REG - Andrews Sykes Group - Half Year Report
25/09/2024 07:00
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RNS Number : 4985F Andrews Sykes Group PLC 25 September 2024
25 September
2024
ANDREWS SYKES GROUP PLC
("Andrews Sykes" or the "Company" or the "Group")
Half Year Results
Unaudited results for the six months ended 30 June 2024
Summary of Results
Unaudited Unaudited
six months ended
six months ended
30 June
30 June
2024
2023
£000 £000
Revenue from continuing operations 38,387 38,843
EBITDA* from continuing operations 13,139 13,887
Operating profit 9,726 9,713
Profit for the financial period 7,075 7,534
Cash and cash equivalents 21,108 24,146
Net funds 6,645 24,803
(pence) (pence)
Basic earnings per share 16.90 17.88
Interim dividend declared per equity share 11.90 11.90
Special dividend declared per equity share Nil 59.40
* Earnings before interest, taxation, depreciation, profit on the sale of
property, plant and equipment and amortisation
Enquiries
Andrews Sykes Group plc T: +44 (0)1902 328 700
Carl Webb, Managing Director
Ian Poole, Group Finance Director and Company Secretary
Houlihan Lokey Advisory Limited (Nominated Advisor) T: +44 (0) 20 7389 3355
Tim Richardson
CHAIRMAN'S STATEMENT
Overview of H1 2024
The Group's revenue for the six months ended 30 June 2024 (the "period") was
£38.4 million, a decrease of £0.5 million compared with the same period in
2023. This decrease was predominantly due to the loss of approximately £1.0
million of turnover from our loss making French operation which, as previously
reported, was closed with effect from November 2023. Operating profit for the
period was £9.7 million compared with £9.7 million in 2023. Overall, net
funds increased by £2.0 million from £4.6 million as at 31 December 2023 to
£6.6 million as at 30 June 2024 as a result of the £1.1 million cash
generated in the period and £0.9 million reduction in right-of-use lease
obligations arising from property lease payments. As at 30 June 2023 net funds
were £24.8 million, with the prior year special dividend payment of £24.9
million in November 2023 significantly reducing the net funds at 31 December
2023. A further breakdown of net funds is given in note 8.
Operations review
Revenue at Andrews Sykes Hire in the UK declined by 1.6% compared with the
same period in 2023 with a combination of milder winter temperatures and a
slow start to the summer cooling season limiting revenue opportunities. Our
businesses in Europe also faced similar conditions, with revenue decreasing
12.2% compared to the same period in 2023 (4.5% decrease excluding the impact
of closing our loss-making French subsidiary). This was largely driven by
disappointing performances from our Luxembourg and Belgian subsidiaries, with
revenues down 37.6% and 24.8% respectively on the same period in 2023.
Luxembourg has been impacted by issues within the construction industry, a
major revenue market for our products, with the Luxembourg Government
declaring crisis measures in February 2024. Like the UK, Belgium was impacted
by milder winter temperatures and a slow start to the summer cooling season.
Italy continued to perform strongly with revenue increasing 10.6% compared to
2023. Despite these overall challenges to revenue growth, the combined
operating profit for the UK and European hire businesses was marginally above
the level achieved in 2023, demonstrating our strong cost control and
continued operational efficiencies.
Andrews Air Conditioning and Refrigeration, our UK air conditioning
installation business, experienced a difficult trading period primarily due to
a reduction in large installation projects. Revenue decreased 29.0% in the
period compared to the first six months of 2023, with operating profit
reducing from £0.1m to a small loss in the period.
Khansaheb Sykes, our business based in the UAE, continues to experience an
improvement in trading performance since the introduction of new senior
management in the previous year. Revenue increased 31.7% versus the first half
of 2023 with a decision taken to lease a new depot in Abu Dhabi further
expected to increase revenue opportunities. The increased turnover in the UAE
has resulted in operating profit being £0.4m higher to the first half of
2023.
Profit for the period and Earnings per Share
Profit before tax for the period was £9.7 million compared with £10.1
million in the same period last year. With operating profit being marginally
ahead for the period, this £0.4 million decrease is attributable to an
increased net foreign exchange loss on inter-company balances of £0.1 million
due to the strengthening of Sterling compared with the Euro, a net decrease of
£0.1 million in interest receivable resulting from the lower interest
received on cash deposits as a result of the reduced cash balances compared to
the same period in 2023 and an increased interest charge of £0.1 million on
right-of-use lease obligations.
