Maxim is losing more than $2m a week

Maxim Crane Works, the USA's biggest crane rental company, has been losing money this year at a rate approaching half a million dollars every working day, according to its latest set of accounts filed on 25 October.

For the six months to 30 June 2002 Maxim reported a net loss of $61.1m, spread broadly evenly between each of the first two quarters.

Revenues for the half year were $183.0m, down from $220.6m in the first half of 2001. An operating profit of $22.9m in the first six months of 2001 was turned into an operating loss of $6.7m this time. Ebitda was down 29% to $41.2m.

The half year loss included $31m in interest repayments, a burden that Maxim has continued to suffer since it recapitalised in July 1998 when Bain Capital took an 80% stake.