by Madelain Roscher

Gast announces record growth

But CEOs can't reach 'equitable solution'

GAST chief executive officer, Kevin Gast.
Gast announces record growth.jpg

Following the recent announcement that engineering solutions provider, GAST had withdrawn from their Medupi Power Station contract with Basil Read, the company today provided a further update to the proceedings.

 

On Monday, the 15 July, GAST chief executive officer, Kevin Gast met with the then deputy chief executive officer of Basil Read, Donny Gouveia who has since resigned, in an attempt to amicably resolve the matter.


Regrettably, by mutual agreement it was decided that an equitable solution could not be reached, and the matter will be heard through arbitration.

 

GAST has subsequently announced a record order book reflecting more than 35% growth year on year, which includes additional Eskom related contracts to the value of R70 million. 


Furthermore, GAST’s roads , paving and construction divisions have also been awarded contracts to the value of R320 million.

 

“Founded in 1961, GAST has enjoyed exponential growth, with our latest figures illustrating a compounded growth of more than 67% year on year, cementing our future within the African market, which contributes almost 85% of our revenue stream. 


"Since our expansion into the North American market in early 2011, coupled with our drive to enter untapped emerging markets, and to provide niche solutions and services to our clients, we anticipate even further growth within the group,” concludes Gast.

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