REG - Andrews Sykes Group - Half-year Results
26/09/2023 07:00
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RNS Number : 5787N Andrews Sykes Group PLC 26 September 2023
26 September 2023
ANDREWS SYKES GROUP PLC
("Andrews Sykes" or the "Company" or the "Group")
Half Year Results
Unaudited results for the six months ended 30 June 2023
Summary of Results
Unaudited Unaudited
six months ended
six months ended
30 June
30 June
2023
2022
£000 £000
Revenue from continuing operations 38,843 37,903
EBITDA* from continuing operations 13,887 13,181
Operating profit 9,713 8,489
Profit for the financial period 7,534 6,477
Cash and cash equivalents 24,146 34,430
Net funds 24,803 21,741
(pence) (pence)
Basic earnings per share 17.88 15.36
Interim dividend declared per equity share 11.90 11.90
Special dividend declared per equity share 59.40 16.60
* 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 UK Limited (Nominated Advisor) T: +44 (0)20 7484 4040
Tim Richardson
CHAIRMAN'S STATEMENT
Overview
The Group's revenue for the 6 months ended 30 June 2023 (the "period") was
£38.8 million, an increase of £0.9 million compared with the same period in
2022. Operating profit for the period was £9.7 million compared with £8.5
million in 2022, an increase of £1.2 million, reflecting the increased
revenue and the absence of £0.5m France restructure costs which were incurred
in 2022. The period turnover and operating profit are both record results.
Overall, net funds decreased by £1.1 million from £25.9 million as at 31
December 2022 to £24.8 million as at 30 June 2023 largely as a result of
£3.0 million additional right-of-use lease obligations arising from new
property leases.
Operations review
Revenue at Andrews Sykes Hire in the UK continues to grow and improved by 5.6%
compared with the same period in 2022. Our business in Europe continues to
grow very strongly, with revenue growing 15.5% compared to the same period in
2022. This result was driven by an exceptional performance from our Luxembourg
and Dutch subsidiaries, with revenues up 64.8% and 24.1% respectively on the
same period in 2022 with a cold winter and the high early summer temperatures
in June driving increasing demand in our heating and cooling products.
Consequently, the combined operating profit for the UK and European hire
businesses in the period was £1.1 million above the level achieved in 2022.
The previously announced restructure and depot closures in Climat Location,
our France subsidiary, has contributed to a significantly reduced operating
loss in France, with a loss of £0.1m being recognised in 2023. In addition,
the group has further benefitted by not incurring any further restructure
costs in the period whereas the same period in 2022 included £0.5m of
restructure costs.
Andrews Air Conditioning and Refrigeration, our UK air conditioning
installation business, continues to trade broadly in line with last few years
but remains significantly down on 2019 levels. Whilst revenue decreased 11.7%
in the period compared to the first six months of 2022, tight cost control
meant operating profit increased by 1.8%.
Khansaheb Sykes, our business based in the UAE, continues to experience a
difficult trading environment with revenue down 40.3% versus the first half of
2022. A restructure undertaken during the period has further reduced headcount
in the UAE and rationalised our depots to one main trading depot in Sharjah.
New senior management have recently been recruited and are having a positive
impact. The reduced turnover in the UAE has resulted in operating profit being
£0.4m lower to the first half of 2022.
Defined benefit pension scheme
Since the period end, the company has worked with the pension scheme Trustees
and pension advisors, Hymans Robertson, to successfully de-risk its defined
benefit scheme by completing a buy-in deal with Canada Life. This transaction,
whilst significantly reducing the defined benefit pension scheme surplus
recorded on the balance sheet, means that future liabilities are fully
de-risked and the company will not be required to contribute significant cash
payments into the pension scheme to fund adverse liability movements. During
2021 and 2022 the company contributed £2.6m of cash into the defined benefit
pension scheme.
