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Wed August 10 2022

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Profits up 20% for tower crane hirer

1 Aug Tower crane hire specialist Falcon has reported doubled digit growth in both revenue and profit for 2021.

In the year to 31st December 2021 Falcon Tower Crane Services Ltd turned over £43.9m, up 14% from £38.6m in 2020; pre-tax profit was up 20% to £2.05m (2020: £1.76m).

Falcon operates a fleet of more than 440 tower cranes but only half of the turnover – £21.2m – came from the core business of actual crane hire; £13.2m came from hiring out crane operators and £5.1m came from erecting and dismantling tower cranes. The balance came from spares, fuel and ancillary item hire.

Finance director Tom Greaves wrote in the annual report: “The directors are pleased with the results for the year given the effects of Covid-19 on the economy as a whole. The company’s business model is stringent enough to allow for a sudden change in our business environments, which includes a significant reduction or increase in turnover. Our pipeline for future work with external clients continues to grow as we build on and leverage our reputation as the largest and most innovative crane company within the industry.  We have welcomed new clients, although much of our work continues to be driven by repeat business.”

The notes to the 2021 accounts disclose that the company is still waiting to learn the outcome of the health and safety investigation into the collapse of a crane in Crewe in June 2017, which resulted in the death of three employees.

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