Record profits for Wolverhampton group in 2023

Revenue from continuing operations for the heating and air conditioning hire group was down 5.1 per cent from £83 million in 2022 to £78.7m.

Operating profit grew 5.6 per cent from £21.5m to £22.7m and pre-tax profit rose from £21.6m to £23.6m.

Executive chairman Jean-Jacques Murray said that Andrews Sykes' trading remains robust, with record revenues and profits continuing to be being delivered by several of its European subsidiaries.

"We are pleased to report that the group as a whole has again delivered a record level of profitability during 2023. We are thankful and proud of our team members who have made this possible by continuing to provide our customers with an essential 24-hour service offering," he added.

Mr Murray said the year had not been without its challenges with inflationary pressures and tight labour markets impacting Andrews Sykes.

The year saw the group confirm its exit from the French market. The wind up process will take many months to complete.

Mr Murray said that trading momentum had continued into 2024 with overall performance in the year to date in line with the bBoard's expectations. The group is confident in its core markets, its revenues and its profits.

Turnover for the second half of 2023 was down 11.5 per cent or £5.2m on the corresponding period a year earlier and reflects the exceptional weather experienced across the UK and Europe over the summer months in 2022 with high demand for air conditioning.

The turnover of the group's main business segment in the UK decreased from £47.2m last year to £44.4m with operating profit decreasing from £16.4m to £15m. T