TIDMASY
RNS Number : 1409N
Andrews Sykes Group PLC
28 September 2021
27 September 2021
ANDREWS SYKES GROUP PLC
("Andrews Sykes" or "the Company" or "the Group")
Half Year Results
Unaudited results for the six months ended 30 June 2021
Summary of Results
Unaudited Unaudited
six months six months
ended ended
30 June 30 June
2021 2020
GBP000 GBP000
Revenue from continuing operations 35,693 33,480
EBITDA* from continuing operations 12,402 11,781
Operating profit 7,955 7,000
Profit for the financial period 6,239 6,070
Cash and cash equivalents 24,717 32,096
Net funds 9,673 16,770
(pence) (pence)
Basic earnings per share 14.79 14.39
Special interim dividend declared per
equity share - 23.70
Interim dividend declared per equity
share 11.90 11.90
* Earnings before interest, taxation, depreciation, profit on
the sale of property, plant and equipment, amortisation and
non-recurring items
Enquiries
Andrews Sykes Group plc T: +44 (0)1902 328 700
Carl Webb, Managing Director
Ian Poole, Finance Director and
Company Secretary
GCA Altium Limited (Nominated Advisor) T: +44 (0)20 7484 4040
Tim Richardson
CHAIRMAN'S STATEMENT
Overview
Andrews Sykes' trading continues to be resilient as sectors in
which we trade show ongoing demand, despite the unprecedented
challenge in the form of the coronavirus pandemic. We continue to
be thankful and proud of our team members as they respond as
essential service providers.
The Group's revenue for the 6 months ended 30 June 2021 (the
"period") was GBP35.7 million, an increase of GBP2.2 million
compared with the same period in 2020. Operating profit for the
period was GBP8.0 million compared with GBP7.0 million in 2020, an
increase of GBP1.0 million, reflecting the increased revenue.
Overall, net funds increased by GBP2.0 million from GBP7.7m million
as at 31 December 2020 to GBP9.7 million as at 30 June 2021 .
Operations review
Our main hire and sales businesses in Europe all reported
improved revenues in the period. Revenue at Andrews Sykes Hire in
the UK improved by 6.1% compared with the same period in 2020. Our
businesses in the rest of Europe experienced a significant rebound
in revenue, improving 28.8% compared to the same period in 2020, on
the back of reduced covid restrictions and increased business
activities. Consequently, the combined operating profit for the UK
and European hire businesses in the period was GBP1.4 million above
the level achieved in 2020.
Andrews Air Conditioning and Refrigeration, our UK air
conditioning installation business, was particularly affected by
the coronavirus pandemic as our engineers were not allowed access
to certain customer sites in order to carry out their work. Whilst
revenue increased 20.5% in the period compared to the first six
months of 2020, it still remains 34.5% lower than the corresponding
period in 2019. Tight cost control has meant this business
generated a profit of GBP0.2m in the period as compared to a small
loss in the first half of 2020.
Khansaheb Sykes, our business based in the UAE, continued to
experience a difficult trading environment during the period due to
the coronavirus pandemic and reduced demand during Ramadan. Revenue
was 28.2% lower than the first half of 2020 and operating profit
decreased by GBP0.7 million compared with the first half of
2020.
Profit for the financial period and Earnings per Share
Profit before tax for the period was GBP7.6 million compared
with GBP7.2 million in the same period last year. This GBP0.4m
increase is attributable to the GBP1.0 million improvement in
operating profit, a net foreign exchange loss on inter-company
balances of GBP0.1 million (2020: gain of GBP0.4m) due to the
strengthening of Sterling compared with the Euro and the UAE
Dirham, and a net increase of GBP0.1 million in interest
charges.
The total tax charge for the period increased by GBP0.1 million
to GBP1.3 million (2020: GBP1.2 million), an effective tax rate of
17.5% (2020: 16.1%), mainly due to the lower profit generated by
Khansaheb, on which no tax is payable, increasing the overall
effective tax rate.
Profit after tax in the period was GBP6.2 million (2020: GBP6.1
million). Basic earnings per share increased by 0.40 pence, or
2.8%, to 14.79 pence (2020: 14.39 pence) reflecting this increase
in profit .
Dividends
The final dividend of 11.50 pence per ordinary share for the
year ended 31 December 2020 was approved by members at the AGM held
on 15 June 2021. Accordingly, on 18 June 2021 the Company made a
total dividend payment of GBP4.85 million which was paid to
shareholders on the register as at 28 May 2021.