The total tax charge for the period increased by £0.1 million to £2.7
million (2023: £2.6 million), an effective tax rate of 27.4% (2023: 25.5%).
The increase in the overall effective rate of tax is driven by an increase in
the UK corporation tax rate from 19% to 25% effective from April 2023, giving
a blended rate of 23.5% for UK corporation tax in 2023 versus 25% in 2024.
Profit after tax in the period was £7.1 million (2023: £7.5 million). Basic
earnings per share decreased by 0.98 pence, or 5.5%, to 16.90 pence (2023:
17.88 pence) reflecting this decrease in profit.
Dividends
The final dividend of 14.00 pence per ordinary share for the year ended 31
December 2023 was approved by members at the AGM held on 18 June 2024.
Accordingly, on 21 June 2024 the Company paid dividends totalling £5.9
million to shareholders on the register as at 24 May 2024.
The Board continues to adopt the policy of returning value to shareholders
whenever possible. The Group remains profitable, cash generative and
financially strong. Accordingly, the board has decided to declare an interim
dividend of 11.90 pence per ordinary share which in total amounts to £5.0
million. The interim dividend will be paid on 1 November 2024 to shareholders
on the register as at 4 October 2024.
Outlook
Trading in the second half of the year to date has been more subdued than in
the comparable period of last year. A slow start to the summer season with
cooler than average July temperatures recorded in the UK and Northern Europe
has limited the overall revenue opportunities for the Group in these
jurisdictions. Southern Europe and the Middle East continue to trade
positively compared to the prior period. The Group's focus on continued cost
control and operational efficiency will continue to limit the impact of these
subdued revenue opportunities. Overall, Management remains confident of
delivering full year results in line with the Board's expectations. In the
longer term, Management remains optimistic that the business will continue to
improve but are mindful of the impact that adverse economic issues can pose to
the business and customer demand.
JJ Murray
Executive Chairman
24 September 2024
Consolidated Income Statement
for the six months ended 30 June 2024
Note Unaudited Unaudited Year ended
six months ended
six months ended
31 December 2023
30 June 2024
30 June 2023
£000 £000 £000
Revenue 2 38,387 38,843 78,747
Cost of sales (14,143) (14,132) (27,017)
Gross profit 24,244 24,711 51,730
Distribution costs (6,492) (7,321) (11,451)
Administrative expenses (8,026) (7,677) (17,542)
Operating profit 9,726 9,713 22,737
EBITDA* 13,139 13,887 30,622
Depreciation (2,814) (3,220) (6,002)
Depreciation of right-of-use assets (1,386) (1,332) (2,814)
Profit on the sale of plant and equipment and right-of-use assets 787 378 931
Operating profit 9,726 9,713 22,737
Finance income 3 521 730 1,618
Finance costs 3 (497) (332) (759)
Profit before tax 9,750 10,111 23,596
Tax expense 4 (2,675) (2,577) (5,838)
Profit for the period from continuing operations attributable to equity 7,075 7,534 17,758
holders of the Parent Company
Earnings per share from continuing operations:
Basic and diluted 5 16.90p 17.88p 42.24p
Dividend per equity share paid during the period 14.00p 14.00p 85.30p
Proposed dividend per equity share 11.90p 11.90p 14.00p
Proposed special dividend per equity share Nil 59.40p -
(*) Earnings before interest, taxation, depreciation, profit on sale of
property, plant and equipment and amortisation.
