   |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
| Profit  for   the |       6,343 |   |       9,874 |   |    15,134 |
| period            |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
| Other             |             |   |             |   |           |
| comprehensive     |             |   |             |   |           |
| income:           |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
|                   |             |   |             |   |           |
| Actuarial  losses |             |   |             |   |           |
| on        defined |           - |   |           - |   |   (1,882) |
| benefit   pension |             |   |             |   |           |
| scheme            |             |   |             |   |           |
|                   |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
| Tax   on    items |           - |   |           - |   |       527 |
| taken  direct  to |             |   |             |   |           |
| equity            |             |   |             |   |           |
|                   |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
| Effective portion |             |   |             |   |           |
| of   changes   in |         997 |   |       (239) |   |   (3,154) |
| fair   value   of |             |   |             |   |           |
| cash flow hedges  |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
|                   |             |   |             |   |           |
| Foreign exchange  |        (26) |   |          17 |   |       274 |
| translation       |             |   |             |   |           |
| difference        |             |   |             |   |           |
|                   |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
| Other             |         971 |   |       (222) |   |   (4,235) |
| comprehensive     |             |   |             |   |           |
| income            |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
|                   |             |   |             |   |           |
|                   |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
|                   |             |   |             |   |           |
| Total             |       7,314 |   |       9,652 |   |    10,899 |
| comprehensive     |             |   |             |   |           |
| income  for   the |             |   |             |   |           |
| period            |             |   |             |   |           |
+-------------------------------------------------------------------+



Condensed Consolidated Statement of Changes in Equity
For the period ended 30 September 2009


+-------------------------------------------------------------------+
|                   |  Six months |   |  Six months |   | Full year |
|                   |          to |   |          to |   |        to |
|-------------------+-------------+---+-------------+---+-----------|
|                   | 30 Sep 2009 |   | 30 Sep 2008 |   |    31 Mar |
|                   |             |   |             |   |      2009 |
|-------------------+-------------+---+-------------+---+-----------|
|                   | (unaudited) |   | (unaudited) |   | (audited) |
|-------------------+-------------+---+-------------+---+-----------|
|                   |        £000 |   |        £000 |   |      £000 |
|-------------------+-------------+---+-------------+---+-----------|
|                   |             |   |             |   |           |
| Total             |       7,314 |   |       9,652 |   |    10,899 |
| comprehensive     |             |   |             |   |           |
| income  for   the |             |   |             |   |           |
| period            |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
|                   |             |   |             |   |           |
| Tax movements  to |           - |   |       (287) |   |     (285) |
| equity            |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
|                   |             |   |             |   |           |
| Share      option |         273 |   |         638 |   |       442 |
| charge   in   the |             |   |             |   |           |
| period            |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
|                   |             |   |             |   |           |
| Net      movement |             |   |             |   |           |
| relating       to |             |   |             |   |           |
| Treasury   Shares |           3 |   |     (1,928) |   |   (3,166) |
| and  shares  held |             |   |             |   |           |
| by  Vp   Employee |             |   |             |   |           |
| Trust             |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
|                   |             |   |             |   |           |
| Dividends      to |     (3,212) |   |     (3,214) |   |   (4,505) |
| shareholders      |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
|                   |             |   |             |   |           |
| Change in  equity |       4,378 |   |       4,861 |   |     3,385 |
| during the period |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
|                   |             |   |             |   |           |
| Equity   at   the |      77,152 |   |      73,767 |   |    73,767 |
| start   of    the |             |   |             |   |           |
| period            |             |   |             |   |           |
|-------------------+-------------+---+-------------+---+-----------|
| Equity at the end |      81,530 |   |      78,628 |   |    77,152 |
| of the period     |             |   |             |   |           |
+-------------------------------------------------------------------+


Included in the  above changes is  a credit to  reserves of  £997,000
(September 2008: £239,000 charge,  March 2009: £3,154,000 charge)  in
the Hedging Reserve.  There were  no changes in Issued Share  Capital
or Share Premium.
Condensed Consolidated Balance Sheet
At 30 September 2009


