Harrogate-headquartered equipment rental specialist Vp Group has announced that sales have exceeded £300m as well as achieving record profits, with chairman Jeremy Pilkington hailing a "year of significant progress" for the group which now operates worldwide.

The group has grown to include global equipment specialist Airpac Bukom; TPA Portable Roadways, one of Europe’s largest suppliers of temporary access solutions; Groundforce which has operational hubs in Germany; and TR Group which delivers specialised technology solutions across Australia, New Zealand and Malaysia.

In the year ending 31 March 2018, Vp Group achieved pre-tax profits of £30.8m from £30.3m the previous year, while profits before tax, amortisation and exceptional items rose by 16 per cent to £40.6m.

Pilkington said: "It has been another year of significant progress for the group underpinned by record profits and the acquisition of Brandon Hire, our largest to date.

"In view of this outstanding set of results, the board is recommending a final dividend of 19.2p per share making a total for the year of 26p per share, an increase of 18 per cent.

"We entered the new financial year in excellent shape and whilst there may be market uncertainties, we look forward to the new financial year with confidence."

Neil Stothard, chief executive, added: "The start to the new financial year has been positive. We anticipate that our core UK markets will continue to provide a strong platform for future growth to our UK division.

"Internationally we do see some recovery in the oil and gas segment and a supportive Australian economy. We continue to drive positive change and development through the whole of Vp and we remain excited about delivering on those initiatives in the new financial year."