Crane hire company Baldwins collapsed another 3.5p to 10.5p after posting dire figures for the year to March. Pre-tax losses were £14.4m, compared with £5.8m profits last time around, on sales of £83m (£76.5m). Although the UK business made a pre-exceptional operating profit of £5.8m, the international and US business lost £5.9m. Chairman and chief executive Richard Baldwin explains: 'The US business was affected by very difficult trading conditions during the year, where the market, while relatively buoyant in certain sectors, remained highly price competitive.' He adds that talks with bankers to restructure the group's finances are still in progress. 'As part of this restructuring, the whole of the business has come under scrutiny. The US has been a difficult environment for us to operate in, and the future strategy relating to the US business is being carefully considered.' Pre-exceptional losses per share were 20p, against earnings of 12.1p in 2001.