Andrew Sykes: Profit dips at air conditioning supplier after cool summer trading
Andrew Sykes said revenue for the six months ended 30 June came in at £38.4m, down from £38.8m the year prior.
Air conditioning supplier Andrew Sykes reported a dip in profit and revenue following “disappointing performances” from its Belgian and Luxembourg-based subsidiaries.
The London-listed firm said revenue for the six months ended 30 June came in at £38.4m, down from £38.8m the year prior.
Earnings before interest, taxation, depreciation and amortization (EBITDA) totalled £13.1m, down from £13.9m.
“Trading in the second half of the year to date has been more subdued than in the comparable period of last year,” executive chair JJ Murray said in a statement.
“A slow start to the summer season with cooler than average July temperatures recorded in the UK and Northern Europe has limited the overall revenue opportunities for the group in these jurisdictions.”
The company flagged a particularly “disappointing” performance in Luxembourg and Belgium, with revenue down 37.6 and 24.8 per cent respectively.
Luxembourg’s construction industry has faced major challenges this year amid a backdrop of soaring inflation in Europe. The government put the sector into crisis measures in January.
Andrew Sykes, which also sells boilers, refrigerators and chillers, said Belgium had been impacted by “milder winter temperatures” and a slow start to the summer cooling season.
Italy performed strongly, however, with revenue increasing 10.6 per cent after heatwaves across Europe over the summer.
Khansaheb Sykes, the firm’s UAE-based business, also saw improvements, Andrew Sykes added. Revenue increased 31.7 per cent year-on-year, with a decision taken by the company to lease a new depot in Abu Dhabi.
