GAP Hire Solutions has seen turnover increase but profit before tax dip slightly in 2017/18, its annual results show.
The plant, tool and equipment rental firm saw turnover increase to £186.6 million, up from £175 million the previous year. However, profit before tax was £16.7 million, down on the 2017 figure of £17.1 million.
The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) increased to £73.5 million from £69.8 million in the previous twelve months.
GAP said it recognised that an ongoing programme of investment is “key” to ensuring the continued success of the business. The firm’s capital expenditure was £75.5 million during 2017/18 and the new financial year has already seen record investment in tools, which will reach £10 million alone by March 2019.
Iain Anderson, joint managing director at GAP commented, “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 is run by brothers Douglas and Iain Anderson, expects to raise turnover and profits this financial year, ahead of its golden anniversary in 2019.
