StockMarketWire.com - Andrews Sykes Group lowered its final dividend and reported lower profit as a much milder winter weighed on demand for heating and boiler products.

For 12 months ending 31 December, pre-tax profit fell to £18.6m from £21.1m on-year as revenue fell 1.7% to £77.2m.

The operating profit of its main business segment in the UK and Northern Europe decreased from £19.1m last year to £16.9m in the year under review.

'The winter of 2019 was much milder than 2018 meaning that there were less opportunities for our heating and boiler hire products,' the company said.

The company propose a final dividend of 10.5p per share, down from 11.9p last year.

'The result for 2019 was the second best on record following the record result in 2018, and cash reserves are robust. We have modelled with caution the effects of sales decline along with other factors to ensure the group remains within its bank facilities including cash flow forecasts for a period in excess of 12 months,' the company said.


At 8:54am: [LON:ASY] Andrews Sykes Group PLC share price was -50p at 495p



Story provided by StockMarketWire.com