Consolidated Statement of Comprehensive Total Income
for the six months ended 30 June 2024
Unaudited Unaudited Year ended
six months ended
six months ended
31 December
30 June
30 June
2023
2024
2023
£000 £000 £000
Profit for the period 7,075 7,534 17,758
Other comprehensive income
Currency translation differences on foreign currency operations (216) (459) (436)
Foreign exchange differences on IFRS 16 adjustments 10 16 15
Net other comprehensive expense that may be reclassified to profit and loss (206) (443) (421)
96 (17) (5,988)
Re-measurement of defined benefit pension assets and liabilities
Related asset restriction (9) (49) 2,012
Net other comprehensive income that will not be reclassified to profit and 87 (66) (3,976)
loss
(119) (509) (4,397)
Other comprehensive expense for the period net of tax
Total comprehensive income for the period attributable to equity holders of
the Parent Company
6,956 7,025 13,361
Consolidated Balance Sheet
At 30 June 2024
Unaudited Unaudited 31 December
30 June
30 June
2023
2024
2023
£000 £000 £000
Non-current assets
Property, plant and equipment 18,898 17,967 19,344
Right-of-use assets 13,218 12,822 13,959
Deferred tax assets 79 195 126
Defined benefit pension scheme surplus 1,634 5,445 1,618
33,829 36,429 35,047
Current assets
Stocks 2,759 3,208 2,405
Trade and other receivables 17,216 20,012 19,251
Current tax asset 159 188 904
Other financial assets - 15,000 -
Cash and cash equivalents 21,108 24,146 19,967
41,242 62,554 42,527
Current liabilities
Trade and other payables (17,204) (17,252) (17,858)
Current tax liabilities - - (950)
Right-of-use lease obligations (2,353) (2,555) (2,429)
(19,557) (19,807) (21,237)
Net current assets 21,685 42,747 21,290
Total assets less current liabilities 55,514 79,176 56,337
Non-current liabilities
Right-of-use lease obligations (12,110) (11,788) (12,968)
Provisions (1,842) (2,015) (2,903)
(13,952) (13,803) (15,871)
Net assets 41,562 65,373 40,466
Equity
Called up share capital 419 420 419
Share premium 13 13 13
Retained earnings 37,350 60,977 36,048
Translation reserve 3,531 3,715 3,737
Other reserve 249 248 249
Total equity 41,562 65,373 40,466
Consolidated Cash Flow Statement
for the six months ended 30 June 2024
Unaudited Unaudited Year ended
six months ended
six months ended
31 December
30 June
30 June
2023
2024
2023
£000 £000 £000
Operating activities
Profit for the period 7,075 7,534 17,758
Adjustments for:
Tax charge 2,675 2,577 5,838
Finance costs 497 332 759
Finance income (521) (730) (1,618)
Profit on disposal of plant and equipment and right-of-use assets
(787) (378) (931)
Depreciation of property, plant and equipment 2,814 3,220 6,002
Depreciation of right-of-use assets 1,386 1,332 2,814
Difference between pension contributions paid and amounts recognised in the
Income Statement
125 36 147
(Increase)/ decrease in inventories (372) 1,155 (550)
Decrease/ (increase) in receivables 1,791 (791) 41
(Decrease)/ increase in payables (294) 766 1,289
Movement in provisions (1,061) (667) 221
Cash generated from continuing operations 13,328 14,386 31,770
Interest paid (439) (332) (759)
Corporation tax paid (3,036) (3,185) (6,065)
Net cash inflow from operating activities 9,853 10,869 24,946
Investing activities
Disposal of property, plant and equipment 673 485 1,145
Purchase of property, plant and equipment (2,561) (2,132) (4,060)
Cash on deposit with greater than 3 month maturity - 1,700 16,700
Interest received 467 522 1,202
Net cash (outflow)/ inflow from investing activities (1,421) 575 14,987
Financing activities
Capital repayments for right-of-use lease
Obligations (1,394) (1,402) (2,759)
Equity dividends paid (5,860) (5,898) (35,743)
Share repurchase - (465) (1,863)
Net cash outflow from financing activities (7,254) (7,765) (40,365)
Net increase/ (decrease) in cash and cash equivalents 1,178 3,679 (432)
Cash and cash equivalents at the start of the period 19,967 20,518 20,518
Effect of foreign exchange rate changes (37) (51) (119)
Cash and cash equivalents at the end of the period 21,108 24,146 19,967
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2024
Share capital UAE legal reserve Netherlands capital reserve Retained earnings Attributable to equity holders of the parent
Capital
Share premium Translation reserve redemption reserve
£000 £000 £000 £000 £000 £000 £000 £000
At 31 December 2022 421 13 4,158 159 79 9 59,872 64,711
Profit for the period - - - - - - 7,534 7,534
