REG - Andrews Sykes Group - Half-year Results

Andrews SykesAnnouncement

28/09/2021 07:00

RNS Number : 1409N
  
Andrews Sykes Group PLC
  
28 September 2021
  
 

 
27 September 2021                                                                                                                    
 
ANDREWS SYKES GROUP PLC
("Andrews Sykes" or "the Company" or "the Group")
 
Half Year Results
Unaudited results for the six months ended 30 June 2021
 
Summary of Results
 







Unaudited

six months ended

30 June

2021


Unaudited

six months ended

30 June

2020












£000






£000


























Revenue from continuing operations






35,693






33,480




EBITDA* from continuing operations






12,402






11,781




Operating profit






7,955






7,000




Profit for the financial period






6,239






6,070




Cash and cash equivalents






24,717






32,096




Net funds






9,673






16,770


































(pence)






(pence)




Basic earnings per share






14.79






14.39




Special interim dividend declared per equity share 






-






23.70




Interim dividend declared per equity share 






11.90






11.90



 
* Earnings before interest, taxation, depreciation, profit on the sale of property, plant and equipment, amortisation and non-recurring items
 
Enquiries
  



Andrews Sykes Group plc
Carl Webb, Managing Director
Ian Poole, Finance Director and Company Secretary






T: +44 (0)1902 328 700 
 


















GCA Altium Limited (Nominated Advisor)
Tim Richardson






T: +44 (0)20 7484 4040































CHAIRMAN'S STATEMENT
 
Overview
 
Andrews Sykes' trading continues to be resilient as sectors in which we trade show ongoing demand, despite the unprecedented challenge in the form of the coronavirus pandemic. We continue to be thankful and proud of our team members as they respond as essential service providers. 
 
The Group's revenue for the 6 months ended 30 June 2021 (the "period") was £35.7 million, an increase of £2.2 million compared with the same period in 2020. Operating profit for the period was £8.0 million compared with £7.0 million in 2020, an increase of £1.0 million, reflecting the increased revenue. Overall, net funds increased by £2.0 million from £7.7m million as at 31 December 2020 to £9.7 million as at 30 June 2021.
 
Operations review 
 
Our main hire and sales businesses in Europe all reported improved revenues in the period. Revenue at Andrews Sykes Hire in the UK improved by 6.1% compared with the same period in 2020. Our businesses in the rest of Europe experienced a significant rebound in revenue, improving 28.8% compared to the same period in 2020, on the back of reduced covid restrictions and increased business activities. Consequently, the combined operating profit for the UK and European hire businesses in the period was £1.4 million above the level achieved in 2020. 
 
Andrews Air Conditioning and Refrigeration, our UK air conditioning installation business, was particularly affected by the coronavirus pandemic as our engineers were not allowed access to certain customer sites in order to carry out their work. Whilst revenue increased 20.5% in the period compared to the first six months of 2020, it still remains 34.5% lower than the corresponding period in 2019. Tight cost control has meant this business generated a profit of £0.2m in the period as compared to a small loss in the first half of 2020.
 
Khansaheb Sykes, our business based in the UAE, continued to experience a difficult trading environment during the period due to the coronavirus pandemic and reduced demand during Ramadan. Revenue was 28.2% lower than the first half of 2020 and operating profit decreased by £0.7 million compared with the first half of 2020.
 
Profit for the financial period and Earnings per Share
 
Profit before tax for the period was £7.6 million compared with £7.2 million in the same period last year. This £0.4m increase is attributable to the £1.0 million improvement in operating profit, a net foreign exchange loss on inter-company balances of £0.1 million (2020: gain of £0.4m) due to the strengthening of Sterling compared with the Euro and the UAE Dirham, and a net increase of £0.1 million in interest charges.
 
The total tax charge for the period increased by £0.1 million to £1.3 million (2020: £1.2 million), an effective tax rate of 17.5% (2020: 16.1%), mainly due to the lower profit generated by Khansaheb, on which no tax is payable, increasing the overall effective tax rate. 
 
Profit after tax in the period was £6.2 million (2020: £6.1 million). Basic earnings per share increased by 0.40 pence, or 2.8%, to 14.79 pence (2020: 14.39 pence) reflecting this increase in profit.
 
Dividends
 
The final dividend of 11.50 pence per ordinary share for the year ended 31 December 2020 was approved by members at the AGM held on 15 June 2021. Accordingly, on 18 June 2021 the Company made a total dividend payment of £4.85 million which was paid to shareholders on the register as at 28 May 2021.
 