The board continues to adopt the policy of returning value to
shareholders whenever possible. The Group remains profitable, cash
generative and financially strong. Accordingly, the board has
decided to declare an interim dividend of 11.90 pence per ordinary
share which in total amounts to GBP5.0 million. This will be paid
on 5 November 2021 to shareholders on the register as at 8 October
2020. The ordinary shares will go ex-dividend on 7 October 2021
.
Outlook
Whilst certain of the Group's business operations continue to be
affected by the coronavirus pandemic, for example the performance
of Khansaheb remains depressed compared to historical levels,
demand in Europe has increased and the pumps business in the UK
continues to perform in line with last year's levels and above pre
pandemic levels. Management remains optimistic that the business
will continue to improve as the economy recovers fully but are
mindful that we live in uncertain times and circumstances can
change very quickly .
JG Murray
Chairman
27 September 2021
Consolidated Income Statement
for the six months ended 30 June 2021
Unaudited Unaudited
six months six months
ended ended Year ended
30 June 30 June 31 December
Note 2021 2020 2020
GBP000 GBP000 GBP000
Revenue 2 35,693 33,480 67,259
Cost of sales (15,064) (14,544) (28,184)
------------ ------------ -------------
Gross profit 20,629 18,936 39,075
Distribution costs (6,386) (5,541) (12,136)
Administrative expenses (6,412) (7,242) (12,183)
Other operating income 124 847 1,630
------------ ------------ -------------
Operating profit 7,955 7,000 16,386
EBITDA* 12,402 11,781 26,089
Depreciation and impairment losses (3,399) (3,785) (7,183)
Depreciation of right-of-use
assets (1,622) (1,328) (3,014)
Profit on the sale of plant and
equipment and right-of-use assets 574 332 494
--------------------------------------- ------------ ------------ -------------
Operating profit 7,955 7,000 16,386
--------------------------------------- ------------ ------------ -------------
Finance income 3 7 511 116
Finance costs 3 (401) (276) (669)
Profit before tax 7,561 7,235 15,833
Tax expense 4 (1,322) (1,165) (2,813)
------------ ------------ -------------
Profit for the period from continuing
operations attributable to equity
holders of the Parent Company 6,239 6,070 13,020
------------ ------------ -------------
Earnings per share from continuing
operations:
Basic and diluted 5 14.79p 14.39p 30.87p
Dividend per equity share paid
during the period 11.50p 10.50p 46.10p
Dividend per equity share paid - 23.70p -
after the period end
Proposed dividend per equity
share 11.90p 11.90p 11.50p
(*) Earnings before interest, taxation, depreciation, profit on
sale of property, plant and equipment, amortisation and
non-recurring items.
Consolidated Statement of Comprehensive Total Income
for the six months ended 30 June 2021
Unaudited Unaudited
six months six months Year ended
ended ended 31 December
30 June 30 June 2020
2021 2020
GBP000 GBP000 GBP000
Profit for the period 6,239 6,070 13,020
Other comprehensive income
Currency translation differences on
foreign currency operations (640) 1,239 527
Net other comprehensive (expense)/
income that may be reclassified to
profit and loss (640) 1,239 527
Re-measurement of defined benefit
pension assets and liabilities 2,476 (2,098) (1,980)
Related deferred tax (619) 399 376
Net other comprehensive income/(expense)
that will not be reclassified to profit
and loss 1,857 (1,699) (1,604)
------------ ------------ --------------
Other comprehensive income/ (expense)
for the period net of tax 1,217 (460) (1,077)
------------ ------------ --------------
Total comprehensive income for the
period attributable to equity holders
of the Parent Company 7,456 5,610 11,943
------------ ------------ --------------
Consolidated Balance Sheet
At 30 June 2021
Unaudited Unaudited
30 June 30 June 31 December
2021 2020 2020
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 21,761 24,092 22,774
Right-of-use assets 11,594 11,506 12,463
Prepayments 42 43 42
Deferred tax assets 7 660 704
Defined benefit pension
scheme surplus 3,606 479 498
---------- ---------- ------------
37,010 36,780 36,481
Current assets
Stocks 7,821 7,353 8,048
Trade and other receivables 18,584 19,126 17,274
Current tax asset 268 187 -
Cash and cash equivalents 24,717 32,096 24,012
51,390 58,762 49,334
---------- ---------- ------------
Current liabilities
Trade and other payables (14,726) (14,882) (12,290)
Current tax liabilities - (630) (1,161)
Bank loans (2,995) (493) (493)
Right-of-use lease obligations (2,539) (2,411) (2,656)
(20,260) (18,416) (16,600)
---------- ---------- ------------
