Ainscough Crane Hire returns to profit

Leading UK mobile crane rental firm Ainscough Crane Hire’s latest financial results show the company has made a profit, its first since 2018.

Financial accounts published for the 12 months to the end of September 2023 show total turnover for the year of £116.8 million (US$148.1 million) up by 21 per cent on the £96.5 million ($122.4 million) for the same period in 2022. Profit after tax was £6.1 million ($7.7 million), up from a £186,000 ($236,000) loss in 2022. Profit before tax was £7.6 million ($9.6 million). EBITDA was £22.9 million ($29 million) in 2023, up 60 % from £14.3 million ($18.1 million) the year before.

The revenue growth “reflects improved market conditions, particularly for infrastructure activity, combined with increased hire rates and cost controls which helped to partially off-set the inflationary cost environment across the UK economy,” the company said.

Commenting on the result Peter Gibbs, Ainscough CEO, said, “Following a number of challenging years for Ainscough, and the industry as a whole, it is pleasing to see a return to profitability despite the cost inflation pressures that we have all experienced. It confirms my belief that a sustainable, safety-led approach to lifting is something that is valued by our customer base and we are proud to lead in these areas.”

In outlook the directors’ report said it was expected that the market uncertainty would continue but that opportunities would increase in major infrastructure and projects over the next year. “As a result of careful strategic management and diversification across a number of end market sectors, the company is well placed to respond to opportunities as and when they present themselves.