Growth for crane hirer but profits trimmed

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Falcon Tower Crane Services’ turnover for the year to 31st December 2022 was £47.1m (2021: £43.9m); profit before tax was down 60% to £650,000 (2022: £1.6m).

“The directors are pleased with the results for the year given the performance of the economy as a whole,” finance director Thomas Greaves wrote in the annual report.

“The company’s business model is stringent enough to allow for a sudden change in our business environment, which includes a significant reduction or increase in turnover. Our pipeline for future work with external clients continues to grow as we build on and leverage our reputation as the largest and most innovative crane company within the industry.  We have welcomed new clients, although much of our work continues to be driven by repeat business.”

Staff costs (including directors’ remuneration) increased from £20.8m to £23.2m in the year, as employee numbers grew from 399 to 414.

Parent company Falcon Group Services made a pre-tax profit of £2.6m on turnover of £55.9m (2021: £43.8m). Falcon Group Services includes Tower Crane Asset Management Holdings, which leases cranes to Falcon Tower Crane Services and last year made a profit of £2.8m before tax on £17.3m turnover.

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