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October 18, 2019

GAP posts record profits

Filed under: Latest News — EHN Team @ 1:40 pm

GAP has announced record annual profits and turnover in the year the Group celebrates a half-century in business.

The company achieved a pre-tax profit of £18.7m in the year to 31 March 2019, an increase from £16.7m in the preceding 12 months, as annual turnover rose by 8.8% to £203m. Earnings before interest, tax, depreciation and amortisation soared to an all-time high, rising from £73.1m to £80.4m. For the first time in the company’s history, net assets have climbed above £100m.

Joint MDs Douglas (pictured right) and Iain Anderson said that GAP has diversified significantly beyond its traditional plant and tool hire offering with the launch of specialist divisions comprising Lifting & TIC (test, inspect and certify), Non-Mechanical, Trenching & Shoring, Survey & Safety, Welfare and Events Services. The new divisions, which often require bespoke solutions, now account for around one-third of turnover and an even-greater proportion of pre-tax profits.

The family business also announced a new operational structure with an eye on succession-planning and to continue its expansion. Four new Managing Director positions sit below the GAP Holdings Board which remains unchanged. Douglas Anderson’s son, Mark, 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 actively recruiting for two MD roles tasked with overseeing the Midlands & South West and the South East of England regions respectively.

The company says the restructuring recognises the need to provide greater clarity and focus on its Lifting and Survey & Safety divisions, which are inherently more technical from an operational and sales perspective. Karen Greenshields, who is the daughter of Douglas and Iain Anderson’s sister Maureen Smith, has been appointed as MD of these operations. Mark and Karen will report to Kevin McEwan, who will take on a Group Operations Director role.

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