- Air conditioning group, Andrew Sykes saw its share price leap by 47% by early afternoon after announcing a 35% increase in pre tax profits to £15.377m for the year to 31 December 2008.

At a normalised operating level ( before exceptional items) the group achieved a profit of £17.9m in 2008 which compares with £14.6m last year, an increase of over 22%.

The main trading subsidiary Andrew Sykes Hire had a very successful year as did the pumping division. The operation in UAE produced an operating profit of £2.9m which was more than four times the level achieved in 2007 and was therefore a significant contributor to the group's overall performance.

The group has bank loans of £34m.Cash on the balance sheet as at at the year end stands at £18.2m.

Story provided by Business Financial Newswire