PRESS RELEASE: GAP Reports Strong Financial Results for 2017/18
GAP Hire Solutions, the plant, tool and equipment rental company, has enjoyed another extremely successful year. GAP recorded an annual turnover of £186.6m, which is an increase from last year’s £175m. The rise in turnover has been achieved despite the year to 31st March 2018 having three fewer trading days than the prior financial period.
The family-owned and operated business which is run by brothers Douglas and Iain Anderson, recorded a pre-tax profit of £16.7m. GAP’s earnings before interest, tax, depreciation and amortisation (EBITDA) increased to £73.5m from £69.8m in the previous 12 months.
Highlights of the year include particularly strong performances by GAP’s Non-Mechanical and Lifting equipment divisions, which have been built up in recent years as the long-established plant and tool-hire company has pursued major diversification. GAP’s ‘specialist divisions’ also include Survey & Safety Equipment Hire, Welfare Services, Commercial Vehicle Hire, Low Level Access and Event Services. With 140 depots and 1,807 employees, GAP is the UK’s largest independent rental company.
GAP recognises that an ongoing programme of heavy investment is key to ensuring the continuing success of the business; GAP’s capital expenditure was £75.5m during 2017/18 and the new financial year has already seen record investment in tools which will reach £10m alone by March 2019.
The company has an ambitious vision: to be the UK’s most innovative hire solutions provider. In addition to its focus on delivering modern and robust solutions for their customers, GAP also invests in their internal systems to deliver an enhanced customer and employee experience.
GAP’s Joint Managing Director, Iain Anderson, said: “We work closely with our people, customers and suppliers to help champion innovative solutions that deliver competitive advantage through reduced costs and improved efficiency.
“The introduction of web-based customer support software at our Head Office has enabled the GAP one hiredesk (GAP’s Managed Services department) to streamline business processes. The process of responding to hire requests is now completely paperless, which is further evidence of GAP’s Green Action Plan in action.”
The business which will celebrate its golden anniversary in 2019 is expected to raise turnover and profit this financial year. Iain Anderson added: “We are budgeting to do over £200m this year. That would be a real milestone for us and would prove a perfect 50th birthday present.”