Andrew Sykes Group publishes disappointing results

26th Sep 2014 15:55

Air-conditioning rental firm, Andrew Sykes Group (ASY), has published disappointing results for the six months ending June 2013, with a substantial decrease in revenue and profits before tax.ASY reported a 10% decrease in revenue to £26.75m for the six-month period. The company posted a 38% decrease in profits before tax to £3,.2m compared to 2013's £6.4m.Further disappointing results were reported through the company's earnings before interest, taxes, depreciation, and amortisation. The reported value for the period saw a 25% drop from 2013's figure of £8.3m to £6.49m.According to the firm's chairman Jean-Jacques Murray, the disappointing results were mainly due to poor weather, leading to a lower demand for the firm's air conditioning solutions.He said: "Although in both the UK and Northern Europe warmer weather arrived earlier than last year, it was not sustained and did not reach the temperature peaks of 2013. Whilst both June and July were warm, August was disappointingly cool and wet thereby affecting the performance of our air conditioning hire business and this is continuing to have an impact into September."On the bright side, the company recommended a dividend of 11p per share, up from the 2013 value of 8.90p per share.The company's outlook for the future is optimistic. The group stated that its hope that operations will "return a satisfactory performance for the remainder of 2014."ASY's share price plummeted 16.65% at 15:46 on Friday following the announcement.