Profit for the financial period and Earnings per Share
Profit before tax for the period was £10.1 million compared with £8.5
million in the same period last year. This £1.6m increase is attributable to
the £1.2 million improvement in operating profit, a reduced net foreign
exchange gain on inter-company balances of £0.2 million due to the
strengthening of Sterling compared with the Euro, and a net increase of £0.5
million in interest receivable resulting from the higher interest received on
cash deposits.
The total tax charge for the period increased by £0.5 million to £2.6
million (2022: £2.1 million), an effective tax rate of 25.5% (2022: 24.0%).
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.
Profit after tax in the period was £7.5 million (2022: £6.5 million). Basic
earnings per share increased by 2.52 pence, or 16.4%, to 17.88 pence (2022:
15.36 pence) reflecting this increase in profit.
Dividends
The final dividend of 14.00 pence per ordinary share for the year ended 31
December 2022 was approved by members at the AGM held on 14 June 2023.
Accordingly, on 16 June 2023 the Company made a total dividend payment of
£5.9 million which was paid to shareholders on the register as at 26 May
2023.
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.
In addition to the interim dividend, the board has assessed the company's
ongoing cash requirements and has concluded that, as a result of the company's
robust cash generation and de-risking of the defined benefit pension scheme, a
portion of the current cash reserves are surplus to the company's
requirements. The board has therefore decided to return this surplus capital
to Andrews Sykes shareholders by way of a special dividend of 59.40 pence per
ordinary share which in total amounts to £25.0 million. Both the interim and
special dividends will be paid on 3 November 2023 to shareholders on the
register as at 6 October 2023.
Outlook
Following the Company's strong first half performance, trading in the second
half of the year to date has been more mixed. Whilst extreme summer
temperatures in Southern Europe positively impacted demand for the Group's
chillers in Italy, a more subdued summer season in the UK has limited the
overall positive impact for the Group. 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 current economic climate and the impact that
volatile energy prices and inflationary cost pressures can pose to the
business and customer demand.
JJ Murray
Chairman
25 September 2023
Consolidated Income Statement
for the six months ended 30 June 2023
Note Unaudited Unaudited Year ended
six months ended
six months ended
31 December 2022
30 June 2023
30 June 2022
£000 £000 £000
Revenue 2 38,843 37,903 83,007
Cost of sales (14,132) (15,338) (30,006)
Gross profit 24,711 22,565 53,001
Distribution costs (7,321) (6,846) (14,936)
Administrative expenses (7,677) (7,230) (16,535)
Operating profit 9,713 8,489 21,530
EBITDA* 13,887 13,181 30,616
Depreciation and impairment losses (3,220) (3,444) (6,565)
Depreciation of right-of-use assets (1,332) (1,528) (4,017)
Profit on the sale of property - - 866
Profit on the sale of plant and equipment and right-of-use assets 378 280 630
Operating profit 9,713 8,489 21,530
Finance income 3 730 316 631
Finance costs 3 (332) (278) (610)
Profit before tax 10,111 8,527 21,551
Tax expense 4 (2,577) (2,050) (4,531)
Profit for the period from continuing operations attributable to equity 7,534 6,477 17,020
holders of the Parent Company
Earnings per share from continuing operations:
Basic and diluted 5 17.88p 15.36p 40.36p
Dividend per equity share paid during the period 14.00p 12.50p 41.00p
Proposed dividend per equity share 11.90p 11.90p 14.00p
Proposed special dividend per equity share 59.40p 16.60p -
(*) 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 2023
Unaudited Unaudited Year ended
six months ended
six months ended
31 December
30 June
30 June
2022
2023
2022
£000 £000 £000
Profit for the period 7,534 6,477 17,020
Other comprehensive income
Currency translation differences on foreign currency operations (459) 926 1,222
Foreign exchange differences on IFRS 16 adjustments 16 - (32)
Net other comprehensive (expense)/ income that may be reclassified to profit (443) 926 1,190
and loss
(17) 2,567 823
Re-measurement of defined benefit pension assets and liabilities
Related asset restriction (49) (898) (735)
Net other comprehensive income that will not be reclassified to profit and (66) 1,669 88
loss
(509) 2,595 1,278
Other comprehensive (expense)/ income for the period net of tax
