Andrews Sykes Group's revenue for the six months ended 30 June rose to £30.3 million, an increase of £2.1 million compared with the corresponding period last year.
Operating profit increased by £1.4 million to £6.4 million and cash generated from operations was £7.1 million (2015: £5.0 million) and net funds increased by £0.8 million from £14.6 million as at 31 December 2015 to £15.4 million. This was after paying the 2015 final dividend of 11.9 pence per share, or £5.0 million in total, during the period.
Profit before tax was £7.5 million (2015: £4.7 million) reflecting both the above £1.4 million increase in operating profit and a significant improvement in net finance income and costs, also of £1.4 million, compared with the same period in 2015.
This improvement was primarily due to a net inter-company foreign exchange gain of £1.1 million compared with a loss of £0.3 million in 2015 which in turn was mainly due to the weakening of sterling.
The group says trading in the third quarter to date has continued to be positive. After a slow start to the summer Europe has experienced above average temperatures during September which continue to stimulate high demand for air conditioning products.
Once again activity in the Middle East has remained consistent through the summer period, with trading levels ahead of last year in both Sharjah and Abu Dhabi.