Andrew Sykes in good condition as it reports increase in revenue and profit
WOLVERHAMPTON air conditioning group Andrews Sykes has seen revenue and profit increase in the year to December 31.
In its annual results statement the firm revealed its revenue for the year was £61.1m, an increase of £2.7m, or 4.6%, compared with the year ending 2012.
Profit after tax for the period was £11.5m, compared to £11.07m the previous year. Operating profit increased by £0.5m from £14.2m last year to £14.7m in the year under review.
The firm pointed out that this increase is despite the lack of revenue in the current year from contracts in connection with the Olympic and Paralympic games which benefited the performance for 2012.
It said: “The group continues to generate strong cash flows. Net cash inflow from operating activities was £14.2m, an improvement of £1.4m compared with last year.
“Net funds increased from £15.6m last year to £19.1m at 31 December 2013 despite shareholder related cash outflows of £7.5mon equity dividends.
“Cost control, cash and working capital management continue to be priorities for the group. Capital expenditure on the hire fleet increased from £4.2m in 2012 to £4.6m this year and the group invested a further £0.8m on property, plant and equipment.
“These actions will ensure that the group’s infrastructure and revenue generating assets are sufficient to support future growth and profitability. Hire fleet utilisation, condition and availability continue to be the subjects of management focus.”
