Spain’s GAM doubles profit in 2021

By Belinda Smart02 March 2022

Spanish multinational rental company GAM grew by 26% in 2021, doubling its profit - its results for 2021 showing it had overcome the difficulties caused by Covid-19 and was “consolidating a profitable and double-digit growth in all its businesses.”

Turnover increased by 26% to €168.3 million, with sales for ongoing services up by 36% to €32.4 million.

GAM’s business includes the distribution of brands such as Hyster and Magni.

The company said Covid-19 restrictions impacted business in the first part of 2021, with supply chain blockages also a factor.

Delays – about five months on average – meant a significant part of the company’s Capex investments took place in the second part of the year.

However the company said it had also mitigated delays and related price increases by pre-planning and doubling its stocks.

In the second half of the year, volumes surpassed those of the first half - second half sales reached €90.9 million, with an EBITDA of €26.1 million, “far exceeding the figures for the same period of 2019, before the pandemic.”

Non-capex businesses such as distribution, training, maintenance or sales, grew by 42% to €62.9 million. EBIT for these businesses increased by 22%, with profits doubling.

In 2021, acquired forklift specialist Recamasa and cargo transport business of Ascendum in Portugal, and on 22 January it also acquired forklift dealer Dynamo Hispaman Group (GDH).

GAM said the acquisitions - totalling €13.5 million - had strengthened its position in maintenance and distribution in Iberia and as the primary dealer of the Hyster-Yale brands.

The company also invested €9 million on fleet electrification at mobility subsidiary Inquieto, where 75% of the units for rent are already zero-emission equipment.

Other investments included the development of a machinery remanufacturing plant, and digitalisation projects.

GAM operates in 10 countries and has 75 branches. As of February 2022, the company has 1,200 employees.

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