Other comprehensive income for the period net of tax - - (443) - - - (66) (509)
Total comprehensive income - - (443) - - - 7,468 7,025
Dividends paid - - - - - - (5,898) (5,898)
Share repurchase (1) - - 1 - - (465) (465)
Total of transactions with shareholders (1) - - 1 - - (6,363) (6,363)
At 30 June 2023 420 13 3,715 160 79 9 60,977 65,373
Profit for the period - - - - - - 10,224 10,224
Other comprehensive (expense)/ income for the period net of tax - - 22 - - - (3,910) (3,888)
Total comprehensive (expense)/ income - - 22 - - - 6,314 6,336
Dividends paid - - - - - - (29,845) (29,845)
Share repurchase (1) - - 1 - - (1,398) (1,398)
Total of transactions with shareholders (1) - - 1 - - (31,243) (31,243)
At 31 December 2023 419 13 3,737 161 79 9 36,048 40,466
Profit for the period - - - - - - 7,075 7,075
Other comprehensive (expense)/ income for the period net of tax - - (206) - - - 87 (119)
Total comprehensive (expense)/ income - - (206) - - - 7,162 6,956
Dividends paid - - - - - - (5,860) (5,860)
Total of transactions with shareholders - - - - - - (5,860) (5,860)
At 30 June 2024 419 13 3,531 161 79 9 37,350 41,562
Notes to the Interim Financial statements
1 General information and accounting policies
These interim financial statements have been prepared in accordance with the
recognition and measurement principles of international accounting standards
in conformity with the requirements of the Companies Act 2006.
The information for the 12 months ended 31 December 2023 does not constitute
the Group's statutory accounts for 2023 as defined in Section 434 of the
Companies Act 2006. Statutory accounts for 2023 have been delivered to the
Registrar of Companies. The auditor's report on those accounts was unqualified
and did not contain statements under Section 498(2) or (3) of the Companies
Act 2006. These interim financial statements, which were approved by the Board
of Directors on 24 September 2024, have not been audited or reviewed by the
auditors.
Basis of preparation
The interim financial statement has been prepared using the historical cost
basis of accounting except for:
(i) Properties held at the date of transition to IFRS
which are stated at deemed cost;
(ii) Assets held for sale which are stated at the lower of
(i) fair value less anticipated disposal costs and (ii) carrying value;
(iii) Derivative financial instruments (including embedded
derivatives) which are valued at fair value; and
(iv) Pension scheme assets and liabilities calculated at
fair value in accordance with IAS 19
The annual financial statements of the Group are prepared in accordance with
international accounting standards in conformity with the requirements of the
Companies Act 2006. The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with the AIM
Rules issued by the London Stock Exchange.
Accounting policies
The principal accounting policies applied in preparing the interim Financial
Statements comply with international accounting standards in conformity with
the requirements of the Companies Act 2006 and are consistent with the
policies set out in the Annual Report and Accounts for the year ended 31
December 2023.
No new standards or interpretations issued since 31 December 2023 have had a
material impact on the accounting of the Group.
Functional and presentational currency
The financial statements are presented in pounds Sterling because that is the
functional currency of the primary economic environment in which the group
operates.
2 Revenue
An analysis of the Group's revenue is as follows:
Unaudited Unaudited
six months six months Year ended
ended ended 31 December
30 June 30 June 2023
2024 2023
£000
£000 £000
Continuing operations
Revenue outside the scope of IFRS 15 and recognised as lease income in
accordance with IFRS 16:
Hire 34,625 35,862 73,706
Revenue recognised at a point in time in accordance with IFRS 15:
Sales 2,922 1,762 2,885
Maintenance 575 674 1,243
Installation and sale of units 265 545 913
Group consolidated revenue from the sale of goods and provision of services 38,387 38,843 78,747
The geographical analysis of the Group's revenue by destination is:
Unaudited Unaudited
six months six months Year ended
ended ended 31 December
30 June 30 June 2023
2024 2023
£000
£000 £000
United Kingdom 23,217 24,111 46,229
Europe 11,609 12,148 26,895
Middle East and Africa 3,561 2,584 5,623
38,387 38,843 78,747
The geographical analysis of the Group's revenue by destination is not
materially different to that by origination.