+---------------------------------------------------------------------+
|                        |Note|30 Sep 2009| |           | |           |
|                        |    |           | |31 Mar 2009| |30 Sep 2008|
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |   Restated| |   Restated|
|                        |    |(unaudited)| |  (audited)| |(unaudited)|
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |       £000| |       £000| |       £000|
|------------------------+----+-----------+-+-----------+-+-----------|
|Non-current assets      |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|Property,   plant    and| 6  |    102,730| |    107,889| |    108,529|
|equipment               |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|Goodwill                |    |     33,797| |     33,889| |     37,530|
|------------------------+----+-----------+-+-----------+-+-----------|
|Intangible assets       |    |      6,376| |      7,351| |      7,568|
|------------------------+----+-----------+-+-----------+-+-----------|
|Total non-current assets|    |    142,903| |    149,129| |    153,627|
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|Current assets          |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|Inventories             |    |      4,007| |      5,463| |      5,251|
|------------------------+----+-----------+-+-----------+-+-----------|
|Trade     and      other|    |     29,520| |     32,814| |     37,979|
|receivables             |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|Cash      and       cash|    |        712| |        551| |      2,204|
|equivalents             |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|Total current assets    |    |     34,239| |     38,828| |     45,434|
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|Total assets            |    |    177,142| |    187,957| |    199,061|
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|Current liabilities     |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|Interest  bearing  loans|    |      (448)| |      (681)| |    (1,013)|
|and borrowings          |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|Income tax payable      |    |    (2,502)| |    (2,291)| |    (4,086)|
|------------------------+----+-----------+-+-----------+-+-----------|
|Trade and other payables|    |   (27,493)| |   (30,472)| |   (39,425)|
|------------------------+----+-----------+-+-----------+-+-----------|
|Total            current|    |   (30,443)| |   (33,444)| |   (44,524)|
|liabilities             |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|Non-current liabilities |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|Interest  bearing  loans|    |   (55,042)| |   (65,707)| |   (65,902)|
|and borrowings          |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|Employee benefits       |    |    (1,814)| |    (3,194)| |    (1,321)|
|------------------------+----+-----------+-+-----------+-+-----------|
|Deferred tax liabilities|    |    (8,286)| |    (8,433)| |    (8,659)|
|------------------------+----+-----------+-+-----------+-+-----------|
|Total        non-current|    |   (65,142)| |   (77,334)| |   (75,882)|
|liabilities             |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|Total liabilities       |    |   (95,585)| |  (110,778)| |  (120,406)|
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|Net assets              |    |     81,557| |     77,179| |     78,655|
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|Equity                  |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|Issued capital          |    |      2,309| |      2,309| |      2,309|
|------------------------+----+-----------+-+-----------+-+-----------|
|Share premium           |    |     16,192| |     16,192| |     16,192|
|------------------------+----+-----------+-+-----------+-+-----------|
|Hedging reserve         |    |    (2,609)| |    (3,606)| |      (691)|
|------------------------+----+-----------+-+-----------+-+-----------|
|Retained earnings       |    |     65,638| |     62,257| |     60,818|
|------------------------+----+-----------+-+-----------+-+-----------|
|Total             equity|    |     81,530| |     77,152| |     78,628|
|attributable to equity  |    |           | |           | |           |
|holders of parent       |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|                        |    |           | |           | |           |
|------------------------+----+-----------+-+-----------+-+-----------|
|Minority interest       |    |         27| |         27| |         27|
|------------------------+----+-----------+-+-----------+-+-----------|
|Total equity            |    |     81,557| |     77,179| |     78,655|
+---------------------------------------------------------------------+



Condensed Consolidated Statement of Cash Flows
For the period ended 30 September 2009

                           Note  Six months    Six months   Full year
                                         to            to          to
                                30 Sep 2009   30 Sep 2008      31 Mar
                                                                 2009
                                (unaudited)   (unaudited)   (audited)
                                       £000          £000        £000
Cash flows from operating
activities
                                      8,818        13,527      20,835
Profit before taxation
Adjustment for:
Pension fund contributions
in excess of service cost           (2,253)         (113)       (204)
Share based payment                     273           638         442
charges
Depreciation                6         9,536         9,268      18,964
Amortisation of                         975           417         909
intangibles
Net financial expense                 1,339         1,950       3,687
Profit on sale of                   (2,021)       (2,190)     (3,825)
property, plant and
equipment
Operating cash flow before           16,667        23,497      40,808
changes in working capital
and provisions
Decrease/(increase) in                1,456         (361)       (348)
inventories
Decrease/(increase) in
trade and other                       3,294       (4,676)         741
receivables
Decrease in trade and               (1,808)       (3,505)     (6,073)
other payables
Cash generated from                  19,609        14,955      35,128
operations
Interest paid                       (1,260)       (2,017)     (3,711)
Interest    element     of             (84)         (103)       (199)
finance    lease    rental
payments
Interest received                        11            29          28
Income tax paid                     (2,411)       (2,231)     (5,991)
Net  cash  from  operating           15,865        10,633      25,255
activities

