Baldwins' bombed out share price reversed another 7p to just 12p in early dealings after the crane hire company issued yet another profits warning. Chairman and chief executive Richard Baldwin says sales for the year to March 2002 will be about £83.3m, and pre-tax losses 'not less than £7.6m', when the company reports in July. Trading has continued to disappoint, especially in the US, where it lost £3.4m at operating the level. Baldwin also flagged up a £5.9m net interest charge for the year, and said year-end borrowings were £84m (22 times its market cap). Furthermore, in an attempt to trim borrowings, a number of cranes were sold, causing a £2.9m loss on fixed asset disposals. The company is talking to its funders to put it on a 'more stable, long-term financial footing'. In February, house broker ING Barings dramatically widened its forecast pre-tax loss from £500,000 to £4.5m, on another profit warning. Interims to September disappointed, with pre-tax profits collapsing from £2.5m to £500,000 on sales up 18% at £41.3m. Investors have seen the value of their shares plummet from a 52-week high of 186p following several profit warnings over the past year. Avoid.