3 Finance income and costs
Unaudited Unaudited Year ended
six months ended
six months ended
31 December
30 June
30 June
2023
2024 2023
Finance income £000 £000 £000
Net interest on net defined benefit pension surplus 54 194 388
Intertest receivable on bank deposit accounts 467 522 1,202
Inter-company foreign exchange gains - 14 28
521 730 1,618
Finance costs
Interest charge on right-of-use lease obligations (439) (332) (759)
Inter-company foreign exchange losses (58) - -
(497) (332) (759)
4 Income tax expense
The total effective tax charge for the financial period represents the best
estimate of the weighted average annual effective tax rate expected for the
full financial year applying tax rates that have been substantively enacted by
the balance sheet date. In the UK budget on 15 March 2021, the chancellor
announced that the rate of corporation tax in the UK will increase from 19% to
25% with effect from 1 April 2023. UK corporation tax has been provided at 25%
being the tax rate in the UK for 2024. Deferred tax has been calculated based
on the rates that the directors anticipate will apply when the temporary
timing differences are expected to reverse.
Unaudited Unaudited
six months ended six months ended Year ended
30 June 30 June 31 December
2024 2023 2023
£000 £000 £000
Current tax
UK corporation tax at 25% (June and December 2023: 19% and 23.5%) 1,907 1,709 3,457
Adjustments in respect of prior periods - - 3
1,907 1,709 3,460
Overseas tax 720 835 2,275
Total current tax charge 2,627 2,544 5,735
Deferred tax
Origination and reversal of timing differences 48 33 177
Adjustments in respect of prior periods - - (74)
Total deferred tax charge 48 33 103
Total tax charge for the financial period 2,675 2,577 5,838
5 Earnings per share
Basic earnings per share
The basic figures have been calculated by reference to the weighted average
number of ordinary shares in issue and the earnings as set out below. There
are no discontinued operations in any period.
Unaudited Unaudited
six months ended six months ended Year ended
30 June 30 June 31 December
2024 2023 2023
Weighted average number of ordinary shares 41,858,744 42,135,823 42,043,715
£000 £000 £000
Basic earnings 7,075 7,534 17,758
pence pence pence
Basic earnings per ordinary share 16.90 17.88 42.24
Diluted earnings per share
There were no dilutive instruments outstanding as at 30 June 2024 or either of
the comparative periods and therefore there is no difference in the basic and
diluted earnings per share for any of these periods. There were no
discontinued operations in any period.
6 Dividend payments
Dividends declared and paid on ordinary one pence shares during the 6 months
ended 30 June 2024 were as follows:
Paid during the six months ended 30 June 2024
Total dividend paid
£000
Pence per share
Final dividend for the year ended 31 December 2023 paid on 21 June 2024 to
members on the register as at 24 May 2024
14.00p 5,860
The above dividend was charged against reserves during the 6 months ended 30
June 2024.
On 24 September 2024 the directors declared an interim dividend of 11.90 pence
per ordinary share which in total amounts to £4,981,000. This dividend will
be paid on 1 November 2024 to shareholders on the register as at 4 October
2024 and will be charged against reserves in the second half of 2024.
Dividends declared and paid on ordinary one pence shares during the 6 months
ended 30 June 2023 were as follows:
Paid during the six months ended 30 June 2023
Total dividend paid
£000
Pence per share
Final dividend for the year ended 31 December 2022 paid on 16 June 2023 to
members on the register as at 26 May 2023
14.00p 5,898
The above dividend was charged against reserves during the 6 months ended 30
June 2023.
Dividends declared and paid on ordinary one pence shares during the 12 months
ended 31 December 2023 were as follows:
Paid during the year ended 31 December 2023
Total dividend paid
£000
Pence per share
Final dividend for the year ended 31 December 2022 paid on 16 June 2023 to
members on the register as at 26 May 2023
14.00p 5,898
Interim dividend declared on 25 September 2023 and paid on 3 November 2023 to 11.90p 4,981
members on the register as at 6 October 2023
Special dividend declared on 25 September 2023 and paid on 3 November 2023 to 59.40p 24,864
members on the register as at 6 October 2023
85.30p 35,743
The above dividends were charged against reserves during the 12 months ended
31 December 2023.
7 Pensions
The Group closed the UK Group defined benefit pension scheme to future accrual
as at 29 December 2002. The assets of the defined benefit pension scheme
continue to be held in a separate trustee administered fund. Over recent years
the Group has taken steps to manage the ongoing risks associated with its
defined benefit liabilities. During the previous year the group completed an
insurance buy-in of the scheme meaning the scheme has been derisked in terms
of investment, interest rate, inflation and longevity risks. The buy-in
secures an insurance asset that fully matches, subject to final price
adjustments, the remaining pension liabilities of the scheme.
