UK-based rental company GAP Hire has reported improved revenues for its financial 2016 year, and said diversification in to new areas of the industry was key to its success.

Revenues for the 12 months to 31 March, 2016, totalled £158 million (€181 million), compared to £143 million (€164 million) for the previous financial year.

Gross profit totalled £15.8 million (€18.1 million), down from the prior year figure of £18.6 million (€21.3 million).

Chairman Danny O’Neil said, “I think we have done a good job over the last few years.” He added that that the pricing environment in the UK rental industry had been “intensively competitive” over the last few years.

The company said it had added new specialist divisions, including Survey and Safety, Non-Mechanical Plant and Welfare Services, to its Plant and Tools operation. It said this diversification had allowed it to increase its share of the market. The company has over 130 depots nationwide.

Mr O’Neil said, “This year, we will probably grow by about 10%. We don’t think our [profit] margins will deteriorate…The employee numbers will follow the growth in turnover and profit really.”

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