Total comprehensive income for the period attributable to equity holders of
the Parent Company
7,025 9,072 18,298
Consolidated Balance Sheet
At 30 June 2023
Unaudited Unaudited 31 December
30 June
30 June
2022
2023
2022
£000 £000 £000
As restated
Non-current assets
Property, plant and equipment 17,967 20,091 19,361
Right-of-use assets 12,822 12,125 9,667
Deferred tax assets 195 163 229
Defined benefit pension scheme surplus 5,445 6,105 5,353
36,429 38,484 34,610
Current assets
Stocks 3,208 5,205 4,434
Trade and other receivables 20,012 18,749 19,535
Current tax asset 188 - 423
Other financial assets 15,000 - 16,700
Cash and cash equivalents 24,146 34,430 20,518
62,554 58,384 61,610
Current liabilities
Trade and other payables (17,252) (14,178) (16,695)
Current tax liabilities - (485) (810)
Right-of-use lease obligations (2,555) (2,625) (2,505)
(19,807) (17,288) (20,010)
Net current assets 42,747 41,096 41,600
Total assets less current liabilities 79,176 79,580 76,210
Non-current liabilities
Right-of-use lease obligations (11,788) (10,064) (8,817)
Provisions (2,015) (2,096) (2,682)
(13,803) (12,160) (11,499)
Net assets 65,373 67,420 64,711
Equity
Called up share capital 420 422 421
Share premium 13 13 13
Retained earnings 60,977 62,845 59,872
Translation reserve 3,715 3,894 4,158
Other reserve 248 246 247
Total equity 65,373 67,420 64,711
Consolidated Cash Flow Statement
for the six months ended 30 June 2023
Unaudited Unaudited Year ended
six months ended
six months ended
31 December
30 June
30 June
2022
2023
2022
£000 £000 £000
Operating activities
Profit for the period 7,534 6,477 17,020
Adjustments for:
Tax charge 2,577 2,050 4,531
Finance costs 332 278 610
Finance income (730) (316) (631)
Profit on disposal of plant and equipment and right-of-use assets
(378) (280) (630)
Profit on disposal of property - - (866)
Depreciation of property, plant and equipment 3,220 3,444 6,565
Depreciation of right-of-use assets 1,332 1,528 4,017
Difference between pension contributions paid and amounts recognised in the
Income Statement
36 (628) (1,152)
Decrease/ (increase) in inventories 1,155 639 (1,206)
(Increase)/ decrease in receivables (791) 1,669 1,232
Increase in payables 766 330 2,492
Movement in provisions (667) 125 711
Cash generated from continuing operations 14,386 15,316 32,693
Interest paid (332) (278) (610)
Corporation tax paid (3,185) (1,553) (4,487)
Net cash inflow from operating activities 10,869 13,485 27,596
Investing activities
Disposal of property, plant and equipment 485 302 1,906
Purchase of property, plant and equipment (2,132) (2,380) (2,463)
Cash on deposit with greater than 3 month maturity 1,700 - (16,700)
Interest received 522 256 265
Net cash inflow/ (outflow) from investing activities 575 (1,822) (16,992)
Financing activities
Loan repayments - (3,000) (3,000)
Capital repayments for right-of-use lease
Obligations (1,402) (1,471) (2,849)
Equity dividends paid (5,898) (5,272) (17,292)
Equity dividends forfeited - - 85
Share repurchase (465) - -
Net cash outflow from financing activities (7,765) (9,743) (23,056)
Net increase in cash and cash equivalents 3,679 1,920 (12,452)
Cash and cash equivalents at the start of the period 20,518 32,443 32,443
Effect of foreign exchange rate changes (51) 67 527
Cash and cash equivalents at the end of the period 24,146 34,430 20,518
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2023
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 2021 422 13 2,968 158 79 9 59,971 63,620
Profit for the period - - - - - - 6,477 6,477
Other comprehensive income for the period net of tax - - 926 - - - 1,669 2,595
Total comprehensive income - - 926 - - - 8,146 9,072
Dividends paid - - - - - - (5,272) (5,272)
Total of transactions with shareholders - - - - - - (5,272) (5,272)
At 30 June 2022 422 13 3,894 158 79 9 62.845 67,420
Profit for the period - - - - - - 10,543 10,543
Other comprehensive (expense)/ income for the period net of tax - - 264 - - - (1,581) (1,317)
Total comprehensive (expense)/ income - - 264 - - - 8,962 9,226
Dividends paid - - - - - - (12,020) (12,020)
Share and dividend forfeiture (1) - - 1 - - 85 85
Total of transactions with shareholders (1) - - 1 - - (11,935) (11,935)
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
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 2022 does not constitute
the Group's statutory accounts for 2022 as defined in Section 434 of the
Companies Act 2006. Statutory accounts for 2022 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 26 September 2023, 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 2022.
