Crane hire company Baldwins Industrial Services spent $62m on new cranes last year, the company has reported. The figure was revealed as Baldwins announced a 70% rise in income and a 60% rise in profits before tax for the year to 31 March 2000.

It also announced that it plans to build a network of depots in the southern states of the USA to expand the Phillips Crane & Rigging business in acquired for $12.5m last September.

“This acquisition is the initial hub of our thrust for expansion in the United States,” said chairman, chief executive and major shareholder Richard Baldwin.

Baldwins reported turnover for the year of £60.2m ($96m), which includes £7.8m from acquired companies. (Baldwins also bought UK equipment hire company Loadtite in April 1999.) Turnover in the previous year was £35.2m. Pre-tax profit was up from £5.4m to £8.6m.

During the year the value of fixed assets rose from £80m to £112m while net debt rose from £43m to £71.4m.