As at 30 June 2024 the Group had a net defined benefit pension scheme surplus,
calculated in accordance with IAS 19 using the assumptions as set out below,
of £2,514,000 (30 June 2023: £8,377,000; 31 December 2023: £2,489,000). The
asset has been recognised in the financial statements as the directors are
satisfied that it is recoverable in accordance with IFRIC 14.
The last formal triennial funding valuation was as at 31 December 2022. The
valuation, including a revised schedule of
contributions, was agreed between the pension scheme trustees and the Board of
directors in December 2023 and was effective from 1 January 2024. In
accordance with this schedule of contributions, and based on the actions taken
by the group during 2023 as already described, the group is no longer required
to make any regular contributions into the scheme. Consequently, the Group
expects to make total contributions to the defined benefit pension scheme of
£Nil during 2024.
Assumptions used to calculate the scheme surplus
The IAS 19 figures are based on a number of actuarial assumptions as set out
below, which the actuaries have confirmed they consider appropriate.
30 June 30 June 31 December
2024 2023 2023
Rate of increase in pensionable salaries n/a n/a n/a
Rate of increase in pensions in payment 3.20% 3.15% 3.10%
Discount rate 5.10% 5.20% 4.50%
Inflation assumption - RPI 3.20% 3.15% 3.10%
Inflation assumption - CPI 2.75% 2.55% 2.65%
Percentage of members taking maximum tax-free lump sum on retirement
0.00% 75% 0.00%
The demographic assumptions used for 30 June 2024, were the same as used in 31
December 2023, 30 June 2023 and the last full actuarial valuation performed as
at 31 December 2022.
Assumptions regarding future mortality experience are set based on advice in
accordance with published statistics. The mortality table used at 30 June
2024, 30 June 2023 and 31 December 2023 is 100% S3PA CMI2022 with a 1.25% per
annum long term improvement for both males and females, heavy tables for males
and medium tables for females.
Valuation
The defined benefit scheme funding has changed under IAS 19 as follows:
Unaudited Unaudited
six months to six months to Year to
Funding status 30 June 30 June 31 December
2024 2023 2023
£000 £000 £000
Scheme assets at end of period 28,644 35,096 30,546
Benefit obligations at end of period (26,130) (26,719) (28,057)
Surplus in scheme 2,514 8,377 2,489
Impact of asset restriction (880) (2,932) (871)
Net pension asset recognised on the balance sheet 1,634 5,445 1,618
8 Net funds and movement in financing liabilities
Unaudited Unaudited
six months ended six months ended Year ended
30 June 30 June 31 December
2024 2023 2023
£000 £000 £000
Cash and cash equivalents per consolidated cashflow statement 21,108 24,146 19,967
Other financial assets - 15,000 -
Gross funds 21,108 39,146 19,967
Right-of-use lease obligations at the beginning of the period (15,397) (11,322) (11,322)
Capital repayments for right-of-use lease obligations 1,395 1,402 2,759
New right-of-use leases entered into during the period (918) (4,575) (7,872)
Non-cash movements re: termination of right-of-use lease obligations 411 87 983
Foreign exchange 46 65 55
Right-of-use lease obligations at the end of the period (14,463) (14,343) (15,397)
Gross debt (14,463) (14,343) (15,397)
Net funds 6,645 24,803 4,570
9 Distribution of interim financial statements
Following a change in regulations in 2008, the Company is no longer required
to circulate this half year report to shareholders. This enables us to reduce
costs associated with printing and mailing and to minimise the impact of these
activities on the environment. A copy of the interim financial statements is
available on the Company's website, www.andrews-sykes.com
(//www.andrews-sykes.com) .
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