GAP announces “positive” financial results

Joint managing directors Douglas and Iain Anderson

GAP Hire Solutions has announced record turnover and set its sights on further expansion.

The business posted an annual turnover of £157.7 million – up from £143.3 million last year.

Profit reached nearly £15.8 million, with joint managing director Douglas Anderson declaring himself delighted with the figures. “If you are running a business and you are happy, it means you are complacent,” he said. “If you are complacent it means you are only going one way. We are never complacent.”

Chairman Danny O’Neil added, “I think we have done a good job over the last few years. This year, we will probably grow by about 10%. We don’t think our [profit] margins will deteriorate…The employee numbers will follow the growth in turnover and profit really.”

GAP said it sees its diversification in to new areas of the hire industry as “key” to its success. The business explained that the addition of new divisions including survey and safety, non-mechanical plant and welfare services to its plant and tools operation has enabled the company to increase its share of the market.

GAP currently has over 130 depots nationwide and a workforce of 1,502.

2016 also saw the arrival of new financial director Chris Parr, who was previously MD of paper manufacturer Tullis Russel. He said, “It is fascinating…being in a market that is highly-fragmented, with a market share of just four per cent. It is a fantastic point in my career to be stepping into something different.”