StockMarketWire.com - Andrews Sykes Group's after-tax profits fell to £4.1m in the six months to the end of June - down from £5.2m last time.

Revenue from continuing operations rose to £27.7m from £27.6m but normalised operation profit dropped to £5.9m from £6.8m.

The group says it continues to generate strong cash flows and at the end of June had net funds of £7.9m - an increase of £3.0m compared with the end of December and an increase of £5.2m on a year ago.

Chairman JG Murray said: "Trading conditions in the third quarter to date have been challenging for our main UK hire and sales business.

"The summer has not been hot enough to stimulate demand for our all important air-conditioning business.

"Trading conditions in the Middle East remain challenging and will continue to do so for the remainder of 2011.

"Nevertheless our business remains strong and cash generative. Our specialist hire divisions continue to perform well and we will continue to follow our policies of investing in both these and our traditional core products as well as developing our non-seasonal businesses.

"Overall the board is cautiously anticipating a reasonable performance for the rest of 2011."






At 9:17am: [LON:ASY] Andrews Sykes Group share price was -7.5p at 180p



Story provided by StockMarketWire.com