REG - Andrews Sykes Group - Final Results <Origin Href="QuoteRef">ANSY.L</Origin> - Part 2

Andrews SykesAnnouncement

11/05/2017 07:07

- Part 2: For the preceding part double click  ID:nRSK7615Ea 

group's profit and cash flow projections indicate that the
financial covenants included within the new bank loan agreement will be met
for the foreseeable future. 
 
The group continues to have substantial cash resources which at 31 December
2016 amounted to £22.8 million compared with £20.7 million as at 31 December
2015. Profit and cash flow projections for 2017 and 2018, which have been
prepared on a conservative basis taking into account reasonably possible
changes in trading performance, indicate that the group will be profitable and
generate positive cash flows after loan repayments. These forecasts and
projections indicate that the group should be able to operate within the new
bank facility agreement and that all associated covenants will be met. 
 
The board considers that the group has considerable financial resources and a
wide operational base. As a consequence, the board believes that the group is
well placed to manage its business risks successfully, as demonstrated by the
current year's result, despite some uncertain external influences. 
 
After making enquiries, the board has a reasonable expectation that the group
has adequate resources to continue in operational existence for the
foreseeable future. Accordingly, the board continues to adopt the going
concern basis when preparing this Annual Report and Financial Statements. 
 
3.   Distribution of Annual Report and Financial Statements 
 
The group expects to distribute copies of the full Annual Report and Financial
Statements that comply with IFRSs by 19 May 2017 following which copies will
be available either from the registered office of the company; St David's
Court, Union Street, Wolverhampton, WV1 3JE; or from the company's website;
www.andrews-sykes.com. The Annual Report and Financial Statements for the 12
months ended 31 December 2015 have been delivered to the Registrar of
Companies and those for the 12 months ended 31 December 2016 will be filed at
Companies House following the company's Annual General Meeting. The auditors
have reported on those financial statements; their report was unqualified, did
not draw attention to any matters by way of emphasis without qualifying their
report and did not contain details of any matters on which they are required
to report by exception. 
 
4.   Date of Annual General Meeting 
 
The group's Annual General Meeting will be held at 10.30 a.m. on Wednesday 21
June 2017 at 2 Eaton Gate, London, SW1W 9BJ. 
 
This information is provided by RNS
The company news service from the London Stock Exchange