The company鈥檚 financial results for the 12 months to September 2023 show that total revenue for the year increased by 21% to 拢116.8m (2022: 拢96.5m) delivering a profit before tax of 拢7.6m.
This means 2023 was the company鈥檚 first profitable year since 2018. In 2022 Ainscough posted a 拢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 鈥渃arbon neutral鈥� 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: 鈥淔ollowing 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.聽 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.鈥