Australian crane rental company Tutt Bryant reported a post-tax profit of $8.9 million for the year ended March 31, down 37 percent compared with 2009. Revenue dropped 25.1 percent from $321 million to $240.4 million.

“Despite the FY10 decline in sales revenue, the group’s balance sheet remains strong and its competitive position is robust,” said managing director David Haynes. “During this period of reduced market demand we have taken the opportunity to ensure that all divisions are structured to operate with a lower variable cost profile to position the group for strong revenue growth as demand picks up in FY11.”

The company said it sees encouraging indications that revenues and operating margins will improve the next fiscal year.