Net current assets 31,130 40,346 32,734
---------- ---------- ------------
Total assets less current
liabilities 68,140 77,126 69,215
Non-current liabilities
Bank loans - (2,994) (2,998)
Right-of-use lease obligations (9,510) (9,427) (10,193)
(9,510) (12,421) (13,191)
Net assets 58,630 64,705 56,024
---------- ---------- ------------
Equity
Called up share capital 422 422 422
Share premium 13 13 13
Retained earnings 54,667 59,390 51,421
Translation reserve 3,282 4,634 3,922
Other reserve 246 246 246
---------- ---------- ------------
Total equity 58,630 64,705 56,024
---------- ---------- ------------
Consolidated Cash Flow Statement
for the six months ended 30 June 2021
Unaudited Unaudited
six months six months
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP000 GBP000 GBP000
Operating activities
Profit for the period 6,239 6,070 13,020
Adjustments for:
Tax charge 1,322 1,165 2,813
Finance costs 401 276 669
Finance income (7) (511) (116)
Profit on disposal of property,
plant and equipment and
right-of-use assets (574) (332) (494)
Depreciation of property,
plant and equipment 3,399 3,785 7,183
Depreciation of right-of-use
assets 1,621 1,328 3,014
Difference between pension
contributions paid and
amounts recognised in the
Income Statement (625) (591) (470)
Decrease/ (increase) in
inventories 65 (1,355) (2,690)
(Increase)/ decrease in
receivables (1,500) 2,942 4,099
Increase/ (decrease) in
payables 2,534 1,671 (762)
Cash generated from continuing
operations 12,875 14,448 26,266
Interest paid (284) (274) (592)
Corporation tax paid (2,694) (2,433) (3,419)
Net cash inflow from operating
activities 9,897 11,741 22,255
Investing activities
Disposal of property,
plant and equipment 722 382 619
Purchase of property,
plant and equipment (2,794) (2,128) (4,157)
Interest received - 57 79
Net cash outflow from investing
activities (2,072) (1,689) (3,459)
Financing activities
Loan repayments (500) (500) (500)
Capital repayments for
right-of-use lease
obligations (1,547) (1,245) (2,832)
Equity dividends paid (4,850) (4,428) (19,442)
Net cash outflow from financing
activities (6,897) (6,173) (22,774)
------------ ------------ -------------
Net increase/ (decrease)
in cash and cash equivalents 928 3,879 (3,978)
Cash and cash equivalents
at the start of the period 24,012 27,880 27,880
Effect of foreign exchange
rate changes (223) 337 110
------------ ------------ -------------
Cash and cash equivalents
at the end of the period 24,717 32,096 24,012
------------ ------------ -------------
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2021
Attributable
Capital to equity
Share Translation redemption UAE Netherlands holders
Share premium reserve reserve legal capital Retained of the
capital reserve reserve earnings parent
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 31 December
2019 422 13 3,395 158 79 9 59,447 63,523
Profit for the
period - - - - - - 6,070 6,070
Other
comprehensive
income/
(expense)
for the
period
net of tax - - 1,239 - - - (1,699) (460)
-------- --------- ------------- ------------ --------- ------------ ---------- --------------
Total
comprehensive
income - - 1,239 - - - 4,371 5,610
Dividends paid - - - - - - (4,428) (4,428)
Total of
transactions
with
shareholders - - - - - - (4,428) (4,428)
At 30 June
2020 422 13 4,634 158 79 9 59,390 64,705
Profit for the
period - - - - - - 6,950 6,950
Other
comprehensive
(expense)/
income
for the
period
net of tax - - (712) - - - 95 (617)
-------- --------- ------------- ------------ --------- ------------ ---------- --------------
Total
comprehensive
(expense)/
income - - (712) - - - 7,045 6,333
Dividends paid - - - - - - (15,014) (15,014)
-------- --------- ------------- ------------ --------- ------------ ---------- --------------
Total of
transactions
with
shareholders - - - - - - (15,014) (15,014)
At 31 December
2020 422 13 3,922 158 79 9 51,421 56,024
Profit for the
period - - - - - - 6,239 6,239
Other
comprehensive
(expense)/
income
for the
period
net of tax - - (640) - - - 1,857 1,217
Total
comprehensive
(expense)/
income - - (640) - - - 8,096 7,456
Dividends paid - - - - - - (4,850) (4,850)
Total of
transactions
with
shareholders - - - - - - (4,850) (4,850)
At 30 June
2021 422 13 3,282 158 79 9 54,667 58,630
-------- --------- ------------- ------------ --------- ------------ ---------- --------------
Notes to the Interim Financial statements
1 General information and accounting policies
These interim financial statements have been prepared in
accordance with the recognition and measurement principles of
international accounting standards in conformity with the
requirements of the Companies Act 2006 .
