Andrews Sykes profit rises, revenue falls

8th May 2024 12:39

(Sharecast News) - Shares in Andrews Sykes Group were in the green on Wednesday, after it reported a mixed set of results for the 2023 financial year.

The AIM-traded firm said that despite a slight decrease in revenue from continuing operations to £78.75m from £83.01m year-on-year, it maintained stability in its adjusted EBITDA at £30.62, consistent with the prior year.

Operating profit saw a modest increase to £22.74m for the 12 months ended 31 December, up from £21.53m in 2022.

Profit after tax for the period also showed growth, reaching £17.76m compared to £17.02m in the prior year.

As net cash inflow from operating activities decreased to £24.95m from £27.6m, Andrews Sykes recorded net funds of £4.57m at year-end.

The company's cash and cash equivalents stood at £19.97m, slightly lower than the £20.52m reported in 2022.

Total interim, special, and final dividends paid amounted to £35.74m, reflecting a substantial increase from £17.29m in the prior year.

Basic earnings per share improved to 42.24p, up from 40.36p in 2022.

The company announced a final dividend per share of 14p, consistent with the prior year's figure.

Interim, special, and final dividends paid per share amounted to 85.3p, reflecting an increase from 41p in 2022.

At 1213 BST, shares in Andrews Sykes Group were up 2.09% at 610p.

Reporting by Josh White for Sharecast.com.