Shares in the heavy crane play surrendered 9.5p in early dealings after it warned on profits once again. Its results for the current year to 31 March will 'materially' miss revised expectations because of ongoing poor UK trading, rising operating costs in North America and expenses to do with reorganising the group and its funding. Chairman and chief executive Richard Baldwin said sales in the UK crane division would be below expectations on falling utilisation levels, whereas North American earnings have fallen on higher wages. Preliminary figures will also be hit by several one-offs, including £1m of costs relating to the liquidation of Independent Insurance Group, US and UK restructuring costs, and fees relating to the reorganisation of its funding arrangements. Baldwins also flagged up likely losses on the sale of a number of non-performing cranes as part of the restructuring programme. All of which prompted house broker ING Barings to dramatically widen its forecast pre-tax loss from £500,000 to £4.5m. Back in December, its interims to 30 September disappointed, with pre-tax profits collapsing from £2.5m to £500,000 on sales up 18% at £41.3m. Avoid.