Investing activities
Proceeds  from   sale   of            5,201         5,959      10,799
property,    plant     and
equipment
Purchase   of    property,         (10,034)      (20,405)    (34,211)
plant and equipment
Acquisition of  businesses               17       (4,985)     (6,013)
and subsidiaries  (net  of
cash and overdrafts)
Net  cash  from  investing          (4,816)      (19,431)    (29,425)
activities


Cash flows from financing
activities
Sale/(purchase)         of                3       (1,928)     (3,166)
Treasury  Shares  and  own
shares by Employee Trust
Repayment of loans                 (14,500)      (15,543)    (20,401)
New loans                             4,000        24,500      29,000
Payment of  hire  purchase            (398)       (1,031)     (1,216)
and     finance      lease
liabilities
Dividends paid              8             -             -     (4,505)
Net  cash  from  financing         (10,895)         5,998       (288)
activities


Net increase/(decrease) in              154       (2,800)     (4,458)
cash and cash equivalents
Effect  of  exchange  rate                7            17          22
fluctuations on cash held
Cash and cash  equivalents              551         4,987       4,987
at beginning of period
Cash and cash equivalents               712         2,204         551
at end of period


Notes to the Condensed Financial Statements

1.         Basis of Preparation

Vp plc (the "Company") is a company domiciled in the United Kingdom.
The  Condensed  Consolidated  Interim  Financial  Statements  of  the
Company for  the  half year  ended  30 September  2009  comprise  the
Company and its subsidiaries (together referred to as the "Group").

This interim announcement  has been prepared  in accordance with  the
Disclosure and  Transparency  Rules  of  the  UK  Financial  Services
Authority  and  the   requirements  of   IAS34  ("Interim   Financial
Reporting") as adopted  by the EU.   The accounting policies  applied
are consistent for all periods presented  and are in line with  those
applied in  the annual  financial statements  for the  year ended  31
March 2009,  which were  prepared  in accordance  with  International
Financial Reporting Standards ("IFRS") as  adopted by the EU,  except
as described below.

The following new standards and  amendments to standards have  become
effective from 1 January 2009:
*          IAS 1 (revised), "Presentation of Financial Statements".
  The most significant change within IAS 1 (revised) is the
  requirement to produce a statement of comprehensive income setting
  out all items of income and expense relating to non-owner changes
  in equity. There is a choice between presenting comprehensive
  income in one statement or in two statements comprising an income
  statement and a separate statement of comprehensive income. The
  Group has elected to present an income statement and a separate
  statement of comprehensive income. In addition, IAS1 (revised)
  requires the statement of changes in shareholders' equity to be
  presented as a primary statement.
*          Amendments to IFRS 2, "Share Based Payments", clarifies
  the treatment of cancelled options, whereby if a grant of equity
  instruments is cancelled the Group shall account for the
  cancellation as an acceleration of vesting and shall recognise
  immediately the amount that would have been recognised over the
  remainder of the vesting period. The effect of this for the six
  months period to 30 September 2009 was not material.

*          IFRS 8, "Operating Segments" replaces IAS 14, "Segment
  reporting" and requires the disclosure of segment information on
  the same basis as the management information provided to the chief
  operating decision maker. The adoption of this standard has not
  resulted in a change in the Group's reportable segments.
*          An amendment to IAS 16, "Property, Plant and Equipment",
  classifies proceeds from the sale of ex rental assets as revenue.
  As a result revenue and cost of sales recognised in the
  consolidated statement of income have increased by £3,264,000 for
  the six months to 30 September 2009, £3,529,000 for the six months
  ended 30 September 2008 and £6,525,000 for the year ended 31 March
  2009.

The interim announcement was approved by the Board of Directors on 26
November 2009.

The  Condensed  Consolidated  Interim  Financial  Statements  do  not
include all  the  information  required  for  full  annual  Financial
Statements.

