Results reflect Ainscough’s changing market
18 December 2009UK-based Ainscough Crane Hire has said it has had to ‘respond quickly to changing market conditions’, as it reports financial results for the year ended 31 May, 2009.
During the 12 months to 31 May, 2009, Ainscough recorded an annual turnover of GBP128.6m, down from GBP132.7m in the 2008 financial year; trading EBITDA of GBP42m, compared to GBP43.4m in the year before; and profit before tax of GBP30m, up from GBP28.9m in 2008. This included profit from crane sales of GBP7.3m, up from GBP1.6m in 2008.
Neil Partridge, Ainscough’s managing director, said the company has had to, “responded quickly to changing market conditions”, but he is now, “confident that we have the right strategy, management, people and fleet in place to continue to weather the economic storm.”
“The recession has had a direct impact on our business, particularly the downturn in general construction, however our specialist skills in a range of sectors, such as petrochemical, oil and gas, energy and major infrastructure, have supported our overall performance.
“During the period we responded quickly to changing market conditions, reducing our lower tonnage crane fleet and streamlining operating costs across the business. We also completed the integration of James Jack lifting services which has delivered an excellent contribution to the overall business and extended our reach in Scotland. At the same time we have retained our commitment to offering the best crane fleet in the industry and have invested a further GBP30m, primarily in new heavy lifting crane fleet suited to major infrastructure projects."
