18th May 2018 11:29
LONDON (Alliance News) - Shares in Andrews Sykes Group PLC shares fell Friday as it reported currency movements knocked 2017 profit despite a solid increase in revenue year-on-year.
Shares were trading at 495.00 pence each Friday, down 7.9%.
Andrews Sykes, which supplies pumping, heating, and cooling services, posted pretax profit for 2017 of GBP17.3 million, down slightly from GBP17.5 million in 2016, even as revenue grew 9% to GBP71.3 million from GBP65.4 million.
Andrews Sykes said the increase in revenue was due to strong performances from its hire and sales businesses in the UK and Europe as well as a "strong and stable" performance in the Middle East.
The company was affected by a GBP2.0 million swing in finance expenses, leading to a charge of GBP300,000 for 2017 compared to a gain of GBP1.7 million in 2016, mainly due to a strong sterling against the UAE dirham and US dollar.
It is to pay a final dividend of 11.90 pence per share, flat year-on-year and the same as its interim payout, taking its total for 2017 to 23.80p, also the same as 2016.
Andrews Sykes said all businesses continue to face both challenges and opportunities, but it remains strong overall, and is "cautiously" optimistic on further success in 2018.
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