Hot summer brings sizzling profits for Andrews Sykes
12th May 2019
UK: Last year’s long hot summer in Europe brought double-digit rises in revenues and profits for air conditioning and chiller hire company Andrews Sykes.
Figures for the the year ended December 31 report a 10.2% rise in revenues and a 17.6% increase in profits.
Traditionally, the group makes more profit in the second half of the year due to the higher profit margins on its air conditioning products. The effect was even more pronounced in 2018 due to the long and hot summer throughout Northern Europe.
The group’s revenue for the year was £78.6m, an increase of £7.3m on 2017. This increase had a more than proportionate impact on operating profit which increased by £3.1m to £20.7m. This increase follows a 11.2% increase the previous year.
Strong and improved performances are said to have been experienced by both the group’s hire and sales businesses in the UK and Europe and a strong and stable performance from its business in the Middle East.
