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Rain dampens Andrews Sykes profits

Specialist air conditioning and heating hire company Andrews Sykes Group has blamed last summer’s bad weather for failing to match its record performance in 2006 after annual revenue dropped by £2million in 2007.

In its preliminary results announcement Andrews Sykes said revenue in 2007 was £57.8m, operating profit was £14m and profit after tax was £8.5m.

In his statement to the Stock Exchange chairman Jacques Murray said: “Although these profits are lower than 2006, I still consider this is an extremely good performance, particularly considering we did not experience the very hot and favourable weather condition of the summer of 2006.

“The result highlights the fact the group is now less weather dependent than ever before. It has been our strategy for some time to move away from this dependency and our group now has a diverse range of income streams thereby providing a solid base of revenue underpinning the business.”

He confirmed overall trading so far this year “was in line with expectations.'