Subject to  the restatement  for  hindsight adjustments  referred  to
below and  the  amendments  to the  standards  mentioned  above,  the
comparative figures for the  financial year ended  31 March 2009  are
extracted from the  Company's statutory accounts  for that  financial
year.  Those accounts have been reported on by the Company's auditors
and delivered  to the  Registrar  of Companies.   The report  of  the
auditors was (i) unqualified, (ii) did not include a reference to any
matters to  which the  auditors  drew attention  by way  of  emphasis
without  qualifying  their  report,  and  (iii)  did  not  contain  a
statement under section 237(2) or (3) of the Companies Act 1985.

The preparation  of  financial  statements in  conformity  with  IFRS
requires management  to make  judgements, estimates  and  assumptions
that affect  the  application of  policies  and reported  amounts  of
assets and  liabilities,  income  and expenses.   The  estimates  and
associated assumptions are based on historical experience and various
other  factors  that  are  believed   to  be  reasonable  under   the
circumstances; these form  the basis  of the  judgements relating  to
carrying values  of  assets  and liabilities  that  are  not  readily
apparent from other  sources.  Actual results  may differ from  these
estimates.

The estimates and underlying assumptions  are reviewed on an  ongoing
basis.  Revisions  to  accounting  estimates are  recognised  in  the
period in which the estimate is revised if the revision affects  only
that period, or in the period  of the revision and future periods  if
the revision affects both current and future periods.

The Balance Sheet  at 31 March  2009 and 30  September 2008 has  been
restated to reflect minor hindsight adjustments on acquisitions  made
in that year.


2.         Risks and Uncertainties

The risks and uncertainties for the Group have not changed from those
disclosed in the  last statutory accounts.   In particular the  Group
comprises six businesses  serving different markets  and manages  the
risks inherent to these activities.   The key external risks  include
general  economic  conditions,  competitor  actions,  the  effect  of
legislation, credit  risk and  business continuity.   Internal  risks
relate mainly to  investment and  controls failure  risk.  The  Group
seeks to mitigate exposure to all forms of risk where practicable and
to transfer risk to insurers  where cost effective.  The  diversified
nature of  the Group  limits the  exposure to  external risks  within
particular  markets.   Exposure  to   credit  risk  in  relation   to
customers, banks  and  insurers  is managed  through  credit  control
practices  including  credit  insurance  which  limits  the   Group's
exposure to bad debts via an aggregate first loss policy which covers
a  significant  proportion  of  the  Group's  accounts   receivable.
Business continuity  plans exist  for key  operations and  accounting
centres.  The  Group  is  an active  acquirer  and  acquisitions  may
involve risks that  might materially affect  the Group  performance.
These risks are mitigated by extensive due diligence and  appropriate
warranties and indemnities from the vendors.

The net debt position  of the Group and  current loan facilities  are
set out in Note  9. The Company will  open renewal negotiations  with
the banks before year end relating  to the £50 million facility  that
expires in  November  2010.  However,  the  Company  meets  with  its
existing bankers, and other banks, on a regular basis in the ordinary
course of business and has  discussed its future borrowing needs  and
no matters have been drawn to  its attention to suggest that  renewal
may not be forthcoming on acceptable terms.

Taking into account  these risk mitigation  actions and the  treasury
management policies  described in  the 31  March 2009  accounts,  the
Group's exposure to market, liquidity  and credit risk is  considered
by the  Board  to  be  within normal  parameters  and  represents  an
acceptable level of risk.


