19 April 2024
By Maynard Paton
NOTE: This blog post reviews ASY’s FY 2022 results published during May 2023. Readers will be alerted by email to my forthcoming blog post reviewing ASY’s latest H1 2023 results!
FY 2022 results summary for Andrews Sykes (ASY):
- A record FY performance, with revenue up 10% and profit up 8% buoyed mainly by greater demand for water pumps rather than the scramble for air conditioners during the 40-degree summer.
- Bolstered by strong Italian, Dutch and Belgian progress and defying problems in France, European revenue climbed 24% and represented a record 31% of the group’s top line during H2.
- A £2m write-down of unpaid customer invoices appeared to draw a line under the group’s problematic Middle Eastern division.
- Revenue per employee reached a new £151k high although hire revenue at 1.07x the cost of hire equipment indicated no real improvement to fleet productivity.
- The accounts remain very favourable, showcasing net cash of £37m, a 26% return on equity and a 20%-or-more operating margin for 20 consecutive years. I continue to hold.