StockMarketWire.com - Profits at Andrew Sykes were down to £5.5m from £7.5m as the mild winter period meant that there was less opportunities for the company's heating and boiler hire products, as announced in its half year report for the period ending 30 June 2019.

Revenue was down to £35.0m from £37.8m, and the first six months of 2019 were also drier than the previous year and this had an adverse impact on the company's pump hire business.

However, the group continues to be profitable and cash generative, and management continue to safeguard the operational structure of the business.

Cash spent on new plant and equipment, primarily hire fleet assets, amounted to £2.8m and a further £1.4m from stock was also added to the hire fleet.

Commenting in the chairman statement, JG Murray said:

'Trading in the third quarter has started slightly more positively. In the UK the Pump hire revenue has shown a steady improvement and air conditioning hire revenue in mainland Europe has been strong, this has been driven by some extreme temperatures across the region, however the UK has not reached the very high levels we saw during the long hot summer of 2018.'

'Once again activity in the Middle East has remained consistent through the summer period.'

'The board has continued to invest in the business, with new depot openings during the year and further hire fleet investments. This will ensure that the business can optimise any weather driven opportunities whilst at the same time growing the geographic coverage organically.'








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