Business
Interim Results
Interim Results.
About this update from Andrews Sykes Group Plc
[{"type":"text","content":"\n RNS Number : 2486E Andrews Sykes Group PLC 25 September 2008 \n \nAndrews Sykes Group plc\nInterim Financial Statements for the six months to 30 June 2008\nChairman's Statement\n\nOverview and financial highlights\n\nI am pleased to be able to report that, despite a general economic slowdown in the UK, the group's results for the first half of 2008 show a marked improvement compared with the same period last year. Management continue to show initiative and sound judgement developing markets that are not only less weather dependent than our traditional products and services but are also less reliant on the market sectors most affected by the current UK slowdown.\n\nThe group's diverse base of operations predominantly across the UK, Northern Europe and the Middle East together with a low level of imports into the UK from Europe mean that the current weakening of Sterling against, most notably, the Euro has not had a significant impact on the group's profitability in the current period. In addition the group has the benefit of interest rate caps covering the majority of the bank loans which have been effective in protecting it from the increase in the cost of borrowing seen by many over the past months.\n\nThe financial highlights of the period compared with the first half of 2007 are as follows:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2008\n£'000\n\n\n2007\n£'000\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n33,873\n\n\n27,185\n\n\n\n\nEBITDA*\n\n\n10,550\n\n\n7,569\n\n\n\n\nOperating profit\n\n\n9,019\n\n\n4,731\n\n\n\n\nProfit after tax for the financial period\n\n\n6,169\n\n\n2,857\n\n\n\n\nBasic earnings per share\n\n\n13.85 pence\n\n\n6.41 pence\n\n\n\n\nNet cash inflow from operating activities\n\n\n5,854\n\n\n3,414\n\n\n\n\nEquity dividends paid\n\n\n14,970\n\n\n-\n\n\n\n\nClosing net debt\n\n\n22,182\n\n\n14,242\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n* Earnings Before Interest, Taxation, Depreciation, Amortisation, Impairment provisions and exceptional items as reconciled on the face of the income statement\n\n\n\n\n\n\n\n\n\n\n\n\nOperations review\n\nOur main UK trading subsidiary, Andrews Sykes Hire, continues to perform well. It continues to develop its business in non seasonal hire markets, particularly through i...