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. This will be paid on 5 November 2021 to shareholders on the register as at 8 October 2020. The ordinary shares will go ex-dividend on 7 October 2021.
 
Outlook
 
Whilst certain of the Group's business operations continue to be affected by the coronavirus pandemic, for example the performance of Khansaheb remains depressed compared to historical levels, demand in Europe has increased and the pumps business in the UK continues to perform in line with last year's levels and above pre pandemic levels. Management remains optimistic that the business will continue to improve as the economy recovers fully but are mindful that we live in uncertain times and circumstances can change very quickly.   
 
 
 
JG Murray
Chairman
27 September 2021




 
Consolidated Income Statement
for the six months ended 30 June 2021 
 
 
 



Note


Unaudited

six months ended

30 June 2021


Unaudited

six months ended

30 June 2020


Year ended

31 December 2020












£000


£000


£000




Revenue 


2


35,693


33,480


67,259




Cost of sales






(15,064)


(14,544)


(28,184)




Gross profit






20,629


18,936


39,075




Distribution costs






(6,386)


(5,541)


(12,136)




Administrative expenses






(6,412)


(7,242)


(12,183)




Other operating income






124


847


1,630




Operating profit






7,955


7,000


16,386


























EBITDA*






12,402


11,781


26,089




Depreciation and impairment losses






(3,399)


(3,785)


(7,183)




Depreciation of right-of-use assets






(1,622)


(1,328)


(3,014)




Profit on the sale of plant and equipment and right-of-use assets






574


332


494




Operating profit






7,955


7,000


16,386




Finance income


3


7


511


116




Finance costs


3


(401)


(276)


(669)




Profit before tax






7,561


7,235


15,833




Tax expense


4


(1,322)


(1,165)


(2,813)




Profit for the period from continuing operations attributable to equity holders of the Parent Company






6,239


6,070


13,020


























Earnings per share from continuing operations:




















Basic and diluted


5


14.79p


14.39p


30.87p




 
 
Dividend per equity share paid during the period






 
 
11.50p


 
 
10.50p


 
 
46.10p




 
 
Dividend per equity share paid after the period end






 
 
-


 
 
23.70p


 
 
-


























Proposed dividend per equity share






11.90p


11.90p


11.50p



 
 
* Earnings before interest, taxation, depreciation, profit on sale of property, plant and equipment, amortisation and non-recurring items.
 




Consolidated Statement of Comprehensive Total Income 
for the six months ended 30 June 2021
 
 
 







Unaudited

six months ended

 30 June

2021


Unaudited

six months ended

 30 June

2020


 
Year ended

31 December

 2020








£000


£000


£000






















Profit for the period


6,239


6,070


13,020




Other comprehensive income
















Currency translation differences on foreign currency operations


(640)


1,239


527




Net other comprehensive (expense)/ income that may be reclassified to profit and loss


(640)


1,239


527




 
Re-measurement of defined benefit pension assets and liabilities





2,476


(2,098)


(1,980)




Related deferred tax
 


(619)


399


376




Net other comprehensive income/(expense) that will not  be reclassified to profit and loss 


1,857


(1,699)


(1,604)




 
Other comprehensive income/ (expense) for the period net of tax
 


1,217


(460)


(1,077)




Total comprehensive income for the period attributable to equity holders of the Parent Company


 
7,456
 


 
5,610
 


 
11,943
 



 
 
 




 
 
Consolidated Balance Sheet
At 30 June 2021
 
 
 











Unaudited

30 June

2021






Unaudited

30 June

2020






31 December

2020 












£000






£000






£000




Non-current assets




























  Property, plant and equipment






21,761






24,092






22,774




  Right-of-use assets






11,594






11,506






12,463




  Prepayments






42






43






42




  Deferred tax assets






7






660






704




  Defined benefit pension scheme surplus






3,606






479






498












37,010






36,780






36,481




Current assets




























  Stocks






7,821






7,353






8,048




  Trade and other receivables






18,584






19,126






17,274




  Current tax asset






268






187






-




  Cash and cash equivalents






24,717






32,096






24,012












51,390






58,762






49,334


































Current liabilities




























  Trade and other payables






(14,726)






(14,882)






(12,290)




  Current tax liabilities






-






(630)






(1,161)




  Bank loans






(2,995)






(493)






(493)




  Right-of-use lease obligations






(2,539)






(2,411)






(2,656)












(20,260)






(18,416)






(16,600)




Net current assets






31,130






40,346






32,734




Total assets less current liabilities






68,140






77,126






69,215


































Non-current liabilities




























  Bank loans






-






(2,994)






(2,998)




