- Andrews Sykes Group reported Friday pre-tax profit fell to £17.3m in the year to the end of December from £17.5m the previous year as a £0.3m hit from financing expenses weighed.

The group's revenue for the year ended 31 December 2017 rose 9% to £71.m, compared with the same period last year, amid strong and improved performances from both its hire and sales businesses in the UK and Europe and a strong and stable performance from its business in the Middle East.

The uptick in revenue boosted operating profit to £1.8m, up 11.2%.

Net finance costs were £0.3m in 2017 compared with an income of £1.7m in 2016 amid adverse foreign exchange movements, which dragged pre-tax profit lower.

Net cash inflow from operating activities rose to £17.9m compared with £15.1m last year.

The firm said that while it was 'cautiously optimistic' for further success in 2018, it was mindful of the favourable or adverse weather impact on its business.

'Investments will also continue in our traditional businesses to ensure we are ready to support our customers in times of extreme weather conditions,' it added.

At 9:47am: [LON:ASY] Andrews Sykes Group PLC share price was -30p at 507.5p

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