3.         Summarised Segmental Analysis

+-------------------------------------------------------------------+
|                |        Revenue         |   |  Operating Profit   |
|----------------+------------------------+---+---------------------|
|                |   Sept |   | Sept 2008 |   |   2009 |   2008 |   |
|                |   2009 |   |           |   |        |        |   |
|----------------+--------+---+-----------+---+--------+--------+---|
|                |        |   |  Restated |   |        |        |   |
|----------------+--------+---+-----------+---+--------+--------+---|
|                |   £000 |   |      £000 |   |   £000 |   £000 |   |
|----------------+--------+---+-----------+---+--------+--------+---|
| Groundforce    | 17,217 |   |    21,182 |   |  5,092 |  5,587 |   |
|----------------+--------+---+-----------+---+--------+--------+---|
| UK Forks       |  5,685 |   |    10,073 |   |  (297) |  1,535 |   |
|----------------+--------+---+-----------+---+--------+--------+---|
| Airpac Bukom   |  8,157 |   |     7,442 |   |  2,028 |  1,538 |   |
|----------------+--------+---+-----------+---+--------+--------+---|
| Torrent        |  5,129 |   |     6,595 |   |      6 |    506 |   |
| Trackside      |        |   |           |   |        |        |   |
|----------------+--------+---+-----------+---+--------+--------+---|
| TPA            |  9,345 |   |    10,930 |   |  2,434 |  2,504 |   |
|----------------+--------+---+-----------+---+--------+--------+---|
| Hire Station   | 25,580 |   |    28,911 |   |  2,033 |  4,224 |   |
|----------------+--------+---+-----------+---+--------+--------+---|
|                | 71,113 |   |    85,133 |   | 11,296 | 15,894 |   |
|----------------+--------+---+-----------+---+--------+--------+---|
| Amortisation   |        |   |           |   |  (975) |  (417) |   |
|----------------+--------+---+-----------+---+--------+--------+---|
| Exceptional    |        |   |           |   |  (164) |      - |   |
| items          |        |   |           |   |        |        |   |
|----------------+--------+---+-----------+---+--------+--------+---|
|                |        |   |           |   | 10,157 | 15,477 |   |
+-------------------------------------------------------------------+









4.         Exceptional Items
During the period the Group made a profit of £113,000 from the
disposal of a freehold property and incurred £277,000 of employment
termination costs.

5.         Income Tax
The effective tax rate of 28.1% in the period to 30 September 2009
(30 September 2008: 27.0%) reflects the standard rate of tax of 28%
as adjusted for estimated permanent differences for tax purposes and
adjustments to prior year provisions.

6.         Property, Plant and Equipment

                                      Sept 2009 Sept 2008 Mar 2009
                                           £000      £000     £000
Carrying amount 1 April                 107,889   100,868  100,868
Additions                                 7,590    19,170   31,027
Acquisitions                                  -     1,528    1,680
Depreciation                            (9,536)   (9,268) (18,964)
Disposals                               (3,180)   (3,772)  (6,974)
Effect of movements in exchange rates      (33)         3      252
Closing carrying amount                 102,730   108,529  107,889


The value of capital commitments at 30 September 2009 was £1,516,000
(31 March 2009: £3,213,000).


7.         Earnings Per Share
Earnings per share have been calculated on 41,123,633 shares (2008:
41,922,500) being the weighted average number of shares in issue
during the period.  Diluted earnings per share have been calculated
on 41,977,858 shares (2008: 43,618,604) adjusted to reflect
conversion of all potentially dilutive ordinary shares.  Basic
earnings per share before the amortisation of intangibles and
exceptional items was 17.42 pence (2008: 24.27 pence) and was based
on an after tax add back of £820,000 (2008: £300,000).  Diluted
earnings per share before amortisation of intangibles and exceptional
items was 17.06 pence (2008: 23.33 pence).

8.         Dividends
The Directors have declared an interim dividend of 3.10 pence (2008:
3.10 pence) per share payable on 6 January 2010 to shareholders on
the register at 11 December 2009.  The dividend proposed at the year
end was subsequently approved at the AGM in September and therefore
accrued, but was not paid in the period (2008 paid: nil).  The cost
of dividends in the Statement of Changes in Equity is after
adjustments for the interim and final dividends waived by the Vp
Employee Trust in relation to the shares it holds for the Group's
share option schemes together with dividends waived in relation to
treasury shares.

9.         Analysis of Net Debt

                                           As at     Cash       As at
                                        1 Apr 09     Flow   30 Sep 09
                                            £000     £000        £000

Cash  in   hand   and  at   bank   less      551      161         712
overdrafts

Revolving credit facilities             (65,500)   10,500    (55,000)

Finance leases and hire purchases          (888)      398       (490)

                                        (65,837)   11,059    (54,778)


The Group's bank facilities comprise a £50m committed five year
revolving credit facility which expires in November 2010, a £20m
committed three year revolving credit facility expiring in September
2011 and overdraft facilities totalling £10m.

10.       Related Party Transactions

Transactions between Group Companies, which are related parties, have
been  eliminated  on  consolidation  and  therefore  do  not  require
disclosure.


