Decent showing for Andrew Sykes

WOLVERHAMPTON air conditioning group Andrew Sykes has seen a hike in revenue over a 12 month period, it announced today.

The firm told the Stock Exchange that in the 12 months ending December 31 revenue from continuing operations was £58.4m, an increase of £4.6m or 8.4% on 2011’s figure of £53.9m.

Normalised operating profit was also up at £14.3m (2011: £11.9m) but profit after tax was down slightly at £11.1m (2011: £11.5m).

The group said it continues to generate strong cash flows. Net cash inflow from operating activities was £12.8m, an improvement of £1.2m compared with the previous year. Net funds increased from £10.4m in 2011 to £15.6m.

Andrew Sykes said cost control, cash and working capital management continue to be priorities for the group. Capital expenditure on the hire fleet increased slightly from £4.1min 2011 to £4.2m this year and the group invested a further £1.1m on property, plant and equipment.   

“Our main hire and sales business in the UK and Europe has again faced challenging trading conditions throughout 2012 mainly as a result of unhelpful weather conditions but also due to the current economic conditions. Despite these factors, the operating profit of this business segment, excluding the non-recurring profit on the sale of property last year, increased from £12.0m last year to £13.1m in 2012,” the firm said.

The firm’s fixed installation business sector had a very successful year mainly due to a significant contract for the supply of equipment in connection with the Olympic and Paralympic Games.

 

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