The information for the 12 months ended 31 December 2020 does
not constitute the Group's statutory accounts for 2020 as defined
in Section 434 of the Companies Act 2006. Statutory accounts for
2020 have been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified and did not
contain statements under Section 498(2) or (3) of the Companies Act
2006. These interim financial statements, which were approved by
the Board of Directors on 27 September 2021, have not been audited
or reviewed by the auditors .
Basis of preparation
The interim financial statement has been prepared using the
historical cost basis of accounting except for:
(i) Properties held at the date of transition to IFRS which are stated at deemed cost;
(ii) Assets held for sale which are stated at the lower of (i)
fair value less anticipated disposal costs and (ii) carrying
value;
(iii) Derivative financial instruments (including embedded
derivatives) which are valued at fair value; and
(iv) Pension scheme assets and liabilities calculated at fair
value in accordance with IAS 19
The annual financial statements of the Group are prepared in
accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006 . The condensed set
of financial statements included in this half-yearly financial
report has been prepared in accordance with the AIM Rules issued by
the London Stock Exchange.
Accounting policies
The principal accounting policies applied in preparing the
interim Financial Statements comply with international accounting
standards in conformity with the requirements of the Companies Act
2006 and are consistent with the policies set out in the Annual
Report and Accounts for the year ended 31 December 2020.
No new standards or interpretations issued since 31 December
2020 have had a material impact on the accounting of the Group.
Functional and presentational currency
The financial statements are presented in pounds Sterling
because that is the functional currency of the primary economic
environment in which the group operates.
2 Revenue
An analysis of the group's revenue is as follows:
Unaudited Unaudited
six months six months
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP000 GBP000 GBP000
Continuing operations
Revenue outside the scope of IFRS
15 and recognised as lease income
in accordance with IFRS 16:
Hire 31,627 29,185 59,598
Revenue recognised at a point in time
in accordance with IFRS 15:
Sales 2,709 3,161 5,162
Maintenance 752 560 1,348
Installation and sale
of units 605 574 1,151
------------ ------------ --------------
Group consolidated revenue from the
sale of goods and provision of services 35,693 33,480 67,259
------------ ------------ --------------
The geographical analysis of the Group's revenue by origination
is:
Unaudited Unaudited
six months six months
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP000 GBP000 GBP000
United Kingdom 22,743 20,903 40,882
Rest of Europe 8,874 6,891 16,077
Middle East and Africa 4,076 5,686 10,300
35,693 33,480 67,259
------------ ------------ --------------
The geographical analysis of the Group's revenue by destination
is not materially different to that by origination.
3 Finance income and costs
Unaudited Unaudited
six months six months
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
Finance income GBP000 GBP000 GBP000
Net interest on net defined benefit
pension surplus 7 23 45
Intertest receivable on bank deposit
accounts - 61 71
Inter-company foreign exchange gains - 427 -
7 511 116
------------ ------------ -------------
Finance costs
Interest charge on bank loans and
overdrafts (20) (38) (64)
Interest charge on right-of-use lease
obligations (264) (238) (530)
Inter-company foreign exchange losses (117) - (75)
(401) (276) (669)
------------ ------------ -------------
4 Income tax expense
The total effective tax charge for the financial period
represents the best estimate of the weighted average annual
effective tax rate expected for the full financial year applying
tax rates that have been substantively enacted by the balance sheet
date. UK corporation tax has been provided at 19%. In the UK budget
on 15 March 2021, the chancellor announced that the rate of
corporation tax in the UK will increase from 19% to 25% with effect
from 1 April 2023. This increase will increase the amount of
corporation tax payable in the UK. Deferred tax has been calculated
based on the rates that the directors anticipate will apply when
the temporary timing differences are expected to reverse .
