21.04.2008

High speed profits at AFI

AFI-Uplift as taken first place in the Sunday Times list of Britain’s top100 private companies with the fastest growing profits.
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The Sunday Times report

The Sunday Times Price Waterhouse Coopers Profit Track 100 league table features profit growth over the last three financial years, offering a snapshot of Britain’s best-performing private companies in terms of profit growth.

AFI profits have grown by 114 percent a year, rising from £549,000 in 2003 to £5.4 million in 2006. The company’s revenues in 2006 were £20.4 million.

AFI has 263 staff in 17 depots throughout the UK, and a rental fleet of more than 4,300 aerial lifts.

Managing director Richard Saunders said: “Gaining the top place in the Sunday Times league is a tremendous achievement, which is all down to teamwork and high levels of customer service.”
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Steve O'Hare (L) of Barclays Private Equity with David Shipman of AFI

Chairman David Shipman bought into AFI in 2002, when the company had three depots and a fleet of 270 machines. He initiated a period of rapid growth, expanding south as the company went ‘national’ it has also acquired Alan Drew, Uplift, Central Access and North East Access

In 2006, Barclays Private Equity invested £15million in the company in exchange for a 39.5 percent stake in the company.

Since then AFI-Uplift has invested £18 million, mainly in the access fleet. Last year the company was fifth in the top 100 private equity backed companies with the fastest growing profits.

The only other company in the chart was privately owned JCB which was 62nd.