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Fri January 28 2022

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GGR bucks Covid to grow profits

13 Jan Latest accounts filed by lifting equipment distributor GGR Group show that it managed double-digit profit growth in 2020 despite a dip in sales revenue.

The Faresin 6.26 electric telehandler has been a success for GGR
The Faresin 6.26 electric telehandler has been a success for GGR

With performance in 2020 “materially impacted” by both Covid-19 and Brexit related uncertainty, GGR’s turnover was down 7% to £26.5m (2019: £28.4m).

However, pre-tax profit was up 17% to £3.6m (2019: £3.1m). Gross profit margin improved to 53% (2019: 51%).

GGR’s core business is the sale and hire of mini cranes and glass handling equipment. It is the European dealer for Japanese manufacturer Furukawa Unic’s mini cranes. During 2020 it also took on the dealership of Faresin telehandlers, importing the Faresin 6.26 electric telehandler from Italy. Stealing a march on JCB’s British-made electric telehandler, in development at the time, GGR racked up several sales to notable plant hire customers, including Flannery and M O’Brien.

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MPU

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