Unaudited Unaudited
six months six months Year ended
ended ended 31 December
30 June 30 June 2020
2021 2020
GBP000 GBP000 GBP000
Current tax
UK corporation tax at 19% (June and
December 2020: 19%) 736 901 2,068
Adjustments in respect of prior periods (21) (92) (207)
------------ ------------ --------------
715 809 1,861
Overseas tax 530 382 1,023
Adjustments in respect of prior periods - (20) 2
------------ ------------ --------------
Total current tax charge 1,245 1,171 2,886
------------ ------------ --------------
Deferred tax
Origination and reversal of timing
differences 386 (6) (44)
Effect of tax rate change (309) - -
Adjustments in respect of prior periods - - (29)
------------ ------------ --------------
Total deferred tax charge/ (credit) 77 (6) (73)
------------ ------------ --------------
Total tax charge for the financial
period 1,322 1,165 2,813
------------ ------------ --------------
5 Earnings per share
Basic earnings per share
The basic figures have been calculated by reference to the
weighted average number of ordinary shares in issue and the
earnings as set out below. There are no discontinued operations in
any period .
Unaudited Unaudited
six months six months Year ended
ended ended 31 December
30 June 30 June 2020
2021 2020
Weighted average number of ordinary
shares 42,174,359 42,174,359 42,174,359
------------ ------------ --------------
GBP000 GBP000 GBP000
Basic earnings 6,239 6,070 13,020
------------ ------------ --------------
pence pence pence
Basic earnings per ordinary share 14.79 14.39 30.87
------------ ------------ --------------
Diluted earnings per share
There were no dilutive instruments outstanding as at 30 June
2021 or either of the comparative periods and therefore there is no
difference in the basic and diluted earnings per share for any of
these periods. There were no discontinued operations in any period
.
6 Dividend payments
Dividends declared and paid on ordinary one pence shares during
the 6 months ended 30 June 2021 were as follows:
Paid during the six
months ended 30 June
2021
Total dividend
paid
Pence per GBP000
share
Final dividend for the year ended
31 December 2020 paid on 18 June 2021
to members on the register as at 28
May 2021 11.50p 4,850
The above dividend was charged against reserves during the 6
months ended 30 June 2021.
On 27 September 2021 the directors declared an interim dividend
of 11.90 pence per ordinary share which in total amounts to
GBP5,019,000. This will be paid on 5 November 2021 to shareholders
on the register as at 8 October 2021 and will be charged against
reserves in the second half of 2021.
Dividends declared and paid on ordinary one pence shares during
the 6 months ended 30 June 2020 were as follows:
Paid during the six
months ended 30 June
2020
Total dividend
paid
Pence per GBP000
share
Final dividend for the year ended
31 December 2019 paid on 19 June 2020
to members on the register as at 29
May 2020 10.50p 4,428
The above dividend was charged against reserves during the 6
months ended 30 June 2020.
On 23 July 2020 the directors declared a special interim
dividend of 23.7 pence per ordinary share which in total amounts to
GBP9,995,000. This was paid on 28 August 2020 to shareholders on
the register as at 7 August 2020 and was charged against reserves
in the second half of 2020.
Dividends declared and paid on ordinary one pence shares during
the 12 months ended 31 December 2020 were as follows:
Paid during the year ended
31 December 2020
Total dividend
paid
Pence per share GBP000
Final dividend for the year ended
31 December 2019 paid on 19 June 2020
to members on the register as at 29
May 2020 10.50p 4,428
First interim dividend declared on
23 July 2020 and paid on 28 August
2020 to members on the register as
at 7 August 2020 23.70p 9,995
Second interim dividend declared on
29 September 2020 and paid on 6 November
2020 to members on the register as
at 9 October 2020 11.90p 5,019
------------------ -----------------
46.10p 19,442
------------------ -----------------
The above dividends were charged against reserves during the 12
months ended 31 December 2020.
7 Pensions
The Group closed the UK Group defined benefit pension scheme to
future accrual as at 29 December 2002. The assets of the defined
benefit pension scheme continue to be held in a separate trustee
administered fund. Over recent years the Group has taken steps to
manage the ongoing risks associated with its defined benefit
liabilities.
