GAM on “path of sustained growth”

Photo: GAM

Spanish rental company GAM has said its Q3 results for 2024 reaffirm its “path of sustained growth and consolidation in the sector”, with revenues increasing by 8% (to €219.7 million) from the same period in 2023.

GAM said the growth was driven by what it describes as “the outstanding performance of the rental and outsourcing business”, which saw a 17% year-on- year increase and now accounts for 27% of GAM’s total revenues.

Its rental and services segment grew by 9%, while the distribution and aftersales area saw a 1% increase. EBITDA also increased by 12% to €59.1 million and now accounts for 27% of sales (compared to 26% at the end of the same period last year).

Its operations in LATAM and the Morocco-Arabia saw the highest growth at 27% and 31%, respectively, while Portugal ( 7%) and Spain (4%) also reported healthy increases.

GAM said the performance highlights its ability to “adapt to regional bdynamics and seize opportunities in key sectors, further solidifying its global presence.”

It said, “With over 40,000 machines in operation and a contracted portfolio exceeding €240 million, GAM demonstrates its operational strength and ability to adapt to a complex market environment. The high contract renewal rate, above 90%, underscores the trust of its clients in its value proposition and long-term vision.

“With eight acquisitions completed over the past four years, the company continues to explore new opportunities to expand its presence and consolidate its leadership in the sector.”

In the period, it also noted an improvement in operational profitability, reduction in investment and notable progress in its sustainability and diversification strategy.

Looking ahead, the company said it remains focused on improving profitability and reducing investment.

Reviver update

Meanwhile, the company has also provided an update on its Inquieto and the Reviver circular economy project, revealing that although it is still in the startup phase, it expects it to transform both the company and the sector in the coming years.

Speaking to IRN earlier this year, Diego García Pastor, managing director for Spain, said he believes that a large part of its fleet will go through the Reviver process.

Initial trials have so far focused on its material handling segment, but the next step will be to start retrofitting its aerial equipment lineup (which represents 34% of its fleet). 

GAM’s Reviver plant promises sustainable solutions to customers GAM says its new equipment refurbishment plant will extend machine life and reduce fleet CapEx