Ainscough Crane Hire鈥檚 results for its financial year 2021 show improvement on the 2020 numbers but still substantially short of its pre-pandemic results.
In the year to 24th September 2021, Ainscough made a loss for the second year running, losing 拢1.1m before tax on turnover of 拢89.6m.
This was an improvement of the previous year鈥檚 拢7.5m pre-tax loss and turnover was up 20% on 2020鈥檚 拢74.5m.
Operating profit before tax, depreciation and amortisation (Ebitda) doubled to 拢13.1m in 2021 (2020: 拢6.7m).聽
However, in the pre-covid year to September 2019 Ainscough Crane Hire had made a pre-profit of 拢1.7m on turnover of 拢123.1m. Thus business in 2021 was still 27% down on 2019.
Total聽 net assets have also decreased, to 拢48.4m in the latest accounts, from 拢49.4m in 2020 and 拢79.6m in 2019).
The average number of employees in the year to 24th September 2021 was 785 (557 in operations and 228 in administration), compared to 819 the previous year.
Writing in the annual report, chief financial officer Ian Scapens said: 鈥淒uring the period, the business has continued to be affected by Covid-19 and the impact that the global pandemic had on the United Kingdon and global economy. This has resulted in delays in the commencement of a wide range of infrastructure projects scheduled to start in the period with a corresponding impact on demand for the company鈥檚 services.鈥�
Ainscough these days is ultimately owned by three investment vehicles registered in Luxembourg by GSO Capital Partners, which is part of the Blackstone group.
鈥淭he company continues to receive the on-going support of Blackstone,鈥� the CFO said. 鈥淗owever, there is no committed facility from Blackstone to provide additional funding to support the company in the event of a material downturn in trading.鈥�
It does, though, have a 拢20m shareholder loan facility with GSO, of which 拢10.2m was drawn down in February 2021, with an interest rate of 15% a year and repayable by January 2031.
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