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Date/Time	Headline	Source
1
30-09-09	Andrews Sykes Group - Half Yearly Report	RNS
RNS Number : 9109Z Andrews Sykes Group PLC 30 September 2009 Andrews Sykes Group plc 30 September 2009 Interim Financial Statements for the six months to 30 June 2009 Chairman's Statement Overview The group's revenue for the 6 months ended 30 June 2009 was £28.8 million compared with £33.9 million in the first half of 2008, a decrease of 15%. Due to fixed costs, this decrease had a disproportional effect on the normalised operating profit* which fell by nearly 25% from £8.8 million in the first half of last year to £6.6 million in the current period. Although this is naturally disappointing it must be remembered that 2008 was our record year and the consolidated revenue and normalised operating profit for the current period are above the amounts achieved in the first half of 2007 by £1.6 million (6%) and £0.9 million (17%) respectively. During the challenging current economic environment management is concentrating on cost control, capital spending and reduction in net debt. Cost reductions have been achieved by efficiency savings. Management has been careful to ensure that the business infrastructure has not been damaged by these savings to continue to provide high quality customer service. Judicious working capital management has been rewarded by a positive cash flow of £1.3 million which is primarily due to a stock reduction of £1.4 million since the end of the last financial year. The level of net debt has fallen by £4.8 million from £16.9 million at 31 December 2008 to £12.1 million at 30 June 2009. `Summary of Results` `6 months ended 6 months ended` `30 June 2009 30 June 2008` `(as restated )` `£'000` `£'000` `Revenue from continuing 28,766 33,873` operations `EBITDA* from continuing 8,763 10,868` operations `Normalised operating profit *** 6,609 8,808` `Profit for the financial period 4,619 6,169` `Basic earnings per share 10.43p 13.85p` `Net cash inflow from operating 7,015 6,172` activities `Net debt 12,070 22,182` FOREIGN EXCHANGE LOSSES ON INTER-COMPANY LOANS OF &POUND;318,000 HAVE BEEN RE-CATEGORISED FROM ADMINISTRATION EXPENSES TO BE CONSISTENT WITH THE PRESENTATION IN THE 12 MONTHS ENDED 31 DECEMBER 2008. * EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION, AMORTISATION AND NON-RECURRING COSTS. OPERATING PROFIT BEFORE NON-RECURRING ITEMS AS RECONCILED ON THE CONSOLIDATED INCOME STATEMENT Operations review Our main trading subsidiary in the UK, Andrews Sykes Hire, and our operations in Northern Europe continue to perform satisfactorily albeit below the levels achieved last year. This is primarily due to the current economic environment and the consequent impact on customer spending profiles. Our fixed air conditioning installation business has been particularly affected by this change possibly due to potential customers deferring capital expenditure in these difficult times. Conversely our UK specialist hire divisions continue to perform well as does our operation in the UAE which showed an improvement in operating profit compared with the first half of 2008. Prospects After a short favourable spell of hot weather in the UK and Northern Europe at the end of June and beginning of July, and despite forecasts to the contrary, the summer has been mixed with only average temperatures and rainfall patterns. We therefore expect our all important air conditioning business to return a satisfactory performance. Our ongoing strategy of moving into non-weather related products and services, particularly those targeted at essential industry sectors, has provided a sound profit base for the current year. Overall, therefore, we currently anticipate the result for the second half of 2009 to be satisfactory but below the record level achieved last year. JG Murray Chairman 29 September 2009 OPERATING PROFIT BEFORE NON-RECURRING ITEMS AS RECONCILED ON THE CONSOLIDATED INCOME STATEMENT Andrews Sykes Group plc Consolidated Income Statement For the 6 months ended 30 June 2009 (unaudited) `6 months ended` `30 June 2009 6 months ended 12 months ended` `£'000 30 June 