ANDREWS SYKES GROUP PLC-Preliminary Results 2022

ANDREWS SYKES GROUP PLC-Preliminary Results 2022

Final Results

for the year ended 31 December 2022

Summary of Results 

 

 Year ended
31 December
2022

Year ended
31 December
2021

 

£000

 

£000

 

 

Revenue from continuing operations

 

83,007

 

75,219

Adjusted EBITDA* from continuing operations

 

30,616

 

28,946

Operating profit

 

21,530

 

20,074

Profit after tax for the financial period

 

17,020

 

15,540

Net cash inflow from operating activities

 

28,462

 

23,589

Net funds

 

25,896

 

16,509

Total interim, special and final dividends paid

 

17,292

 

9,869

 

 

 

 

(pence)

 

(pence)

Basic earnings per share

 

40.36

 

36.85

Interim, special and final dividends paid per share

 

41.00

 

23.40

Proposed final dividend per share

 

14.00

 

12.50

* Earnings before interest, taxation, depreciation, profit on the sale of property, plant and equipment and amortisation 

CHAIRMAN'S STATEMENT

The group's revenue for the year ended 31 December 2022 was £83.0 million, an increase of £7.8 million, or 10.4%, compared with the same period last year. This increase positively impacted on operating profit which increased by 7.3%, or £1.5 million, from £20.1 million last year to £21.5 million in the year under review. Turnover for the second half of the year was up 19.0% on the first half and reflects the exceptional weather experienced across the UK and Europe over the summer months.

The increasing interest rates in the UK has enabled the company to generate increased returns on its cash reserves and has contributed to net finance costs decreasing from £0.6 million last year to a small net interest income this year. Profit before taxation was £21.6 million (2021: £19.5 million) and profit after taxation was £17.0 million (2021: £15.5 million).

The group has reported an increase in the basic earnings per share of 3.51p, or 9.5%, from 36.85p in 2021 to 40.36p in the current year. This is mainly attributable to the above increase in the group's operating profit.

The group continues to generate strong cash flows. Net cash inflow from operating activities was £28.5 million compared with £23.6 million last year reflecting strong cash management.

Cost control, cash and working capital management continue to be priorities for the group with stocks reduced by £1.2m during the year. Capital expenditure is concentrated on assets with strong returns; in total £4.4 million was invested in the hire fleet this year. In addition, the group invested a further £0.7 million in property, plant and equipment. These actions will ensure that the group's infrastructure and revenue generating assets are sufficient to support future growth and profitability. Hire fleet utilisation, condition and availability continue to be the subjects of management focus.

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