GAP Group has reported ‘record’ profits and a turnover in excess of £200 million in the company’s most recent financial figures.
The firm achieved a pre-tax profit of £18.7 million in the year to 31 March 2019, up from £16.7 million the previous year. Turnover increased by 8.8% to £203 million.
Earnings before interest, tax, depreciation and amortisation reached a record high of £80.4 million (2018:£73.1 million). For the first time ever, net assets have climbed above £100 million, GAP added.
The latest figures were released as the Glasgow-headquartered business marks its 50th anniversary. In total, GAP new has nine divisions, 142 depots and 1,858 employees.
The family-run firm has also announced a new operational structure. Four new managing director positions sit below the GAP Holdings Board, which remains unchanged. Mark Anderson has been appointed MD of the business in Scotland and the north of England, and will be responsible for the profitability of the Plant, Tools, Non-Mechanical Plant, Trenching & Shoring and Welfare divisions. GAP is currently recruiting for two MD roles to oversee the Midlands & south west and the south east of England regions respectively.
The company added that the restructuring ‘recognises the need to provide greater clarity and focus on their Lifting and Survey divisions which are inherently more technical from an operational and sales perspective’. To this end, Karen Greenshields has been appointed to this position. Both Mark and Karen will report to Kevin McEwan, who will be taking on a group operations director role.