Ainscough Crane Hire has achieved its first profitable year since 2018, marking a significant turnaround after six years of financial losses.
- In the fiscal year leading up to September 2023, Ainscough’s turnover increased by 21% to £116.8 million, resulting in a pre-tax profit of £7.6 million.
- The impressive financial results were driven by improved market conditions in the infrastructure sector, increased hiring rates, and stringent cost controls.
- Ainscough’s ongoing commitment to sustainability was highlighted by its claim of achieving carbon neutrality, bolstered by the use of HVO fuel across its fleet.
- Peter Gibbs, Ainscough’s CEO, attributed the success to a sustainable, safety-focused approach, reflecting industry demands despite inflationary pressures.
Ainscough Crane Hire has reported a noteworthy recovery, registering a profit for the first time in several years. For the year ending September 2023, the company’s turnover surged by 21% to £116.8 million, in stark contrast to the previous year’s revenue of £96.5 million. This growth in revenue contributed to a pre-tax profit of £7.6 million – a substantial improvement from the £0.2 million loss recorded in 2022.
This financial resurgence can be attributed to a combination of favourable market conditions, specifically within the infrastructure domain, which has led to increased demand for Ainscough’s services. Additionally, the company implemented higher hire rates and maintained strict cost control measures, effectively countering the inflationary cost environment that currently challenges the UK economy.
In a bid to align operations with environmental standards, Ainscough marked its first year of carbon-neutral trading. The transition to using hydro-treated vegetable oil (HVO) as a diesel substitute across its extensive fleet signifies this commitment to sustainability. The company has supported this claim with documentation from Carbon Footprint Ltd, underscoring its ecological credentials.
CEO Peter Gibbs expressed satisfaction with the financial turnaround, noting the significance of the company’s safety-led, sustainable business model. According to Gibbs, this approach resonates well with clients and withstands economic obstacles, ensuring Ainscough’s leadership in the sector. His statement reflects a broader industry trend towards valuing sustainable practices amidst economic uncertainties.
Ainscough Crane Hire’s return to profitability signifies a successful adaptation to market and environmental demands, positioning the company strongly for future challenges.