  Right-of-use lease obligations






(9,510)






(9,427)






(10,193)












(9,510)






(12,421)






(13,191)


































Net assets






58,630






64,705






56,024


































Equity




























  Called up share capital






422






422






422




  Share premium






13






13






13




  Retained earnings






54,667






59,390






51,421




  Translation reserve






3,282






4,634






3,922




  Other reserve






246






246






246




Total equity






58,630






64,705






56,024







 
 Consolidated Cash Flow Statement
for the six months ended 30 June 2021
 
 
 











Unaudited

six months ended

30 June

2021






Unaudited

six months ended

30 June

2020






Year ended

31 December

2020












£000






£000






£000




Operating activities




























Profit for the period 






6,239






6,070






13,020




Adjustments for:




























Tax charge






1,322






1,165






2,813




Finance costs






401






276






669




Finance income






(7)






(511)






(116)




Profit on disposal of property, plant and equipment and right-of-use assets






 
(574)






 
(332)






 
(494)




Depreciation of property, plant and equipment






3,399






3,785






7,183




Depreciation of right-of-use assets






1,621






1,328






3,014




Difference between pension contributions paid and amounts recognised in the Income Statement






 
(625)






 
(591)






 
(470)




Decrease/ (increase) in inventories 






65






(1,355)






(2,690)




(Increase)/ decrease in receivables






(1,500)






2,942






4,099




Increase/ (decrease) in payables






2,534






1,671






(762)




Cash generated from continuing operations






12,875






14,448






26,266




Interest paid






(284)






(274)






(592)




Corporation tax paid






(2,694)






(2,433)






(3,419)




Net cash inflow from operating activities 






9,897






11,741






22,255


































Investing activities




























  Disposal of property, plant and equipment






722






382






619




  Purchase of property, plant and equipment






(2,794)






(2,128)






(4,157)




  Interest received






-






57






79




Net cash outflow from investing activities






(2,072)






(1,689)






(3,459)


































Financing activities




























  Loan repayments






(500)






(500)






(500)




  Capital repayments for right-of-use lease
  obligations






 
(1,547)






 
(1,245)






 
(2,832)




  Equity dividends paid






(4,850)






(4,428)






(19,442)




 
Net cash outflow from financing activities






 
(6,897)






 
(6,173)






 
(22,774)


































 
 
Net increase/ (decrease) in cash and cash equivalents






 
 
928






 
 
3,879






 
 
(3,978)


































 
Cash and cash equivalents at the start of the period
 






 
24,012






 
27,880






 
27,880




Effect of foreign exchange rate changes






(223)






337






110




 
Cash and cash equivalents at the end of the period
 






 
24,717






 
32,096






 
24,012



































































 
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2021
 







Share capital


 
 
Share premium


 
 
Translation reserve


 
Capital
 redemption reserve


UAE legal reserve 


Netherlands capital reserve


Retained earnings


Attributable to equity holders of the parent














































£000


£000


£000


£000


£000


£000


£000


£000










































At 31 December 2019


422


13


3,395


158


79


9


59,447


63,523




Profit for the period


-


-


-


-


-


-


6,070


6,070




Other comprehensive income/ (expense) for the period net of tax


-


-


1,239


-


-


-


(1,699)


(460)




Total comprehensive income


-


-


1,239


-


-


-


4,371


5,610




Dividends paid


-


-


-


-


-


-


(4,428)


(4,428)




Total of transactions with shareholders


-


-


-


-


-


-


(4,428)


(4,428)










































At 30 June 2020


422


13


4,634


158


79


9


59,390


64,705










































Profit for the period 


-


-


-


-


-


-


6,950


6,950




Other comprehensive (expense)/ income for the period net of tax


-


-


(712)


-


-


-


95


(617)




Total comprehensive (expense)/ income


-


-


(712)


-


-


-


7,045


6,333




Dividends paid


-


-


-


-


-


-


(15,014)


(15,014)




Total of transactions with shareholders


-


-


-


-


-


-


(15,014)


(15,014)










































At 31 December 2020


422


13


3,922


158


79


9


51,421


56,024










































Profit for the period


-


-


-


-


-


-


6,239


6,239




Other comprehensive (expense)/ income for the period net of tax


-


-


(640)


-


-


-


1,857


1,217




Total comprehensive (expense)/ income


-


-


(640)


-


-


-


8,096


7,456




Dividends paid


-


-


-


-


-


-


(4,850)


(4,850)




Total of transactions with shareholders


-


-


-


-


-


-


(4,850)


(4,850)










































At 30 June 2021


422


13


3,282


158


79


9


54,667


58,630



 
 
 
 
 
 
 
 
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 2020 does not constitute the Group's statutory accounts for 2020 as defined in Section 434 of the Companies Act 2006. Statutory accounts for 2020 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 27 September 2021, 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 2020. 
 
