Annual turnover increased by 11% from 拢158m to 拢175m and pre-tax profit also increased strongly from 拢15.8m to 拢17.1m, the Scottish company鈥檚 second highest ever. The pre-tax profit figure was only ever exceeded by the 拢18.6m achieved in the year to March 2015 鈥� a year described by joint managing director Douglas Anderson as a 鈥榩urple patch鈥�.
The financial results mean GAP remains the UK鈥檚 fifth-largest player in its sector by turnover, with about a 4% share of the plant and tool hire market, and in third position in terms of annual pre-tax profits.
Capital expenditure on hire assets was 拢73m during the year to March 2017.
GAP has grown in recent years from its traditional plant & tool hire roots to a multi-service offering with eight divisions, including: Lifting Equipment Hire, London Tools & Access, Non-Mechanical Plant, Survey & Safety Hire, Welfare Services and Events Services. These new divisions established since 2009 now account for 30% of overall revenues.
GAP spent 拢4m last year to buy a five-acre site in Tilbury, Essex, which is to be developed into a multi-service hire depot at a total cost of 拢6m.
鈥淚t gives us a real credibility, and an ability to do things other people can鈥檛 do,鈥� Douglas Anderson said of the Tilbury depot. 鈥淚f you want a service around the M25 and in the M25, you need to be there and have a meaningful presence.鈥�
Financial director Chris Parr added: 鈥淥ur long-term strategic planning horizon is something that really differentiates the business. Family ownership provides stability and long-term sustainability, enabling us to make exciting investments such as our new site in Tilbury.鈥�
He said that since the start of the current financial year in 聽April, turnover was running 10% ahead of last year.
The company now has 1,633 employees, an increase from 1,503 a year earlier, and has grown to 137 locations throughout the UK. The workforce has grown by about two thirds over the last four years.
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