For the 53 weeks to 30th September 2022, Ainscough Crane Hire Limited turned over £96.5m, up 8% compared to the previous 52-week covid-affected period (2021: £89.6m).
However, pre-tax loss widened to £3.1m (2021: £1.3m)
At operating level, a profit of £1.1m was reported, but there were £4.2m of interest repayments, compared to £2.4m the previous year.
Total net assets decreased slightly to £48.2m (2021: £48.4m).
Ainscough, owned by Luxembourg-registered GSO and thus ultimately by Blackstone, also spent £457,000 on restructuring.
In the accounts, Ainscough chief financial officer Ian Scapens explained: “During the period, high levels of cost inflation have been encountered, including: the loss of duty reduction for red diesel used in mobile plant; pay inflation for crane operators driven by demand from ancillary industries; and general inflation for spares and consumables.”
He added: “We continue to seek to mitigate these cost increases wherever possible, but have had to increase prices to our customer were mitigation is not deliverable.”
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