2008 31 December 2008` `(as restated) £'000` `£'000` Continuing operations `Revenue 28,766 33,873 67,394` `Cost of sales (12,766) (15,552) (30,523)` `Gross profit 16,000 18,321 36,871` `Distribution costs (5,001) (4,959) (10,144)` `Administrative expenses: - (4,390) (4,554) (8,803)` Recurring Non-recurring - 529 559 Total (4,390) (4,025) (8,244) `Operating profit 6,609 9,337 18,483` `EBITDA* 8,763 10,868 22,002` `Depreciation (2,518) (2,551) (4,827)` `Profit on the sale of plant 364 491 749` and equipment `Normalised operating profit 6,609 8,808 17,924` `Profit on the sale of property - 529 559` `Operating profit 6,609 9,337 18,483` `Finance income 155 476 673` `Finance costs (1,135) (1,025) (2,479)` `Inter-company foreign exchange 873 (318) (1,300)` gains and losses `Profit before taxation 6,502 8,470 15,377` `Taxation (1,883) (2,301) (4,321)` `Profit for the financial 4,619 6,169 11,056` period There were no discontinued operations in any of the above periods. Earnings per share from continuing operations `Basic (pence) 10.43 p 13.85 p 24.85 p` `Diluted (pence) 10.43 p 13.85 p 24.85 p` `Dividends paid per equity 0.00 p 33.60 p 33.60 p` share (pence) EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION, AMORTISATION AND NON-RECURRING COSTS. * FOREIGN EXCHANGE LOSSES ON INTER-COMPANY LOANS OF &POUND;318,000 HAVE BEEN RE-CATEGORISED FROM ADMINISTRATION EXPENSES TO BE CONSISTENT WITH THE PRESENTATION IN THE 12 MONTHS ENDED 31 DECEMBER 2008. Andrews Sykes Group plc Consolidated Balance Sheet As at 30 June 2009 (unaudited) `30 June 2009 30 June 2008 31 December 2008` `£'000 £'000 £'000` Non-current assets `Property, plant and equipment 14,556 15,489 16,108` `Lease prepayments 86 93 90` `Trade investments 164 164 164` `Deferred tax asset - 831 -` `Derivative financial - 100 -` instruments `14,806 16,677 16,362` Current assets Stocks `Trade and other receivables 6,561 5,904 7,993` `Cash and cash equivalents 14,265 17,447 17,764` `Assets held for sale 17,974 12,870 18,233` 405 405 405 `39,205 36,626 44,395` Current liabilities `Trade and other payables (7,818) (11,899) (11,833)` `Current tax liabilities (1,504) (1,633) (1,371)` `Bank loans (6,000) (5,000) (5,000)` `Obligations under finance (206) (252) (217)` leases `(15,528) (18,784) (18,421)` `Net current assets 23,677 17,842 25,974` `Total assets less current 38,483 34,519 42,336` liabilities Non-current liabilities `Bank loans (23,000) (29,000) (29,000)` `Obligations under finance (770) (900) (836)` `leases (1,026) (432) -` `Retirement benefit obligations (340) - (90)` `Deferred tax liability (68) - (108)` Derivative financial instruments `(25,204) (30,332) (30,034)` `Net assets 13,279 4,187 12,302` Equity `Called-up share capital 443 446 443` `10,545 2,675 7,127` `Retained earnings 2,056 834 4,497` `Translation reserve 225 222 225` Other reserves `Surplus attributable to equity 13,269 4,177 12,292` holders of the parent `Minority interest 10 10 10` `Total Equity 13,279 4,187 12,302` Andrews Sykes Group plc Consolidated Cash Flow Statement For the 6 months ended 30 June 2009 (unaudited) `6 months ended 6 months ended 12 months ended` `30 June 2009 30 June 31 December 2008` 2008 `(as restated)` `£'000 £'000 £'000` Cash flows from operating `activities 9,288 8,139 15,573` `Cash generated from operations (1,284) (846) (2,484)` `Interest paid (746) (802) (1,836)` `Net UK corporation tax paid - (70) (3)` `Net withholding tax paid (243) (249) (661)` Overseas tax paid `Net cash inflow from operating 7,015 6,172 10,589` activities Investing activities `Sale of assets held for sale - - 656` `Sale of plant and equipment 568 636 974` `Purchase of property, plant (1,549) (2,458) (5,082)` `and equipment 118 405 808` Interest received `Net cash outflow from (863) (1,417) (2,644)` investing activities Financing activities `Loan repayments (5,000) (24,000) (24,000)` `New loans raised - 34,000 34,000` `Finance lease capital (77) (195) (308)` `repayments - (14,970) (14,970)` `Equity dividends paid - - (259)` Purchase of own shares `Net cash outflow from (5,077) (5,165) (5,537)` financing activities `Net increase / (decrease) in 1,075 (410) 2,408` cash and cash