Slow recovery at Ainscough
UK based rental company Ainscough Crane Hire, has filed its accounts for the 12 months to the end of September 2021, which show a steady improvement as the pandemic began to ease.
Total revenues increased just over 20 percent to £89.6 million, although, according to the company, business was still significantly impacted by the pandemic. In spite of higher administration and operating costs the company turned an operating loss of £7.8 million in 2020 into a profit of £1.3 million last year, however a significant increase in interest costs helped turned this into a pre-tax loss of £1.1 million, but this compares to a loss of £7.5 million for the previous year.
The company says that as major infrastructure projects come on stream it expects growth to gain momentum.
Ainscough only publishes basic accounts as it is privately held, with ultimate ownership in Luxembourg. However, it is clear to see that the business picked up substantially in 2021, although not enough to generate a profit.
As to the current year, the second half will include the substantial increases in diesel, due to the ending of rebated red diesel use, further impacted by the rising oil price, which not all companies have managed to recoup in higher prices/rates. More recently massive increases in energy and other materials will put further pressure on the business.
Ainscough’s 2022 accounts are not due to be filed until this time next year.