Big rise at Tutt Bryant

Revenue from Australia-based Tutt Bryant's crane rental division was up 71.1% for the 12 months ending in March 2007 over the previous year to AU$36.1 million ($29.5 million). Earnings before interest and taxation were up 45 % at AU$8.3 million ($6.8 million).

In February the company bought mobile crane hire specialist Muswellbrook Crane Services, based in New South Wales. It followed the acquisition in December of North Sheridan Pty, trading as Paramount Hire Services and Pump Hire Services.

“The crane hire division is maintaining a very high utilisation rate over 80% across its fleet, which is now at 124 cranes since the acquisition of Muswellbrook Cranes. Crane utilisation is driven by high demand, which, at present, exceeds available supply,” David Haynes, Tutt Bryant managing director explained.

Haynes continued, “This demand factor, combined with improved hire rates and strong gross margins contributed to the overall performance improvement. The introduction of higher capacity cranes has also increased the rate of revenue growth.”

The company recently bought its second heavy lift crane in 10 months, a 600 tonner with superlift delivered to Melbourne, preceded by a 650 tonner deployed in Western Australia. “The outcome of our recent acquisitions has met expectations with all of the new businesses now fully integrated into the group's operations and already contributing to revenue and earnings,” Haynes added.