equivalents `Cash and cash equivalents at 18,233 13,102 13,102` `beginning of period (1,334) 178 2,723` Effect of foreign exchange rate changes `Cash and cash equivalents at 17,974 12,870 18,233` the end of the period FOREIGN EXCHANGE LOSSES ON INTER-COMPANY LOANS OF &POUND;318,000 HAVE BEEN RE-CATEGORISED FROM ADMINISTRATION EXPENSES. THEY ARE NOW INCLUDED WITHIN "EFFECT OF FOREIGN EXCHANGE RATE CHANGES" TO BE CONSISTENT WITH THE PRESENTATION IN THE 12 MONTHS ENDED 31 DECEMBER 2008. Reconciliation of net cash flow to movement in net debt in the period `Net increase /(decrease) in cash and cash 1,075 (410) 2,408` equivalents `Cash outflow from loan and finance lease 5,077 24,195 24,308` repayments `Cash inflow from the increase in loans - (34,000) (34,000)` `Non cash movements in respect of finance - 74 (14)` leases `Non cash movements in the fair value of 40 125 (9)` derivative instruments `Movement in net debt during the period 6,192 (10,016) (7,307)` `Opening net debt at the beginning of period (16,928) (12,344) (12,344)` `Effect of foreign exchange rate changes (1,334) 178 2,723` `Closing net debt at the end of the period (12,070) (22,182) (16,928)` Andrews Sykes Group plc Consolidated Statement Of Recognised Income and Expense For the 6 months ended 30 June 2009 (unaudited) `6 months ended 6 months ended 12 months ended` `30 June 2009 30 June 2008 31 December 2008` `£'000 £'000 £'000` `Actual return less expected (1,444) (1,759) (2,764)` `return on pension scheme - - (196)` assets Experience gains and losses `arising on plan obligation (499) 205 1,435` `Changes in demographic and - - (275)` `financial assumptions 275 - -` `underlying the present value (2,441) 560 4,223` `of plan obligations 467 435 504` Net pension asset not recognised due to uncertainty over recoverability Release provision re non recognition of pension scheme asset Currency translation differences on foreign currency net investments Deferred tax on items posted directly to equity `Net (expense) / income (3,642) (559) 2,927` recognised directly in equity `Profit for the period 4,619 6,169 11,056` attributable to parent's shareholders Total recognised income and expense for the period `attributable to equity holders 977 5,610 13,983` of the parent `Andrews Sykes Group plc` Notes to the consolidated interim financial statements For the 6 months ended 30 June 2009 (unaudited) 1. General information Basis of preparation These interim financial statements have been prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as adopted by the European Union and with the Companies Act 2006. The information for the 12 months ended 31 December 2008 does not constitute the group's statutory accounts for 2008 as defined in Section 434 of the Companies Act 2006. Statutory accounts for 2008 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 29 September 2009, have not been audited or reviewed by the auditor. These interim financial statements have 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 fair value less anticipated disposal costs and carrying value and iii) Derivative financial instruments (including embedded derivatives) which are valued at fair value. 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. Accounting policies These interim financial statements have been prepared on a consistent basis and in accordance with the accounting policies set out in the group's Annual Report and Financial Statements 2008. 3 Revenue An analysis of the group's revenue is as follows: `6 months ended 6 months ended 12 months ended` `30 June 30 June 31 December 2008` `2009 2008 £'000` `£'000 £'000` Continuing `operations 22,515 26,311 51,575` `Hire 4,437 4,926 10,904` `Sales 1,814 2,636 4,915` Installations Group consolidated revenue from the `sale of goods and 155 476 673` provision of `services 873 - -` Finance income Inter-company foreign exchange gains `Gross consolidated 29,794 34,349 68,067` revenue 4 Taxation `6 months ended 6 months ended 12 months ended` `30 June 30 June 31 December 2008` `2009 2008 £'000` `£'000 £'000` Current tax `UK corporation tax 890 883 1,776` `Adjustments in (12) - (29)` respect of prior periods `878 883 