GAM continues recovery in first quarter

Spain’s GAM has continued its recovery in the first quarter of 2022 with sales up 37% to €49.9 million. The result follows growth of 26% in sales for 2021.

EBITDA profits were up 67% to €12 million, with net losses of €0.2 million in the period compared to losses of €2 million in the first quarter of 2021.

GAM’s first quarter revenues in 2022 were up 37%.

GAM said its revenues related to distribution, maintenance and training rose by 27% to €18.8 million, while its core rental operations saw an increase of 38% to €20.2 million.

The company is acting on sustainability, in part through the actions of its subsidiary Inquieto - created in early 2021 - which is providing electric-powered equipment for ‘last mile’ logistics.

It is also increasing the electrification of its fleet, with 75% of its equipment on rent now electric.

GAM added that high inflation was a now a problem in addition to the supply chain issues already being experienced in 2021.