Andrew Sykes maintained revenue and profit levels in 2012 by reducing its reliance on its core air conditioning business and reinforcing its non-weather dependent niche rental and sales businesses.
The group’s revenue for the year ended 31 December 2012 was £58.4 million, an increase of £4.6 million, or 8.4 per cent, compared with the same period last year.
Andrews Sykes chairman JG Murray said of the results: “The above again clearly demonstrates our ability to deliver acceptable profit levels even in times of unfavourable external influence and is due, in part, to the continuing development of non-weather dependent niche markets which continue to benefit the performance of our specialist hire divisions.
“We will continue to invest in and develop these businesses as well as our traditional core products and services.”
The group also saw profit double for their Middle East hire and sales business sector. Mr Sykes said: “this improvement, which occurred largely in the second half of the year, reflects improved trading conditions in the UAE as well as the development of additional income streams in the region.”
Mr Murray said the board was “cautiously optimistic for further success in 2013” but the “one off benefit of the Olympic Games will be difficult to replace”.