07.12.2007

GAM up 61%

General de Alquiler de Maquinaria (GAM) has reported nine month revenues up by 61.7 percent to €217 million. This includes four months contribution from access and telehandler company Vilatel and Portuguese rental company Viasolo.

EBITDA for the period was €93.7 million an increase of almost 78 percent on the same period in 2006.

Pretax profits were up by a slightly more modest 69 percent to €19.29 million

GAM says that the results confirm its claims that the company has reduced its exposure to the softening residential market in Spain a trend that will continue into 2008.

It claims that much of its organic growth has come from its efforts to expand the market penetration of the rental concept in Spain, which has typically been low in comparison with that of Northern Europe.

The company expects its full year revenues for 2007 to exceed €300 million keep it well ahead of its nearest rival, Euroloc.