GAM first half revenues up 31%
By Belinda Smart30 July 2021
Spanish multinational rental company GAM has posted a 31% revenue hike to €77.4 million for the first half of this year.
While the company described the period as one still influenced by the slowdown caused by Covid-19, it said the revenue increase marked a recovery to pre-pandemic levels, representing an 8% rise compared to the same period in 2019.
GAM said the second quarter of this year was more positive than the first, which had been more affected by the Covid-19 crisis.
Between April and June, it generated €40.9 million in sales, with an EBITDA of €10.9 million (27% of sales) and a net profit of €1.1 million, partially offsetting the losses of the first quarter.
GAM confirmed its high liquidity position (€53.8 million, including cash and available policies) will allow it to continue to take advantage of growth opportunities, exemplified by its recent acquisition of companies such as forklift specialist Recamasa, acquired in July.
The company’s businesses described as non-Capex activities - those not requiring additional structure and capital, such as distribution, sales and purchase, maintenance and training - doubled during the first half, and accounted for 39% of total revenues.
EBITDA grew by 17% compared to 2020, an increase proportionally lower than that of sales due to the increase in non-Capex businesses with lower margins than rental.
Founded in 2003 in Asturias, north west Spain GAM offers equipment rental and sales, maintenance, training, events, energy supply, modular spaces and robotics and drone engineering.
The company is listed on the Spanish stock exchange and operates in 10 countries, has 75 branches and employs 1,100 people.