The company’s financial results for the 12 months to September 2023 show that total revenue for the year increased by 21% to £116.8m (2022: £96.5m) delivering a profit before tax of £7.6m.
This means 2023 was the company’s first profitable year since 2018. In 2022 Ainscough posted a £0.2m pre-tax loss).
The revenue growth reflects improved market conditions, particularly for infrastructure activity, combined with increased hire rates and cost controls which helped to partially off-set the inflationary cost environment across the UK economy.
Ainscough said that this financial year also coincided with its first year of “carbon neutral” trading. In February 2022 the company announced that it was switching its entire fleet of 400 cranes and 30 HGVs to HVO (hydro-treated vegetable oil) diesel substitute. It has since claimed to have achieved carbon neutrality and has paperwork from a company, Carbon Footprint Ltd, to prove it.
Chief executive Peter Gibbs said: “Following a number of challenging years for Ainscough and the industry as a whole, it is pleasing to see a return to profitability despite the cost inflation pressures that we have all experienced. It confirms my belief that a sustainable, safety-led approach to lifting is something that is valued by our customer base and we are proud to lead in these areas.”
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