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

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

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(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.)