1,747` `Overseas tax 288 410 639` `Adjustments to - - (63)` overseas tax in respect of prior periods `Total current tax 1,166 1,293 2,323` charge Deferred tax Deferred tax on the origination and reversal of `temporary 717 1,008 1,916` `differences - - 82` Adjustments in respect of prior periods `Total deferred tax 717 1,008 1,998` charge `Total tax charge for 1,883 2,301 4,321` the financial period 4 Taxation (continued) The tax charge for the financial period can be reconciled to the profit before tax per the consolidated income statement multiplied by the standard effective corporation tax rate in the UK of 28% (June 2008 and December 2008: 28.5%) as follows: `6 months ended 6 months ended 12 months` `30 June 30 June ended` `2009 2008 31 December 2008` `£'000 £'000 £'000` `Profit before 6,502 8,470 15,377` taxation from continuing and total operations `Tax at the UK 1,821 2,414 4,382` effective corporation tax rate `of 28% 43 45 92` `(June 2008 and - (139) (130)` December 2008: `28.5%) 31 (14) 20` Effects of: `Expenses not - (5) (33)` `deductible for tax (12) - (10)` purposes Capital gain sheltered by capital losses and indexation allowance Effects of different tax rates of subsidiaries operating abroad Effect of change in tax rate to 28% Adjustments to tax charge in respect of previous periods `Total tax charge for 1,883 2,301 4,321` the financial period Andrews Sykes Group plc Notes to the consolidated interim financial statements For the 6 months ended 30 June 2009 (unaudited) `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.` `6 months ended 30 June 2009` `Continuing Number` `earnings of shares` `£'000` `4,619` `44,268,365` `Basic` `earnings/weighted` `average number of` `shares` `Basic earnings per 10.43p` `ordinary share` `(pence)` 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. In accordance with IAS 12 no account has been taken in these interim financial statements of the 2009 Finance Act that was substantially enacted on 8 July 2009 as this is after the balance sheet date. It is estimated that as a result of this change in tax legislation, deferred tax liabilities on unremitted earnings from overseas undertakings provided as at 30 June 2009 of approximately £1.8 million (31 December 2008: £1.2 million) will be released in the second half year. `6 months ended 30 June 2008` `Continuing earnings Number` `£'000 of shares` `6,169` `44,552,865` `Basic earnings/weighted average` `number of shares` `Basic earnings per ordinary share 13.85p` `(pence)` `12 months ended 31 December 2008` `Continuing earnings Number` `£'000 of shares` `11,056` `44,493,594` Basic earnings/weighted average number of shares `Basic earnings per ordinary share 24.85p` (pence) Diluted earnings per share The calculation of the diluted earnings per ordinary share in the previous periods is based on the profits and shares as set out in the tables below. The options have an antidilutive effect in the current period and therefore there is no change to the basic earnings per share as disclosed above. There are no discontinued operations in any period. 5 Earnings per share (continued) Diluted earnings per share (continued) `6 months ended 30 June 2008` `Continuing earnings Number` `£'000 of shares` `Basic 6,169 44,552,865` `earnings/weighted 15,000` average number of shares `Weighted average (11,966)` number of shares under option Number of shares that would have been issued at fair value to satisfy the above options `Earnings/diluted 6,169 44,555,899` weighted average number of shares `Diluted earnings per 13.85p` ordinary share (pence) `12 months ended 31 December 2008` `Continuing earnings Number` `£'000 of shares` `Basic 11,056 44,493,594` `earnings/weighted 15,000` average number of shares `Weighted average (13,602)` number of shares under option Number of shares that would have been issued at fair value to satisfy the above options `Earnings/diluted 11,056 44,494,992` weighted average number of shares `Diluted earnings per 24.85p` ordinary share (pence) 6 Dividend payments The directors have not declared any interim dividends in respect of the period under review. The directors declared and paid the following