Crane hire firm in need of a lift

AINSCOUGH Crane Hire has said that conditions in its sector have remained “very challenging” after reporting a 35% drop in pre-tax profits to £19.4m (2009: £30m) following a sales decline of 15% to £109.7m in the year to May 31.

Managing director Neil Partridge (right), who led a £255m buyout of the Wigan-based firm from Martin, James and Brendan Ainscough in a deal back by Bank of Scotland’s Integrated Finance arm in October 2007, said that despite the lower sales the firm had invested £28m in its new cranes during the period “to ensure we can offer customers the best fleet in the UK”.

The company, which operates from 30 depots, says it has the largest range of lifing services equipment in the UK, with a fleet of more than 500 cranes capable of lifting anything from 10 tonnes to 1,250 tonnes.

“Our specialist skills across a range of key sectors including petrochem, oil and gas, energy and major infrastructure, have supported our overall performance,” said Partidge.

The firm’s core customers are in the construction sector, which has enjoyed something of a fillip this year. with output jumping by 8.5% in the second qquarter. However, data published earlier this month by analyst Markit suggested a slowdown, with orders weakening to their slowest rate since February.

The chief executive of the Chartered Institute of Purchasing and Supply, David Noble, said: “The most disturbing thing is the marked slowdown in the residential sector as this is where much of the recent sector growth has come from,” he said.

“The slight increase in public sector activity disguises continuing uncertainty about the scale of spending cuts, which we have yet to experience.”