A Glasgow-based plant and tool hire firm is planning for ambitious expansion after it reported a near 170% rise in pre-tax profit.

GAP Group plans to open several specialist depots in the next two years, the Herald newspaper has reported.

The company will still have its core plant and tool hire business but will speed up the opening of specialist lifting equipment sites, with 20 more due by the end 2013.

Douglas Anderson, joint managing director, said: "If you have done much of what you can in the general market then it is natural to look at specialist areas. One of our competitors decided it would stop doing its specialist lifting service during the recession but the customers didn't like it so it became clear we should be doing something.

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Mr Anderson said the GAP Group's turnover stands at £3m and he expects growth to up to £20m over the next five years.

According to accounts being filed at Companies House, the firm’s turnover increased from £74.3m to £84.5m, while pre-tax profits before exceptional items rose from £2.3m to £6.2m.

Chairman Danny O'Neil admitted the company had benefited from some smaller competitors going out of business.

Mr Anderson said: "I think we now have a brand which is recognised throughout the country and respected so we can add things on and customers will come with us."

(NE)