24.04.2023

Higher revenues and losses at Ainscough

UK rental company Ainscough has filed its results for the year to September 2022, which show higher revenues while pre-tax losses trippled .

Total revenues for the year were £96.5 million, an increase of almost eight percent on the year before, pre-tax losses though increased from £1.1 million last year to £3.18 million last year, most of whcih can be explained by a £2 million jump in interest costs on short term loans that have now been refinanced, along with high costs across the board, from salaries to general operating expenses.

The higher revenues are attributed to a bounce back from the pandemic, as well as increased demand in the construction and infrastructure market sectors.

The company, which is owned by GSO investment funds/ now Blackstone, has not issued a formal press release, but chief executive Peter Gibbs said: “We are all seeing the impacts of inflation over the past year, and these continue with higher general costs, and pay and equipment inflation in particular continuing to push up costs. We are doing well to control those costs which are within our control, and continue to develop innovative solutions to effectively meet our customer’s requirements, but ultimately the whole mobile crane sector has a good deal of catching up to do after a decade of static prices if we are to retain quality operators, invest in new cranes, and continue to provide safe quality lifting services to the construction sector.”