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Fri August 07 2020

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Baldwins sells major asset to stem losses

2 Jan Baldwins Crane Hire has blamed Brexit-related economic uncertainty for the business showing a loss in its latest accounts.

Baldwins lost more than £780,000 on the sale of its LG 1750
Baldwins lost more than £780,000 on the sale of its LG 1750

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.”

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