Andrews Sykes H1 revenue rises 7.7% to record high despite UAE hit

By Reuters News


Overview

  • UK climate control equipment hire firm's H1 revenue rose 7.7% yr/yr to record level

  • Net profit for H1 was broadly flat; basic EPS edged down 1% yr/yr

  • Company maintained interim dividend at 11.9p per share


Outlook

  • Company expects full-year trading performance to be materially ahead of 2025

  • Continued high demand for comfort cooling in UK and Europe boosted second-half trading

  • Middle East trading remains subdued, with profitability below prior year and initial expectations


Result Drivers

  • HOT WEATHER DEMAND - Record temperatures in the UK and Northern Europe led to significantly increased demand for comfort cooling equipment, boosting air conditioning revenues

  • MIDDLE EAST WEAKNESS - Geopolitical events in the UAE caused a 28.8% drop in revenue and a £1.0 mln bad debt impact, reducing operating profit in the region

  • ONE-OFF ITALY REVENUE - Italian business revenue rose 14.5%, helped by one-off revenues linked to the Winter Olympics


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

H1 Revenue

GBP 40.90 mln

H1 Net Income

GBP 7.40 mln

H1 EBIT

GBP 10.30 mln

H1 Pretax Profit

GBP 10.30 mln


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  • Sept 22 - UK's Yu Group H1 revenue rises 19% on higher volumes


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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