No new standards or interpretations issued since 31 December 2022 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 2022
2023 2022
£000
£000 £000
Continuing operations
Revenue outside the scope of IFRS 15 and recognised as lease income in
accordance with IFRS 16:
Hire 35,862 33,772 74,612
Revenue recognised at a point in time in accordance with IFRS 15:
Sales 1,762 2,739 5,482
Maintenance 674 665 1,357
Installation and sale of units 545 727 1,556
Group consolidated revenue from the sale of goods and provision of services 38,843 37,903 83,007
The geographical analysis of the Group's revenue by origination is:
Unaudited Unaudited
six months six months Year ended
ended ended 31 December
30 June 30 June 2022
2023 2022
£000
£000 £000
United Kingdom 24,111 23,225 50,018
Europe 12,148 10,365 24,204
Middle East and Africa 2,584 4,313 8,785
38,843 37,903 83,007
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
2022
2023 2022
Finance income £000 £000 £000
Net interest on net defined benefit pension surplus 194 60 124
Intertest receivable on bank deposit accounts 522 31 265
Inter-company foreign exchange gains 14 225 242
730 316 631
Finance costs
Interest charge on bank loans and overdrafts - (25) (33)
Interest charge on right-of-use lease obligations (332) (253) (577)
Inter-company foreign exchange losses - - -
(332) (278) (610)
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
23.5% being the weighted tax rate in the UK for 2023. 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
2023 2022 2022
£000 £000 £000
Current tax
UK corporation tax at 23.5% (June and December 2022: 19%) 1,709 1,139 2,538
Adjustments in respect of prior periods - - (55)
1,709 1,139 2,483
Overseas tax 835 644 2,088
Total current tax charge 2,544 1,783 4,571
Deferred tax
Origination and reversal of timing differences 33 126 (173)
Adjustments in respect of prior periods - 141 133
Total deferred tax charge/ (credit) 33 267 (40)
Total tax charge for the financial period 2,577 2,050 4,531
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
2023 2022 2022
Weighted average number of ordinary shares 42,135,823 42,174,359 42,172,124
£000 £000 £000
Basic earnings 7,534 6,477 17,020
pence pence pence
Basic earnings per ordinary share 17.88 15.36 40.36
Diluted earnings per share
There were no dilutive instruments outstanding as at 30 June 2023 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 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.
On 26 September 2023 the directors declared an interim dividend of 11.90 pence
per ordinary share which in total amounts to £5,004,000. In addition, a
special dividend of 59.40 pence per ordinary share which in total amounts to
£24,977,000 was also declared. These will be both be paid on 3 November 2023
to shareholders on the register as at 6 October 2023 and will be charged
against reserves in the second half of 2023.