interim dividends in respect of the 12 months ended 31 December 2008 during the six months ended 30 June 2008: `Pence per` `share £'000` Interim dividend declared on 26 March 2008 `and paid to shareholders on the register 6.50p 2,896` as at 4 April 2008 on 18 April 2008 Interim dividend declared on 24 April 2008 `and paid to shareholders on the register 27.10p 12,074` as at 2 May 2008 on 16 May 2008 `33.60p 14,970` 7 Retirement benefit obligations - Defined benefit pension scheme 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. The group are making additional contributions to remove the funding deficit in the group pension scheme. These contributions include both one-off and regular monthly payments, currently £125,000 per month, and are agreed in advance with the trustees of the pension scheme. Assumptions used to calculate the scheme deficit A full actuarial valuation was carried out as at 31 December 2007. A qualified independent actuary has updated the results of this valuation to calculate the deficit as disclosed below. The major assumptions used in this valuation to determine the present value of the scheme's defined benefit obligation were as follows: `30 June 30 June 31 December 2008` 2009 2008* `Rate of increase in N/A N/A N/A` `pensionable salaries 3.50% 4.00% 3.00%` `Rate of increase in 6.20% 6.60% 6.00%` `pensions in payment 3.50% 4.10% 3.00%` Discount rate applied to scheme liabilities Inflation assumption Assumptions regarding future mortality experience are set based on advice in accordance with published statistics. The current mortality table used is PA92YOBMC+2 at all the above period ends. The assumed average life expectancy in years of a pensioner retiring at the age of 65 given by the above tables is as follows: `30 June 30 June 31 December 2008` 2009 2008 `Male, current age 45 21.3 years 21.3 years 21.3 years` `Female, current age 24.0 years 24.0 years 24.0 years` 45 Valuations The fair value of the scheme's assets, which are not intended to be realised in the short-term and may be subject to significant change before they are realised, and the present value of the scheme's liabilities which are derived from cash flow projections over long periods and are inherently uncertain, were as follows: `30 June 30 June 31 December 2008` `2009 2008 £'000` `£'000 £'000` `Total fair value of plan assets 25,981 26,794 26,440` Present value of defined benefit funded `obligation calculated in accordance with (27,007) (27,226) (26,165)` stated assumptions (Deficit)/surplus in the scheme calculated `in accordance with stated assumptions (1,026) (432) 275` Net pension asset not recognised due to uncertainty over recoverability - - (275) `Pension liability recognised in the (1,026) (432) -` balance sheet `The movement in the fair value of the scheme's assets over the reporting period are as follows:` `30 June 30 June 31 December 2008` `2009 2008 £'000` `£'000 £'000` `Fair value of plan 26,440 25,913 25,913` `assets at the start 662 692 1,401` `of the period (1,444) (1,759) (2,764)` `Expected return on 750 750 1,500` `plan assets - 1,700 1,700` `Actuarial losses (427) (502) (1,310)` `recognised in the` SORIE `Employer` `contributions -` `normal` `Employer` `contributions -` `non-recurring` `Benefits paid` `Fair value of plan 25,981 26,794 26,440` `assets at the end of` `the period` `The movement in the present value of the defined benefit obligation during the period was as follows:` `30 June 30 June 31 December 2008` `2009 2008 £'000` `£'000 £'000` `Opening present value of defined benefit (26,440) (27,151) (27,151)` `funded obligation (770) (782) (1,563)` `Interest on defined benefit obligation` `Actuarial (loss) / gain recognised in the (499) 205 1,239` `SORIE in accordance with stated` `assumptions - - (275)` `Pension asset not recognised due to` `uncertainty over future recoverability 275 - -` `Release provision re non recognition of 427 502 1,310` `pension scheme asset` `Benefits paid` `Closing present value of defined benefit` `funded obligation (27,007) (27,226) (26,440)` `Amounts recognised in the income statement` `The amounts (charged) / credited in the` `income statement