No new standards or interpretations issued since 31 December 2020 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 
six months
ended 
30 June
2021
 
£000


Unaudited 
six months
ended 
30 June
2020
 
£000


 
Year ended
31 December
2020
 
£000




Continuing operations




























Revenue outside the scope of IFRS 15 and recognised as lease income in accordance with IFRS 16:
















Hire














31,627


29,185


59,598




Revenue recognised at a point in time in accordance with IFRS 15:
















Sales














2,709


3,161


5,162




Maintenance














752


560


1,348




Installation and sale of units














605


574


1,151




Group consolidated revenue from the sale of goods and provision of services


35,693


33,480


67,259






















The geographical analysis of the Group's revenue by origination is:




















Unaudited 
six months
ended 
30 June
2021
 
£000


Unaudited 
six months
ended 
30 June
2020
 
£000


 
Year ended
31 December
2020
 
£000




United Kingdom 














22,743


20,903


40,882




Rest of Europe














8,874


6,891


16,077




Middle East and Africa














4,076


5,686


10,300




















35,693


33,480


67,259













 
The geographical analysis of the Group's revenue by destination is not materially different to that by origination.
 
3              Finance income and costs







Unaudited

six months ended

30 June
2021


Unaudited

six months ended

30 June
2020 


Year ended

31 December
2020




Finance income


£000


£000


£000




Net interest on net defined benefit pension surplus


7


23


45




Intertest receivable on bank deposit accounts


-


61


71




Inter-company foreign exchange gains


-


427


-








7


511


116






















Finance costs
















Interest charge on bank loans and overdrafts


(20)


(38)


(64)




Interest charge on right-of-use lease obligations


(264)


(238)


(530)




Inter-company foreign exchange losses


(117)


-


(75)








(401)


(276)


(669)



 
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. UK corporation tax has been provided at 19%. 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. This increase will increase the amount of corporation tax payable in the UK. 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 
six months ended 
30 June
2021


Unaudited 
six months ended 
30 June
2020


 
Year ended 
31 December
2020








£000


£000


£000




Current tax
















UK corporation tax at 19% (June and December 2020: 19%)


736


901


2,068




Adjustments in respect of prior periods  


(21)


(92)


(207)








715


809


1,861




Overseas tax


530


382


1,023




Adjustments in respect of prior periods  


-


(20)


2




 
Total current tax charge


 
1,245


 
1,171


 
2,886






















Deferred tax
















Origination and reversal of timing differences


386


(6)


(44)




Effect of tax rate change


(309)


-


-




Adjustments in respect of prior periods  


-


-


(29)




Total deferred tax charge/ (credit)


77


(6)


(73)




 
Total tax charge for the financial period


 
1,322


 
1,165


 
2,813



 
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 
six months ended 
30 June
2021


Unaudited 
six months ended 
30 June
2020


 
Year ended 
31 December
2020






















Weighted average number of ordinary shares


42,174,359


42,174,359


42,174,359


























£000


£000


£000




 
Basic earnings


 
6,239


 
6,070


 
13,020


























pence


pence


pence




 
Basic earnings per ordinary share 


 
14.79


 
14.39


 
30.87



 
Diluted earnings per share
There were no dilutive instruments outstanding as at 30 June 2021 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 2021 were as follows:
 











Paid during the six months ended 30 June 2021












 
 
 
Pence per share


 
Total dividend paid 
£000




Final dividend for the year ended 31 December 2020 paid on 18 June 2021 to members on the register as at 28 May 2021 






 
11.50p


 
4,850



 
The above dividend was charged against reserves during the 6 months ended 30 June 2021.
 
On 27 September 2021 the directors declared an interim dividend of 11.90 pence per ordinary share which in total amounts to £5,019,000. This will be paid on 5 November 2021 to shareholders on the register as at 8 October 2021 and will be charged against reserves in the second half of 2021.
 
 
Dividends declared and paid on ordinary one pence shares during the 6 months ended 30 June 2020 were as follows:
 











Paid during the six months ended 30 June 2020












 
 
 
Pence per share


 
Total dividend paid 
£000




Final dividend for the year ended 31 December 2019 paid on 19 June 2020 to members on the register as at 29 May 2020 






 
10.50p


 
4,428



 
The above dividend was charged against reserves during the 6 months ended 30 June 2020.
 
