Record annual profits for Andrews Sykes
A Wolverhampton-based heating and air-conditioning equipment hire company enjoyed record profits in 2022.
Pre-tax profit for Andrews Sykes Group was up from £19.4 million in 2021 to £21.5m.
Group revenue rose from £75.2m to £83m.
Chairman Tony Murray said Andrews Sykes' trading has been robust, with record revenues and profits being delivered by several subsidiaries.
"We are thankful and proud of our team members who have made this possible by continuing to provide our customers with an essential 24-hour service offering," he added.
Mr Murray said the group had faced many challenges over the past few years and 2022 had been no different with Andrews Sykes not being immune from the well-publicised inflationary pressures that are impacting the UK and European economies.
"Fortunately, our strong relationships with customers and long-standing relationships with key suppliers, coupled with our highly experienced management team, are allowing us to once again not only navigate our way through these circumstances, but thrive. We are encouraged by how the business has consistently adapted to overcome operational issues and take advantage of new revenue opportunities.
"The group was well-placed to take advantage of the record summer temperatures seen this year and our core traditional market of 'comfort' cooling had a standout year as a result. This year was once again supported by another strong year for our UK pump hire business, which continues the recent history of setting record levels of revenue yearly.
"Trading momentum has continued into the current year, with overall performance in the year to date in line with the board's expectations. The group is confident in its core markets, its revenues and its profits."
