Profits up at GAM

Spanish rental company GAM has reported a profit of €6.2 million for the first nine months of the year, reversing a €1.2 million loss for the same period in 2018.

The profits were achieved on revenues of €109 million, up 14% year on year. EBITDA profits grew by 26% to €31.8 million.

The results were published on 11 November just days before the deadline to take up a new share subscription which will see the company aim to raise €27.3 million.

The increase in revenues was driven by its Spanish business, which increased by 18%. Spain represented 74% of total revenues in the nine months. Its international operations, including Latin America and Portugal, grew by 4%.

The company said the improved results were the result of higher utilisation rates and a strong performance from its allied businesses, including training and equipment sales.