On 23 July 2020 the directors declared a special interim dividend of 23.7 pence per ordinary share which in total amounts to £9,995,000. This was paid on 28 August 2020 to shareholders on the register as at 7 August 2020 and was charged against reserves in the second half of 2020.
 
 
Dividends declared and paid on ordinary one pence shares during the 12 months ended 31 December 2020 were as follows:











Paid during the year ended 31 December 2020












 
 
 
Pence per share


 
Total dividend paid 
£000




Final dividend for the year ended 31 December 2019 paid on 19 June 2020 to members on the register as at 29 May 2020 






 
10.50p


 
4,428




First interim dividend declared on 23 July 2020 and paid on 28 August 2020 to members on the register as at 7 August 2020 






23.70p


9,995




Second interim dividend declared on 29 September 2020 and paid on 6 November 2020 to members on the register as at 9 October 2020 






11.90p


5,019












46.10p


19,442



 
The above dividends were charged against reserves during the 12 months ended 31 December 2020.
 
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. 
 
As at 30 June 2021 the Group had a net defined benefit pension scheme surplus, calculated in accordance with IAS 19  using the assumptions as set out below, of £3,606,000 (30 June 2020: £479,000; 31 December 2020: £498,000). The asset has been recognised in the financial statements as the directors are satisfied that it is recoverable in accordance with IFRIC 14.
 
Following the triennial recalculation of the funding deficit as at 31 December 2019, a revised schedule of contributions and recovery plan was agreed with the pension scheme trustees in March 2021 and was effective from 1 January 2021.  In accordance with this schedule of contributions and recovery plan, the Group will be making regular contributions of £110,000 per month for the period 1 January 2021 to 31 December 2022, and £10,000 per month for the period 1 January 2023 to 31 December 2025 or until a revised schedule of contributions is agreed, if earlier. Consequently the Group expects to make total contributions to the defined benefit pension scheme of £1,320,000 during 2021.
 
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
2021


30 June
2020


31 December 
2020






















Rate of increase in pensionable salaries 


n/a


n/a


n/a




Rate of increase in pensions in payment


3.3%


2.9%


2.9%




Discount rate


1.8%


1.4%


1.3%




Inflation assumption - RPI


3.3%


2.9%


2.9%




Inflation assumption - CPI


2.7%


1.9%


2.3%




Percentage of members taking maximum tax-free lump sum on retirement


 
75%


 
75%


 
75%



 
 
The demographic assumptions used for 30 June 2021, were the same as used in 31 December 2020, 30 June 2020 and the last full actuarial valuation performed as at 1 April 2020. 
 
Assumptions regarding future mortality experience are set based on advice in accordance with published statistics. The mortality table used at 30 June 2021, 30 June 2020 and 31 December 2020 is 100% S3PA CMI2018 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:
 



 
 
Funding status


           Unaudited
 six months to
30 June
2021
£000


             Unaudited
 six months to
30 June
2020
£000


 
Year to
31 December
2020
£000




Scheme assets at end of period
 


46,958


43,769


45,018




Benefit obligations at end of period


(43,352)


(43,290)


(44,520)






















Surplus in scheme


3,606


479


498





















 
The increase in the pension surplus since December 2020 is mainly due to a decrease in the value of liabilities as a consequence of an increase in bond yields increasing the discount rate and an increase in the scheme assets due to a positive return on scheme assets.
 
8              Net funds and movement in financing liabilities
 



 
 
 


Unaudited 
six months ended 
30 June
2021


Unaudited 
six months ended 
30 June
2020


 
Year ended 
31 December
2020








£000


£000


£000






















Cash and cash equivalents per consolidated cashflow statement


24,717


32,096


24,012






















Bank loans at the beginning of the period


(3,491)


(3,983)


(3,983)




Loans repaid


500


500


500




Other non-cash changes


(4)


(4)


(8)




Bank loans at the end of the period


(2,995)


(3,487)


(3,491)




 
 
















Right-of-use lease obligations at the beginning of the period


(12,849)


(11,761)


(11,761)




Capital repayments for right-of-use lease obligations


1,547


1,245


2,832




New right-of-use leases entered into during the period


(963)


(1,171)


(3,943)




Non-cash movements re: termination of right-of-use lease obligations


36


160


249




Foreign exchange


180


(312)


(226)




Right-of-use lease obligations at the end of the period


(12,049)


(11,839)


(12,849)






















Gross debt


(15,044)


(15,326)


(16,340)






















Net funds


9,673


16,770


7,672





















 
 
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.
 

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  END
 
 
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