The company is growing in all its businesses and improving its margins.
During the first nine months of the year, revenue increased by 30% to 122.5 million euros, which not only recovers activity levels from before the pandemic but also represents a 14% increase in revenue compared to the same period in 2019. The EBITDA margin reaches 29.9 million euros (24% of sales) and grows by +14% compared to 2020, while the net result improves by 102%, generating an accumulated profit of 0.1 million.
The short-term business, which was most affected by the pandemic, has already grown by 9% over 2020. The long-term business has increased by 31% and now represents 18% of the company’s total revenue, while CAPEX-free businesses (those that do not require additional structure and capital, such as distribution, buying and selling, maintenance, training, etc.) have increased by 65% and account for 38% of total revenue.
The EBITDA margin has grown by 14%, proportionally less than revenue, due to the higher weight of lower-margin businesses (such as distribution or buying and selling), which do not require additional investments. Thus, the EBIT margin increases by 51%, and the net result by 102%.
After a first quarter of the year still heavily impacted by the pandemic, GAM has achieved profits of 1 million euros in each of the last two quarters, with an accumulated profit for the year of 0.1 million, compared to losses of 2.5 million for the same period in 2020. All this, despite some difficulties related to delays in delivery times from machinery manufacturers, in the current context of supply shortages and international logistics problems.
GAM maintains a high level of available liquidity (35.9 million), which will allow it to continue seizing growth opportunities. In July 2021, the company acquired Recambios, Carretillas y Mantenimiento, S.A. (Recamasa), as well as the load handling business of Ascendum in Portugal.
