Rental group Hewden Stuart saw turnover fall nearly 8% in its lifting divisions in the first half of the year, due mainly to a 10% fall in rates in the powered access market. Mobile crane rates are also under pressure too.
“The powered access market has recently experienced an explosion of new entrants into what is becoming a crowded market,” the company reported.
It added: “Mobile crane operators have been busy this year, but have been subjected to considerable competitive pressures.” Hewden said that though the operating margin of its lifting business had fallen, it remained “above the group average and therefore provides a very valuable contribution to our comprehensive group portfolio”.
Pre-tax profit for the group for the six months to 31 July this year was down £1.5m to £20.7m ($33m) on a turnover of £124.6m ($200m).
