Ainscough returns to profit in strong set of results

Lancashire-headquartered Ainscough Crane Hire has reported a ‘significantly improved’ financial performance, following a period of trading stability.  

Turnover for the year ended 29 September 2023 was £116.8 million, up 21 per cent from £96.5 million in the previous financial period, generating a pre-tax profit of £7.5 million (FY2022: £3.1 million loss).    

Ainscough said the result reflected improved market conditions at the time, particularly for infrastructure activity, combined with increased hire rates due to high inflation levels.  

“Following a number of years of disrupted trading, initially due to Covid-19, but more recently as a result of supply chain disruption, project delays, and cost inflation, the 52-week period ended 29 September 2023 experienced a greater degree of trading stability,” said Ainscough. 

It added: “The improved trading performance has sustained during the period since the financial year end, supporting a three-year extension to the asset-based lending facility which now runs to September 2027.” 

The Standish–based business generated an operating profit last year of £10.6 million, a massive rise from £1 million in the prior financial year.      

While net assets and total equity were valued at £54.3 million, up from £48.1 million in the year before, with cash at £10.1 million, up from £5.8 million in FY2022, and net debt reduced to £27.7 million (FY2022: £42.8 million).  

Profit after tax for the year was £6.1 million (FY2022: £186,000 loss). 

Chief executive, Peter Gibbs, said: “Following a number of challenging years for Ainscough, and the industry as a whole, it is pleasing to see a return to profitability despite the cost inflation pressures that we have all experienced.   

“It confirms my belief that a sustainable, safety-led approach to lifting is something that is valued by our customer base and we are proud to lead in these areas.” 

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