GAM back at 90% of activity

Spanish rental company GAM Alquiler said its activity levels had returned to around 90% of normal by September/October, having recovered from a low point of 55% at the height of the pandemic lockdown.

The figures are given in GAM’s latest financial results for the six months to 30 June this year, which show a 17.7% decrease in revenues to €59.2 million for the period. The company made a €4.0 million loss for the six month period compared to a €6.1 million profit for the first half of 2019. EBITDA profits for the period were down 25% to €14.7 million.

The company said its business was progressively recovering from the worst impact of Covid-19, ”with the expectations that in the coming months the entire activity will be able to recover.”

GAM’s Spanish business, which represents three quarters of the total, saw an 18% fall in revenues to €45.1 million, while revenues in Portugal were down 12.5% to €4.2 million.

Its operations in Latin America - in Peru, Columbia, Mexico, Chile, Panama and the Dominican Republic - saw a 22% fall in sales to €8.8 million.

Revenues from GAM’s Saudi Arabian and Moroccan businesses are understood to account for the remaining €2 million in revenues for the half-year period.

Despite the pandemic, GAM has continued to invest in its business. At the beginning of the year it acquired Clem Ecologic/Clem Alba, which rents forklifts, factory automation robots and aerial platforms, and more recently it bought Galman SL, another forklift and industrial equipment rental specialist.