10th May 2019 10:01
LONDON (Alliance News) - Heating and air-conditioning firm Andrew Sykes Group PLC held its full year dividend Friday after profit and revenue grew amid a "successful" performance despite awareness of challenges facing the business.
Shares in Andrew Sykes were 8.6% higher at 630 pence on Friday.
In 2018, pretax profit widened 21% to GBP21.0 million from GBP17.3 million the year prior. This was after revenue rose 10% to GBP78.6 million from GBP71.3 million the year before.
Andrew Sykes Chair Jacques-Gaston Murray explained the firm had seen the "successful performance in the first half of the year continued into the second half."
"Traditionally, the group makes more profit in the second half year due to the higher profit margins on its air conditioning products which are hired predominantly in the second half of the year," Murray added. "The effect this year was even more pronounced than normal due to the long and hot summer throughout Northern Europe providing excellent opportunities for this area of our business."
Andrew Sykes proposed a 11.9 pence per share dividend, unchanged on the year prior. For the full year, the dividend also remained unchanged at 23.80p.
"The group's policy to increase investments in new technologically advanced and environmentally friendly non-seasonal products will be continued into 2019," Murray added. "Investments will also continue in our traditional businesses to ensure we are ready to support our customers in times of extreme weather conditions.
"The group continues to face both challenges and opportunities in all of its geographical markets but our business remains strong, cash generative and well developed, with positive net funds," Murray added. "The board remains mindful of the favourable or adverse impact that the weather can have on our business."
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