Profits at the UK’s largest crawler crane hire business, Inverness-based Weldex, have plummeted by more than two-thirds.
The company’s latest financial statements show pre-tax profits of £2,061 million for the year to December 2015, compared to £7,804 million in 2014.
Turnover at Weldex also fell from £31,707 million to £22,276 million in the same period and the number of employees reduced by 10 to 134.
With headquarters in Longman Road, Inverness and a facility in Derbyshire, the company was founded in 1979 by current chief executive officer Dougie McGilvray.
It has a fleet of more than 100 cranes, ranging in lifting capacity from 40-1,350 tonnes and operates in the onshore and offshore oil and gas industry and the renewable energy, power generation and civil construction sectors across the UK and overseas.
Notable projects Weldex has worked on in recent years include the construction of all stadiums for the London 2012 Olympics, the new Wembley Stadium and Terminal 5 at Heathrow Airport.
The company’s directors’ report and financial statements, lodged recently with Companies House gives no comment on the fall in pre-tax profits, but states, “the directors are pleased with the results for the year.”
It adds: “The company has continued to trade profitably in the year and the directors believe the company is well placed to provide services to the renewable, oil and gas and construction sectors.”
The company yesterday declined to respond to a request for a comment.
by Stan Arnaud