11.       Forward Looking Statements

The Chairman's Statement includes statements that are forward looking
in nature.   Forward looking  statements  involve known  and  unknown
risks, assumptions, uncertainties and  other factors which may  cause
the actual results, performance  or achievements of  the Group to  be
materially  different  from  any   future  results,  performance   or
achievements  expressed   or   implied  by   such   forward   looking
statements.  Except as required by  the Listing Rules and  applicable
law, the Company undertakes no obligation to update, review or change
any forward  looking statements  to  reflect events  or  developments
occurring after the date of this report.

Responsibility  statement  of  the   directors  in  respect  of   the
half-yearly financial report

We confirm that to the best of our knowledge:

* the condensed set of financial statements has been prepared in
  accordance with IAS 34 Interim Financial Reporting as adopted by
  the EU

* the interim management report includes a fair review of the
  information required by:

(a) DTR 4.2.7R  of the  Disclosure and Transparency  Rules, being  an
indication of important  events that have  occurred during the  first
six months of the  financial year and their  impact on the  condensed
set of financial statements; and a description of the principal risks
and uncertainties for the remaining six months of the year; and

(b) DTR  4.2.8R  of  the Disclosure  and  Transparency  Rules,  being
related party transactions  that have  taken place in  the first  six
months of  the  current  financial  year  and  that  have  materially
affected the financial position or  performance of the entity  during
that period;  and  any  changes in  the  related  party  transactions
described in the last annual report that could do so.

By order of the Board
27 November 2009

The Board
The Board of Directors who served during the 6 months to 30 September
2009 is unchanged from that set out on page 14 of the Annual Report
and Financial Statements 2009, with the exception that Barrie
Cottingham retired as a Director at the Annual General Meeting on 8
September 2009.

Independent Review Report to Vp plc
Introduction
We have been engaged by the Company to review the condensed set of
financial statements in the half-yearly financial report for the six
months ended 30 September 2009 which comprises the condensed
consolidated interim income statement, the condensed consolidated
interim statement of comprehensive income, the condensed consolidated
interim balance sheet, the condensed consolidated interim statement
of changes in shareholders' equity, the condensed consolidated
interim cash flow statement and the related explanatory notes.  We
have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the
condensed set of financial statements.
This report is  made solely  to the  Company in  accordance with  the
terms of  our  engagement  to  assist  the  Company  in  meeting  the
requirements of the Disclosure and Transparency Rules ("the DTR")  of
the UK's Financial Services Authority ("the UK FSA").  Our review has
been undertaken so that we might  state to the Company those  matters
we are  required to  state to  it in  this report  and for  no  other
purpose.  To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company for our review
work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial  report is the  responsibility of, and  has
been approved by, the Directors.   The Directors are responsible  for
preparing the half-yearly financial report in accordance with the DTR
of the UK FSA.
As disclosed in note 1, the annual financial statements of the  Group
are prepared in  accordance with  IFRSs as  adopted by  the EU.   The
condensed set of  financial statements included  in this  half-yearly
financial report has been prepared in accordance with IAS 34  Interim
Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to  the Company a conclusion on  the
condensed set of  financial statements in  the half-yearly  financial
report based on our review.
Scope of review
We conducted our review in accordance with International Standard  on
Review Engagements (UK and Ireland) 2410 Review of Interim  Financial
Information Performed by the Independent Auditor of the Entity issued
by the  Auditing Practices  Board for  use in  the UK.   A review  of
interim financial information consists of making enquiries, primarily
of persons  responsible for  financial  and accounting  matters,  and
applying  analytical  and  other  review  procedures.   A  review  is
substantially less in  scope than  an audit  conducted in  accordance
with  International  Standards  on  Auditing  (UK  and  Ireland)  and
consequently does not  enable us  to obtain assurance  that we  would
become aware of all significant  matters that might be identified  in
an audit.  Accordingly, we do not express an audit opinion.

Conclusion
Based on our review, nothing has come to our attention that causes us
to believe  that the  condensed set  of financial  statements in  the
half-yearly financial report  for the six  months ended 30  September
2009 is not prepared,  in all material  respects, in accordance  with
IAS 34 as adopted by the EU and the DTR of the UK FSA.

Chris Hearld
For and on behalf of KPMG Audit Plc
Chartered Accountants
Leeds
27 November 2009

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