Vp plc Preliminary Results Year Ended 31 March 2005

1. Vp plc Preliminary Results Year Ended 31 March 2005

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

3. Vp – an introduction • Specialist equipment rental • Breadth of sector exposure – earnings resilience • Market leading businesses • Core expertise in asset management • Excellent cash flow and strong balance sheet • Significant growth opportunities identified

4. Highlights • 5 years of >10% earnings growth • PBT increased by 14%* to £9.4m • EPS increased by 14%* to 15.04 pence • Return on capital employed increased to 17% • Dividend increased 15% to 5.75 pence * Excluding prior year exceptional property profit

5. Financial Review Mike Holt Group Finance Director

6. Financial Highlights * Excluding prior year exceptional property profit ** Restated for UITF 38

7. Balance Sheet * Restated for UITF 38

8. Operating Cash Flow

9. Cash Flow

10. International Financial Reporting Standards

11. Operational Review Neil Stothard Group Managing Director

12. Segmental Analysis

13. Breadth of Markets – Earnings Resilience

14. Groundforce Excavation support systems and specialist products for the water, civil engineering and construction industries

16. Groundforce • Market Leader in ground support systems • Good demand from AMP3/major projects • Successful integration of 03/04 acquisitions • Shoring hire fleet rationalisation • Improved national coverage – Piletec, Stoppers, Survey • Product extension opportunities • Well positioned for future AMP4 activity when commenced

17. UK Forks Rough terrain material handling equipment for industry, residential and general construction

19. UK Forks • Profit and return on capital growth • Focused product investment • 10% ‘net’ growth in fleet • Further progress with major house-builders • Customer appetite for unique offering to the market • Housebuilding/Construction markets relatively supportive

20. Airpac Oilfield Services Equipment and service providers to the international oil and gas exploration and development markets

22. Airpac Oilfield Services • Excellent performance • Strong demand from North Sea and South East Asia • International project activity good • New competences being developed • Geographic growth opportunities • Market remains busy, with supportive crude oil price

23. Hire Station Tools and specialist products for industry and construction

25. Hire Station • Disappointing results • Turnover reflects exit in prior year of surplus locations • Lifting Point responsible for majority of losses • Tool hire profitable after a difficult 1st Quarter • Repositioning year restoring stability

26. Hire Station • Focus on core product lines and guaranteed availability • Launch of regional hire desk structure • Lower cost network supporting local, regional and national customers • Specialist Products Division created December 2004 • Hire Station commenced New Year in line with plan

27. Torrent Trackside Portable rail infrastructure equipment, lighting and related services for the railway renewals and maintenance industry.

29. Torrent Trackside • Strong performance in challenging year • Renewals business – further expansion • Maintenance business steady but in transition • Network Rail maintenance plant tender • London Underground – new area for growth • Prospects positive overall in competitive market

30. Summary • A further year of excellent progress • Profitability underpinned by cash generation and strong balance sheet • Hire Station well positioned to deliver recovery in coming year • Management appetite for growth and incentivised accordingly • Top quality teams across all divisions • Opportunities to accelerate pace of growth within core expertise of asset management

31. Overview and Outlook Jeremy Pilkington Chairman

32. Turnover (£m)

33. Profit Before Tax (pre goodwill) (£m) * *excluding prior year exceptional property profit

34. Return on Capital Employed (%) % Restated UITF38

35. Dividend (pence per share)

36. Earnings per share (pence) * *excluding prior year exceptional property profit

37. Total Shareholder Return

38. Groundforce • Market leader position strengthened • Excellent acquisition identification and integration track record • AMP4 – expect delays but very positive

39. UK Forks • Market leader - unique service offering • Converting larger users • Housebuilding remains firm; prospects good • Operational efficiency consistently driving up ROCE - 2002 : 10.5% 2005 : 14.4%

40. Airpac Oilfield Services • Market Leader • Excellent year – strategy bearing fruit • Oil industry activity strong • International growth opportunities • Small but vital role in oilfield supply chain

41. Hire Station • Very disappointing year, behind management expectation • Improving trend established within tools • Reorganisation and refocus at Specialist Products • Recovery plan back on track but behind schedule

42. Torrent Trackside • Clear market leader • Another excellent year against background of industry change • Challenge to replace NR maintenance plant volumes • Renewals programme workload strong • Significant opportunities within LUL but will take time

43. Group Outlook • Overall outlook for the Group very positive - UK infrastructure spend set to continue - Safety and regulatory regimes supporting growth • Breadth of markets gives earnings resilience • Strength of balance sheet and cash flow gives significant investment capacity • Growth opportunities, organic and acquisition, identified in all markets

44. Group Outlook • Board committed to leveraging up • All levels of management strongly incentivised to deliver earnings growth in their business • Strengthened senior management team