Record Breaking Year
Despite numerous upgrades during the past year, Vp plc has come in with results (for the year to March 2015) comfortably ahead of expectations. Adjusted EPS rose by 30% to 54.4p, following increases in the 2 previous years of 15% and 18% respectively. Vp's return on average capital employed jumped from 13.5% to a very impressive 16.2% in 2014/15. The Group has reported a record breaking year with significant progress made across all key metrics including profits, revenue, earnings per share and dividends. It confirmed that the economic environment in both the UK and globally is significantly more positive than for some time and all its business divisions are identifying significant growth and investment opportunities for the near and long term future. Vp's Chairman went on to say "We see the next few years as offering great opportunities for the Group assisted by the unambiguous General Election result. We are able and determined to take the fullest possible advantage of these opportunities". We have (again) increased our 2015/16 PBT & EPS forecasts, and introduced forecasts for the year to March 2017. We now forecast adjusted EPS of 57.3p followed by 60.5p for the next 2 forecast years, and full year dividends of 17.4p followed by 18.3p. As a result of these changes, our Target Price increases to 800p per share. The shares remain very modestly rated against their broader peer group.
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