Andrews in revamp after sinking to pounds 4.75m loss

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The Independent Online
ANDREWS SYKES, the air-conditioning and heating equipment hire group, yesterday warned that its poor financial record would continue, writes Robert Cole.

Jacques Murray, chairman, said: 'A restructuring of the group is essential. It has already commenced but will continue in the year to March 1995, adversely affecting the results for the period.'

Trading profits fell from pounds 4m to pounds 1m for the year to 31 March. Exceptional items meant that the company made a pre-tax loss of pounds 4.75m compared with a profit last time of pounds 1.3m.

Eric Hook, the chief executive since May, said he wanted to reduce the company's cost base. He indicated there might be redundancies among Andrews' 839-strong workforce. 'The company has been dogged by a catalogue of bad management decisions stretching back over the past five years,' he said.

David Martin, former chief executive, left in May after six months in the job. His predecessor, Peter Webber, left last November. Stuart Ross, the former finance director, also quit last year.

The loss per share was 40.6p against a loss last time of 0.5p. There is no dividend.

The shares fell 10p to a five- year low of 50p.

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