Andrews Sykes profit and revenue dip in 2024 due to cool weather

Andrews Sykes PLC on Wednesday reported a fall in profit and revenue in 2024, but noted that ‘trading remained strong’.

Andrews is a Wednesbury, England-based pumping, air conditioning supplier.

The company’s pretax profit was £23.2 million in 2024, down 1.7% from GBP£23.6 million the previous year.

This was due to the increase in operating profit, up 2.0% to £23.2 million from £22.7 million, offset by net interest income reducing by £900,000 as a result of ‘lower interest receivable and higher interest charged on right-of-use lease obligations’.

The firm’s revenue was also down 3.6% to £75.9 million, down from £23.6 million. This was attributed to ‘unseasonally cool summer weather’ in the UK and across much of Europe.

Andrews added that £1.5 million of the decrease in revenue was as a result of the previously taken decision to end operating within the French market and a further £900,000 decrease was due to stronger sterling exchange rates compared to the Euro and the Dirham.

The company have maintained its final dividend at 14 pence per share. Andrews had a total dividend for 2024 of 25.9 pence, down 70% from 855.3 pence in 2023.

Looking ahead, Andrews has said that its ‘positive trading momentum has continued into the current year’ with overall performance in line with expectations.

Andrews shares rose 4.9% to 535.00 pence in London on Wednesday afternoon.

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