Dividends declared and paid on ordinary one pence shares during the 6 months
ended 30 June 2022 were as follows:
Paid during the six months ended 30 June 2022
Total dividend paid
£000
Pence per share
Final dividend for the year ended 31 December 2021 paid on 17 June 2022 to
members on the register as at 27 May 2022
12.50p 5,272
The above dividend was charged against reserves during the 6 months ended 30
June 2022.
Dividends declared and paid on ordinary one pence shares during the 12 months
ended 31 December 2022 were as follows:
Paid during the year ended 31 December 2022
Total dividend paid
£000
Pence per share
Final dividend for the year ended 31 December 2021 paid on 17 June 2022 to
members on the register as at 27 May 2022
12.50p 5,272
Interim dividend declared on 27 September 2022 and paid on 4 November 2022 to 11.90p 5,019
members on the register as at 7 October 2022
Special dividend declared on 27 September 2022 and paid on 4 November 2022 to 16.60p 7,001
members on the register as at 7 October 2022
41.00p 17,292
The above dividends were charged against reserves during the 12 months ended
31 December 2022.
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 2023 the Group had a net defined benefit pension scheme surplus,
calculated in accordance with IAS 19 using the assumptions as set out below,
of £8,377,000 (30 June 2022: £9,392,000; 31 December 2022: £8,236,000). 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 £10,000 per month for the
period 1 January 2023 to 31 December 2023, and £10,000 per month for the
period 1 January 2024 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 £120,000 during
2023.
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
2023 2022 2022
Rate of increase in pensionable salaries n/a n/a n/a
Rate of increase in pensions in payment 3.15% 3.15% 3.15%
Discount rate 5.20% 3.75% 4.75%
Inflation assumption - RPI 3.15% 3.15% 3.15%
Inflation assumption - CPI 2.55% 2.55% 2.55%
Percentage of members taking maximum tax-free lump sum on retirement
75% 75% 75%
The demographic assumptions used for 30 June 2023, were the same as used in 31
December 2022, 30 June 2022 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
2023, 30 June 2022 and 31 December 2022 is 100% S3PA CMI2021 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
2023 2022 2022
£000 £000 £000
Scheme assets at end of period 35,096 40,648 36,809
Benefit obligations at end of period (26,719) (31,256) (28,573)
Surplus in scheme 8,377 9,392 8,236
Impact of asset restriction (2,932) (3,287) (2,883)
Net pension asset recognised on the balance sheet 5,445 6,105 5,353
The increase in the pension surplus since December 2022 is mainly due to a
decrease in the value of liabilities as a consequence of an increase in bond
yields increasing the discount rate.
8 Net funds and movement in financing liabilities
Unaudited Unaudited
six months ended six months ended Year ended
30 June 30 June 31 December
2023 2022 2022
£000 £000 £000
Cash and cash equivalents per consolidated cashflow statement 24,146 34,430 20,518
Other financial assets 15,000 - 16,700
Gross funds 39,146 34,430 37,218
Bank loans at the beginning of the period - (3,000) (3,000)
Loans repaid - 3,000 3,000
Bank loans at the end of the period - - -
Right-of-use lease obligations at the beginning of the period (11,322) (12,934) (12,934)
Capital repayments for right-of-use lease obligations 1,402 1,472 2,849
New right-of-use leases entered into during the period (4,575) (1,204) (1,856)
Non-cash movements re: termination of right-of-use lease obligations 87 77 796
Foreign exchange 65 (100) (177)
Right-of-use lease obligations at the end of the period (14,343) (12,689) (11,322)
Gross debt (14,343) (12,689) (11,322)
Net funds 24,803 21,741 25,896
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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AnnouncementREG - Andrews Sykes Group - Board Changes
AnnouncementREG - Andrews Sykes Group - Transaction in Own Shares
AnnouncementREG - Andrews Sykes Group - Half-year Results
AnnouncementREG - Andrews Sykes Group - Transaction in Own Shares
Announcement