were:` `30 June 30 June 31 December 2008` `2009 2008 £'000` `£'000 £'000` `Expected return on pension scheme assets 662 692 1,401` `Interest on pension scheme liabilities (770) (782) (1,563)` `Net pension interest charge (108) (90) (162)` 7 Retirement benefit obligations - Defined benefit pension scheme (continued) Actuarial gains and losses recognised in the statement of recognised income and expense (SORIE) The amounts (charged) / credited in the SORIE were: `30 June 30 June 31 December 2008` `2009 2008 £'000` `£'000 £'000` `Actual return less expected return on scheme assets (1,444) (1,759) (2,764)` `Experience gains and losses arising on plan obligation - - (196)` Changes in demographic and financial assumptions underlying the `present value of plan obligations (499) 205 1,435` Actuarial loss calculated in accordance with stated assumptions `(1,943) (1,554) (1,525)` Pension asset not recognised due to uncertainty over future `recoverability - - (275)` Release provision re non recognition of pension scheme asset 275 - - `Actuarial loss recognised in the SORIE (1,668) (1,554) (1,800)` `Cumulative actuarial loss recognised in the SORIE (4,810) (2,896) (3,142)` `8 Share Capital` `30 June 30 June 31 December 2008` `2009 2008 £'000` `£'000 £'000` `Issued and fully paid: 443 446 443` 44,268,365 ordinary shares of one pence each (June 2008: 44,552,865, December 2008: 44,268,365 ordinary shares of one pence each) During the period the company did not buy back any shares for cancellation (June 2008: Nil shares; December 2008 284,500 shares for a total consideration of £258,620). The company has one class of ordinary shares which carry no right to fixed income. At 30 June 2009 cash options to subscribe for ordinary shares under the executive share option scheme were held as follows: `Number of one pence` `ordinary shares` `Date of Grant Date normally Subscription price per share 30 June 2009 30 June 2008 31 December 2008` `exercisable` `November 2001 November 2004 to 89.5 pence 15,000 15,000 15,000` `October 2011` No share options were granted, forfeited or expired during either the current or previous financial periods. No share options were exercised during the period (June 2008 and December 2008: Nil options). `9 Cash generated from operations` `6 months ended 6 months 6 months ended` `30 June ended 31 December` `2009 30 June 2008` 2008 `(as restated)` `£'000 £'000 £'000` `Profit for the 4,619 6,169 11,056` period attributable to equity shareholders Adjustments for: Taxation charge `Finance costs 1,883 2,301 4,321` `Finance income 262 1,343 3,779` `Profit on the sale (155) (476) (673)` `of property, plant (364) (1,020) (1,308)` `and equipment 2,518 2,551 4,827` Depreciation `Excess of normal (750) (750) (1,500)` pension `contributions - (1,700) (1,700)` compared with service cost Non-recurring pension contributions `Cash generated from 8,013 8,418 18,802` operations before movements in working capital `Decrease / 1,432 (162) (2,251)` `(increase) in stocks 3,499 (603) (1,647)` Decrease / `(increase) in trade (3,656) 501 684` and other `receivables - (15) (15)` (Decrease) / increase in trade and other payables Decrease in provisions `9,288 8,139 15,573` FOREIGN EXCHANGE LOSSES ON INTER COMPANY LOANS OF &POUND;318,000 HAVE BEEN RE-CATEGORISED FROM ADMINISTRATION expenses. They are now included within "effect of foreign exchange rate changes" to be consistent with the presentation in the 12 months ended 31 December 2008. 10 Analysis of net debt `30 June 30 June 31 December 2008` `2009 2008 £'000` `£'000 £'000` `Cash and cash equivalents per cash flow 17,974 12,870 18,233` statement `Derivative financial instruments - 100 -` `Financial assets - 100 -` `Bank loans (29,000) (34,000) (34,000)` `Obligations under finance leases (976) (1,152) (1,053)` `Derivative financial instruments (68) - (108)` `Financial liabilities (30,044) (35,152) (35,161)` `Net debt (12,070) (22,182) (16,928)` 11 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 This information is provided by RNS The company news service from the London Stock Exchange END* IR KGGZLRLGGLZM More

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