Turnover and profits drop at listed Wolverhampton firm

Wolverhampton hire company for air conditioning, heating, pumps, chillers and boiler Andrews Sykes has seen a fall in both revenues and profits for the year ending 31 December 2020.

Turnover at the firm dropped by almost £10m to £67.3m, while profit after tax dropped from £15m to £13m.

A statement from Andrews Sykes this morning said: “The board is confident that once conditions ease and external market conditions improve, customer demand and trading will return to normal levels. Conditions are improving in the UK with positive signs for the months ahead.

“We have modelled with caution the effects of sales decline along with other factors to ensure the group remains within its bank facilities including cash flow forecasts for a period more than 12 months. The group has sufficient funds beyond May 2022 without renegotiating its bank facilities. The board therefore considers the group is well positioned to continue to manage through the impact of the pandemic considering its strong balance sheet and significant net cash position.”