StockMarketWire.com - Full year normalised operating profits at Andrews Sykes Group fell to £12.9m - down from £17.9m in 2008.

Revenues for the year to the end of December fell to £54.3m from £67.4m and normalised EBITDA from continuing operations dropped to £17.4m from £22m.

Profits for the period rose slightly to £11.6m from £11.1m last time and basic earning per share from total operations rose to 26.3p from 24.85p.

Net debt fell to £2.8m from £16.9m a year ago.

Chairman J.G. Murray said: "The group continues to face a difficult operating environment in all of its geographical markets, particularly the Middle East, and therefore 2010 will be challenging.

"Nevertheless the business is strong, the infrastructure remains fully in place with a hire fleet that has been well maintained and is in excellent condition.

"The board is therefore optimistic for further success in 2010."




Story provided by Business Financial Newswire