Heavy crane rental specialist Baldwins Industrial Services has seen its sales and profits both rise strongly since its flotation on the London Stock Exchange in July.
Interim results for the six months to 30 September saw turnover up 17% to £16.4m ($26.2m) and pre-tax profits up 32% to £2.3m ($3.7m).
But with £9.4m capital expenditure incurred (£7.7m on plant and £1.7m on support services such as offices and computers), Baldwins also saw its net debt on 30 September 1998 approaching £32m, £2m higher than a year previously. Money owed to creditors was at £45.5m on 30 September 1998, compared with £32.4m a year earlier.
But with turnover up, chairman Richard Baldwin was optimistic about future prospects both in the UK and overseas. “The basis for future profitable growth exists and we remain very confident as we work towards the year end,” he said.
Since 30 September, Baldwins has acquired 11 cranes and the Glasgow and Dundee depots of Peterhead Crane Company, and opened new depots in Rochester and Aberdeen.
