GAM continues recovery in first quarter
By Murray Pollok17 May 2022
Spain’s GAM has continued its recovery in the first quarter of 2022 with sales up 37% to €49.9 million. The result follows growth of 26% in sales for 2021.
EBITDA profits were up 67% to €12 million, with net losses of €0.2 million in the period compared to losses of €2 million in the first quarter of 2021.
GAM said its revenues related to distribution, maintenance and training rose by 27% to €18.8 million, while its core rental operations saw an increase of 38% to €20.2 million.
The company is acting on sustainability, in part through the actions of its subsidiary Inquieto - created in early 2021 - which is providing electric-powered equipment for ‘last mile’ logistics.
It is also increasing the electrification of its fleet, with 75% of its equipment on rent now electric.
GAM added that high inflation was a now a problem in addition to the supply chain issues already being experienced in 2021.