Profits and turnover drop for Andrews Sykes
Heating and air conditioning group Andrews Sykes saw a fall in both profits and turnover in 2020.
The Wolverhampton-headquartered business saw annual turnover down 12.9 per cent from £77.2 million in 2019 to £67.3m.
Profit after tax fell from £15m to £13m reflecting a fall in the level of trading across all its businesses as markets continued to be affected by the coronavirus pandemic.
Chairman Tony Murray said: "Andrews Sykes' trading continues to be resilient despite the unprecedented challenge posed by the coronavirus pandemic. We are thankful and proud of our team members responding as essential service providers"
He said that despite unprecedented circumstances, the group was encouraged by how the business had constantly adapted to overcome operational issues.
"While lockdowns and 'stay at home' guidance have affected traditional opportunities in the facilities management and events sectors, we have instead capitalised on demand from other industries to generate profitable revenue. The company's extensive involvement with many Covid-related projects ensured consistent boiler and chiller revenue throughout the year. This was supported by an exceptional year for our UK pump hire business, which finished the year three per cent up on the previous year's revenue."
The board is confident that once conditions ease and external market conditions improve, customer demand and trading will return to normal levels.
