Baldwins lost £1.27m before tax in the year to 31st March 2019 on turnover down less than 1% to £23.9m. The previous year it had made a pre-tax profit of £851,000 on £24.0m turnover.
Operating profit plummeted from £2.4m last time to just £65,000.
Richard Baldwin said that the results were in line with expectations, given the economic uncertainty. The decline it workload prompted the disposal of a specialist 750-tonne lattice boom crane – a Liebherr LG 1750 – that had only been bought in 2015, resulting in a book loss of more than £780,000.
“At the beginning of 2019 and continuing during the ensuing year, the company has carried out a full strategic review of its business,” Mt Baldwin said. “This has resulted in significant cost savings and streamlining the fleet of cranes.”