Andrews Sykes (AIM:ASY) superb interim results but why bother staying on the market?
The specialist hire company which provides pumping, heating and cooling solutions delivered excellent interim results for the six months ending 30th June 2015. This looks a terrific business but with 86% of the equity held by a couple of offshore trusts (Murray family) one questions why it bothers staying on the market!
Group revenue for the six months ended 30 June 2015 rose 5.6% to £28.2m with operating profit up 16.3% to £5.0m which also delivered an operating cash inflow of £5.0m. The Group ended the period with net cash of £13.5m after paying the 2014 final dividend of 11.90 pence per share which consumed £5.0m. Bizarrely the Group had cash of £19.7m but bank loans of £5.9m. Profit after tax was £3.7m (2014: £3.2m) and basic…
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