For the 16-month period ended 30th September 2019 Ainscough Crane Hire turned over £123.1m, compared to £106.4m for the 12 months to May 2018. This represents an average over the period of £7.7m, from £8.9m before.
Ainscough made an operating loss of £1.1m, but income from shares in group undertakings resulted in a pre-tax profit of £1.66m (year to May 2018: £1.7m).
During the year the company incurred £8.3m exceptional costs relating to refinancing, restructuring, implementation of a new enterprise resource planning (ERP) system and a dilapidation provision against leasehold premises. £2.3m was spent on restructuring and £3.7m on the ERP system.
The change in year-end coincided with a change in ownership: on 13th September last year 95% of parent company Accord Bidco Ltd was sold by Oaktree Capital Management to GSO Capital Partners and new directors took over.
The accounts also show that it is taking Ainscough an average of 70 days to get its customers to pay its invoices, compared to 58 days in 2018.
Got a story? Email news@theconstructionindex.co.uk
