Business
Trading update and impact of COVID-19
Trading update and impact of COVID-19.
About this update from Andrews Sykes Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 7842H\n Andrews Sykes Group PLC\n 27 March 2020\n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n 27 March 2020\n \n \n \n \n \n \n Andrews Sykes Group plc\n \n \n (\"Andrews Sykes\" or the \"Company\")\n \n \n \n \n \n \n Trading update and impact of COVID-19\n \n \n Andrews Sykes, a market leader in specialist hire solutions, provides an update on trading in the period since the announcement of its half year results on 27 September 2019.\n \n \n Trading in the second half of the year ended 31 December 2019 was strong and this is likely to produce a result that, although below the Company's record year of 2018, will still be its second-best result on record. \n \n \n The Company's operations in mainland Europe enjoyed a good summer period, enhancing its overall air conditioning business revenues and the main UK subsidiary benefited from the very wet weather towards the end of the year, with pump hire performing particularly well.\n \n \n The audit process for the 2019 results is well underway. The Board is awaiting feedback from the Company's auditors with regards the timing of the completion of the process and will notify the market of the publication date of its 2019 Annual Results in due course. A decision with regards the payment of a final dividend with regards the 2019 financial year will be taken at that time. The Board notes the ability of AIM quoted companies with year ends between 30 September 2019 and 30 June 2020 to apply to AIM Regulation for an extension of up to three months to the reporting deadline for the publication of their audited accounts.\n \n \n The first quarter of 2020 started positively - especially in the UK where the pump hire business continued to perform at high levels - with overall trading in the year to date marginally ahead of the same period in 2019.\n \n \n However, like so many businesses, the Company is now facing challenges as a result of the global COVID-19 pandemic. The Board is continually assessing the potential disruption caused by COVID-19 and has put measures in place to provide protection to the Company's staff and customers and to protect its cash position. The Board recognises that further actions are likely to become necessary as this unpredictable situation evolves. \n \n \n Our smaller operations in Italy and France have been fully compliant ...