Shares in crane company Boom Logistics dropped 19 per cent after reporting a smaller full-year loss and farewelling its boss with a $675,000 retirement payment.

Boom, which goes by the tagline ‘Lifting Solutions for Australia’, dropped to a low of 19.5c on Wednesday before recovering to 21.5c as it reported a net loss of $1.5 million.

That was a significant improvement on last year’s $22.6 million full-year loss, however. Revenue also shot up 22 per cent to $183.1 million — and was expected to grow 15 per cent this year.

The business (ASX:BOL) had reached “an important turning point” and was showing “positive momentum in a challenging environment”, shareholders were told.

Chief executive Brenden Mitchell, who has helmed the company for a decade, will step down as the company’s leader on September 20 ahead of a handover period to incoming successor and current COO Tony Spassopoulos.

Mr Mitchell will retire from the company entirely in February.

Mr Mitchell will receive a “retirement termination payment” of $675,000. As at August 15 he held about 3 million shares. He will not receive short or long-term incentives tied to the 2019 financial year.

Shares in crane provider Boom Logistics (ASX:BOL) over the last 12 months.

“The decision to retire was difficult but it was made easier knowing the succession plan has come to fruition and the company is in a safe set of hands,” he said.

“I’ve worked alongside Tony for over ten years and known him professionally for over two decades. He’s the right leader for the business and I have every confidence that his vision and strategy will continue to strengthen the business and build its respected reputation in the market.”

Mr Spassopoulos said: “It is a great privilege and I plan to protect the achievements acquired over the past ten years by continuing to add value to our customers and to developing our people.”