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Interim Results For the six months ended 30 September 2006

The Equipment Rental Specialist. Interim Results For the six months ended 30 September 2006. Rental and sale of specialist products and services to construction, civil engineering, rail, oil and gas exploration, events and industrial markets. Introduction. Jeremy Pilkington – Chairman

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Interim Results For the six months ended 30 September 2006

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  1. The Equipment Rental Specialist Interim Results For the six months ended 30 September 2006 Rental and sale of specialist products and services to construction, civil engineering, rail, oil and gas exploration, events and industrial markets

  2. Introduction Jeremy Pilkington – Chairman Neil Stothard – Group Managing Director Mike Holt – Group Finance Director

  3. Financial Review Mike Holt Group Finance Director

  4. Financial Highlights

  5. Earnings per Share and Dividend

  6. Balance Sheet

  7. Operating Cash Flow

  8. Cash Flow

  9. Net Debt

  10. Excellent Financial Health • Operating cash flows remain strong (1.7x profits) • Gearing remains relatively modest (57%) • Interest cover remains robust (9x) • Balance sheet capable of supporting further growth

  11. Business Review Neil Stothard Group Managing Director

  12. Vp’s Investment Case • Specialist business with diversified market exposure • Strong services element • Market leading positions • Excellent cash generation and financial strength • Proven management team with strength in depth • Consistent performer with good returns

  13. Vp Markets Exposure

  14. Markets

  15. Business Performance • Record operating profits up 56% to £8.8m • 30% of profit growth is organic • Substantial revenue growth • Operating margins improved by 20% • Fleet investment £14.3m (+26%) • ROCE 16%

  16. Segmental Analysis

  17. Main Influences This Period • Acquisitions integrated successfully • AMP4 activity remained quiet • Oil and gas buoyant • Construction and Housebuilding steady • Events market seasonality • Non-core training business sold to management

  18. Growth Strategy Progressing Well • Interim results endorse growth plan initiatives to date • Organic capital investment has been strong • Product diversification in most areas • New markets e.g. transmission, events • New activities e.g. formwork, pipe fitting • Acquisition post half year end – MEP Hire

  19. Maintaining Momentum PBIT (£m) Revenue (£m) 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 ROCE (%) Earnings (pence per share) Actuals Brewin Forecast

  20. Share Price

  21. Outlook Jeremy Pilkington Chairman

  22. Future • Excellent organic growth opportunities for our businesses • Potential for further acquisitive expansion • Balance sheet very capable of further leverage • Consistent strategy to lead in our chosen markets • Overall the markets we serve are in robust health with good visibility • Our growth strategy remains on course

  23. The Equipment Rental Specialist Interim Results For the six months ended 30 September 2006 Rental and sale of specialist products and services to construction, civil engineering, rail, oil and gas exploration, events and industrial markets

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