The group – which is celebrating a half-century in business this year – has reported a pre-tax profit of £18.7m in the year to 31st March 2019, an increase from £16.7m in the preceding 12 months. Its 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.
In his statement on the accounts, chairman Danny O’Neil said that GAP fully expects the trading environment to remain “challenging and competitive” but highlighted the company’s financial strength and increasingly diverse product range.
The family-owned and operated business was founded by Gordon Anderson in 1969 and has been run by his sons Douglas and Iain Anderson since 1988. It has nine divisions, 142 depots nationwide and a total workforce of 1,858. In recent years GAP has beyond its traditional plant and tool hire offering with the launch of several specialist divisions: Lifting & TIC, Non-Mechanical, Trenching & Shoring, Survey & Safety, Welfare and Events Services. The new divisions 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 to meet commercial and development aspirations. Four new managing director positions sit below the GAP Holdings Board, which remains unchanged. Douglas Anderson’s son, Mark, has been appointed managing director 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 recruiting for two managing director roles tasked with overseeing the Midlands & South West and the South East of England regions respectively.
The restructuring recognises the need to provide greater clarity and focus on the Lifting and Survey divisions, which are inherently more technical. Karen Greenshields, who is the daughter of Douglas and Iain Anderson’s sister Maureen Smith, has been appointed to this position.
Kevin McEwan, a 25-year GAP veteran, will be taking on a group operations director role.