Andrews Sykes Group

Half-year Results

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





 

 

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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