7th May 2014 14:23
LONDON (Alliance News) - Andrews Sykes Group PLC Wednesday reported a slight increase in full-year pretax profit, as an increase in revenue more than offset higher costs.
The air conditioning equipment hire company said pretax profit increased to GBP15.0 million in 2013, from GBP14.8 million in 2012, as revenue rose to GBP61.1 million, from GBP58.4 million, The revenue rise more than offset a rise in administrative expenses to GBP10.1 million, from GBP8.6 million.
The revenue increase came about despite 2012 figures being boosted by demand relating to the Olympic and Paralympic games.
Andrews Sykes Hire Ltd in the UK performed significantly better than last year and subsidiaries in Belgium and Northern Italy also returned an improved performance, the company said. However, Andrews Sykes BV in Holland suffered a reduction in operating profit and, as expected, its business in France returned an operating loss during its first year of trading.
"The group's policy to increase investments in new technologically advanced and environmentally friendly non-seasonal products will be continued into 2014. Investments will also continue in our traditional businesses to ensure we are ready to support our customers in times of extreme weather conditions," Jean-Jacques Murray, chairman, said in a statement.
"The group continues to face challenges in all of its geographical markets but our business remains strong, cash generative and well developed, with positive net funds. Improvements have been seen in the UK, especially the pumping business, and the Middle East business sector during 2013 but these have been partially offset by a downturn in trading in Holland. Management is currently addressing this issue and the board is therefore cautiously optimistic for further success in 2014," Murray added.
Andrew Sykes declared an 11.90 pence final dividend on top of its 17.80 pence interim dividends. There is no comparative figure for the final dividend, while the interim dividends were increased from 7.10 pence.
Andrew Sykes shares were Wednesday quoted at 346.50 pence, up 2.7%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Andrew Sykes