31.07.2002

Baldwins reports loss

Baldwins Industrial Services has recorded a substantial loss of £14.3 million on sales of £83 million.

The substantial loss is largely due to poor performance in the US and the company noted that "The US business was affected by very difficult trading conditions during the year". However, the company also blamed "technical problems on some of the new cranes" which it said had contributed towards the very poor result.

Despite the loss, sales were up by £6.5 million on the previous year's figure of £76.5 million.

Chairman and chief executive Richard Baldwin said that the company is committed to restructuring its finances and is continuing to hold talks with its bankers.

Recent months have seen the company dispose of large numbers of cranes, many of which have been returned from the US.

Read More:
Sarens buys Baldwin’s 1000 tonner .