Vehicle rental company T.O.M. has become one of the fastest growing private companies in Scotland after increasing its turnover and profits by 41%.
The Airdrie-based firm’s annual accounts show turnover up by 40.7% to £38.4million from £27.3m while profit before tax rose 41.1% to more than £2m compared to £1.4m last year.
Chairman Hugh Stewart said the improvements had been achieved despite a challenging economic background and cash flow pressures affecting many of T.O.M.’s customers.
He said: “We have continued to refine our strategy to take advantage of growth opportunities. More and more customers are turning to T.O.M. which reflects the outstanding customer service we deliver and our ability to provide them with cost-efficient solutions.”
T.O.M., whose clients include almost every local authority in Scotland, the NHS and Scottish Water, increased its fleet by more than 21% to almost 5000 – a figure which is still growing – while staff numbers rose by almost 100 to its current level of around 330 including 60 on the Modern Apprenticeship scheme.
The company, as well as specialising in fleet and service management, MOT testing, sales, servicing and repair, also extended its growing influence in the sector by acquiring the trade and assets of the commercial vehicle operations of Ayr-based Glen Henderson Ltd, a Mercedes Benz authorised repairer and light commercial vehicle sales franchise.
T.O.M. also invested almost £300,000 in new facilities at its main site in Airdrie, opened a new rental and service depot at Broxburn in West Lothian, introduced a dedicated Fleet Management Team and strengthened its finance and sales divisions to reflect the growth of the business.
That was also supported by a £7m financing package with GE Capital, allowing the company to support its ambitions to invest in more vehicles and create jobs. It has also doubled its financing facilities.
Managing Director Jim Rafferty said: “It is credit to everyone that we have managed to implement our strategy in these economic times.
“Our ability to grow and develop is directly linked to the exceptional service levels T.O.M. brings and the level of support from our customers.”
Mr Rafferty said T.O.M. was ready to take advantage of further opportunities for growth and was upbeat about future growth.
He said: “For the coming year we anticipate further significant growth in turnover and profitability. We remain open for new opportunities which will present themselves.”
Commercial director Robert Stewart added: “Our business benefits from a solid operating & financial platform, strong reputation within the sector and without doubt the best people from the industry.
“The continued aspiration from T.O.M. is to expand the breadth and depth of services we offer and increase our geographic footprint, our track record shows that we will deliver on those objectives.”
