StockMarketWire.com - Hiring equipment company Andrews Sykes reported a fall in profit following a slip in revenue owing to a pandemic-led impact on demand.

For the year ended 31 December 2020, pre-tax profit fell to £15.8 million from £18.6 million year-on-year as revenue slipped 12.9% to £67.3 million.

'This decrease reflects a much lower level of trading across all our businesses mainly due to the effects of the coronavirus pandemic,' the company said.

'The fourth quarter of 2020 was particularly challenging due to the combination of severe Covid-19 restrictions being imposed by the governments in the UK and Europe and a relatively mild winter in the UK, it added.

The company proposed a final dividend for 2020 of 11.5 pence per share, up from 10.5 pence last year.

The company said it was 'well positioned to continue to manage through the impact of the pandemic considering its strong balance sheet and significant net cash position.'




At 9:24am: [LON:ASY] Andrews Sykes Group PLC share price was 0p at 550p



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