As at 30 June 2021 the Group had a net defined benefit pension
scheme surplus, calculated in accordance with IAS 19 using the
assumptions as set out below, of GBP3,606,000 (30 June 2020:
GBP479,000; 31 December 2020: GBP498,000). The asset has been
recognised in the financial statements as the directors are
satisfied that it is recoverable in accordance with IFRIC 14.
Following the triennial recalculation of the funding deficit as
at 31 December 2019, a revised schedule of contributions and
recovery plan was agreed with the pension scheme trustees in March
2021 and was effective from 1 January 2021. In accordance with this
schedule of contributions and recovery plan, the Group will be
making regular contributions of GBP110,000 per month for the period
1 January 2021 to 31 December 2022, and GBP10,000 per month for the
period 1 January 2023 to 31 December 2025 or until a revised
schedule of contributions is agreed, if earlier. Consequently the
Group expects to make total contributions to the defined benefit
pension scheme of GBP1,320,000 during 2021.
Assumptions used to calculate the scheme surplus
The IAS 19 figures are based on a number of actuarial
assumptions as set out below, which the actuaries have confirmed
they consider appropriate.
30 June 30 June 31 December
2021 2020 2020
Rate of increase in pensionable salaries n/a n/a n/a
Rate of increase in pensions in payment 3.3% 2.9% 2.9%
Discount rate 1.8% 1.4% 1.3%
Inflation assumption - RPI 3.3% 2.9% 2.9%
Inflation assumption - CPI 2.7% 1.9% 2.3%
Percentage of members taking maximum
tax-free lump sum on retirement 75% 75% 75%
The demographic assumptions used for 30 June 2021, were the same
as used in 31 December 2020, 30 June 2020 and the last full
actuarial valuation performed as at 1 April 2020.
Assumptions regarding future mortality experience are set based
on advice in accordance with published statistics. The mortality
table used at 30 June 2021, 30 June 2020 and 31 December 2020 is
100% S3PA CMI2018 with a 1.25% per annum long term improvement for
both males and females, heavy tables for males and medium tables
for females.
Valuation
The defined benefit scheme funding has changed under IAS 19 as
follows:
Unaudited Unaudited
six months six months Year to
Funding status to to 31 December
30 June 30 June 2020
2021 2020 GBP000
GBP000 GBP000
Scheme assets at end of period 46,958 43,769 45,018
Benefit obligations at end of period (43,352) (43,290) (44,520)
---------------------- ------------------------ --------------
Surplus in scheme 3,606 479 498
The increase in the pension surplus since December 2020 is
mainly due to a decrease in the value of liabilities as a
consequence of an increase in bond yields increasing the discount
rate and an increase in the scheme assets due to a positive return
on scheme assets.
8 Net funds and movement in financing liabilities
Unaudited Unaudited
six months six months Year ended
ended ended 31 December
30 June 30 June 2020
2021 2020
GBP000 GBP000 GBP000
Cash and cash equivalents per consolidated
cashflow statement 24,717 32,096 24,012
Bank loans at the beginning of the
period (3,491) (3,983) (3,983)
Loans repaid 500 500 500
Other non-cash changes (4) (4) (8)
Bank loans at the end of the period (2,995) (3,487) (3,491)
------------ ------------ --------------
Right-of-use lease obligations at
the beginning of the period (12,849) (11,761) (11,761)
Capital repayments for right-of-use
lease obligations 1,547 1,245 2,832
New right-of-use leases entered into
during the period (963) (1,171) (3,943)
Non-cash movements re: termination
of right-of-use lease obligations 36 160 249
Foreign exchange 180 (312) (226)
------------ ------------ --------------
Right-of-use lease obligations at
the end of the period (12,049) (11,839) (12,849)
------------ ------------ --------------
Gross debt (15,044) (15,326) (16,340)
------------ ------------ --------------
Net funds 9,673 16,770 7,672
------------ ------------ --------------
9 Distribution of interim financial statements
Following a change in regulations in 2008, the Company is no
longer required to circulate this half year report to shareholders.
This enables us to reduce costs associated with printing and
mailing and to minimise the impact of these activities on the
environment. A copy of the interim financial statements is
available on the Company's website, www.andrews-sykes.com .
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