Record half year for Wolverhampton-based Andrews Sykes
Andrews Sykes, the Wolverhampton-based heating and air-conditioning equipment hire group, enjoyed growth in sales and profits to record levels in the first six months of this year.
Revenue from continuing operations was up from £37.9 million in the first half of 2022 to £38.8m.
Operating profit improved from £8.4m to £9.7m.
Chairman Jean-Jacques Murray said revenue at Andrews Sykes Hire in the UK continues to grow and improved by 5.6 per cent compared with the same period in 2022.
He added that the business in Europe is also continuing to grow very strongly, with revenue up 15.5 per cent.
Andrews Air Conditioning and Refrigeration, the UK air conditioning installation business, continues to trade broadly in line with last few years but remains significantly down on 2019 levels.
The final dividend of 14p per ordinary share for 2022 was approved by members at the annual general meeting held in June.
Mr Murray said that trading in the second half of the year to date has been more mixed.
"Whilst extreme summer temperatures in Southern Europe positively impacted demand for the group's chillers in Italy, a more subdued summer season in the UK has limited the overall positive impact for the group. Overall, management remains confident of delivering full year results in line with the board's expectations.
"In the longer term, management remains optimistic that the business will continue to improve but are mindful of the current economic climate and the impact that volatile energy prices and inflationary cost pressures can pose to the business and customer demand," he explained.