Andrews Sykes Group plc
Annual Report 2025

Andrews  
Sykes Group plc
Annual Report and 
Financial Statements 2025

01
Summary of Results
02-04
Chairman’s Statement
05-21
Strategic Report
05-07
Operational performance
08-10
Review of risks, uncertainties and financial performance
11-16
Task force on climate-related financial disclosures
17-21
Review of risks and uncertainties
22-31
Directors’ Report
32
Directors and Advisers 
33
Statement of Directors’ Responsibilities in Respect  
of the Annual Report and Financial Statements
34-39
Independent Auditor’s Report to the  
Members of Andrews Sykes Group plc
40
Consolidated Income Statement
41
Consolidated Statement of Comprehensive Income
42
Consolidated Balance Sheet
43
Consolidated Cash Flow Statement
44
Consolidated Statement of Changes in Equity
45-52
Group Accounting Policies
53-75
Notes to the Accounts
76
Parent Company Balance Sheet
77
Parent Company Statement of Changes in Equity
78-83
Notes to the Company Accounts
84
Five–Year History
Contents

12 months 
ended 
31 December 
2025
£'000
12 months 
ended 
31 December 
2024
£'000
 Revenue from continuing operations 
76,500
75,942
 Adjusted EBITDA* from continuing operations 
30,156
30,933
 Operating profit 
23,457
23,187
 Profit after tax for the financial period 
18,085
16,798
 Net cash inflow from operating activities 
22,843
20,323
 Net funds 
13,173
7,152
Cash and cash equivalents at the end of the year
28,386
23,181
 Total interim and final dividends paid 
10,841
10,841
 Basic earnings per share from total operations (pence) 
43.20p
40.13p
 Interim and final dividends paid per equity share (pence) 
25.90p
25.90p
 Proposed final dividend per equity share (pence) 
14.00p
14.00p
*	 Earnings before interest, taxation, depreciation, profit on sale of land and buildings and plant and equipment and amortisation as reconciled on the 
consolidated income statement.
01
Strategic Report
Summary of Results

Overview and outlook
Andrews Sykes’ overall trading remained solid during 2025 and we are pleased to report that the group as a whole has again delivered 
an increased operating profit. We are, as always, thankful for and proud of our team members who have made this possible by 
continuing to provide our customers with an essential 24 hour service offering.
However, 2025 was not without its challenges. Revenue opportunities in our UK business were constrained by the local macro-
economic environment and, in particular impacting demand for pumps, by summer drought conditions in many areas as England 
experienced its driest spring in 130 years. The group’s businesses in Europe and the Middle East both recorded robust growth, 
mitigating the revenue decline in the UK, and highlighting the strength of our geographical diversification. This, along with our long-
standing commitment to tight cost control and leveraging our strong relationships with customers, in particular our key accounts, 
allowed the group to increase its overall revenues and operating profit over the previous year. 
The year marked a key milestones for our group in the Middle East. We formally incorporated a new subsidiary in Saudi Arabia in 
order to take advantage of the well publicised construction boom resulting from that country’s efforts to diversify its economy. Our 
new subsidiary opened in early 2025 and is being managed by our UAE management team, which has done such a good job in turning 
around our existing business in the Middle East. Whilst generating revenue of only £0.1 million during 2025, we believe our exposure to 
this market represents a significant growth opportunity in 2026 and beyond. 
Andrews Air Conditioning and Refrigeration Limited, our fixed air conditioning installation business in the UK, ceased trading in the 
second half of the year. After experiencing declining revenues and low profitability for several years, management decided that the 
resources required for that business are better utilised on supporting the growing areas of our group.
We remain encouraged by how our highly experienced management team has consistently adapted the group to overcome market and 
operational issues and take advantage of new revenue opportunities.
Positive trading momentum experience towards the end of 2025 has continued into the current financial year, with overall 
performance in the year to date in line with the Board’s expectations. Whilst the situation in the Middle East has not currently had a 
significant impact on trading activities in that region, the Board continues to monitor the situation and will respond to any impact it 
may have on operations. The group is confident in its core markets, its revenues and its profits.
2025 trading summary
The group’s revenue for the year ended 31 December 2025 was £76.5 million, an increase of £0.6 million, or 0.7%, compared with 
last year. Excluding the results of the now discontinued UK fixed air conditioning business, underlying revenues increased from 
£74.4 million to £75.6 million, an increase of £1.2 million or 1.6%. Operating profit increased by 1.2%, or £0.3 million, to £23.5 million 
from £23.2 million last year. Operating profit in 2025 was enhanced by a £1.1 million profit on the disposal of a property in the UK, with 
the funds being re-invested into a new £2.1 million depot located in the Northwest of the UK. Despite the difficult year experienced by 
the UK business, this large reinvestment demonstrates our long-term confidence in the UK market. Operating profit in the prior year 
was enhanced by a net £0.8 million reduction in provisions due to commercial negotiations for the early exit of previously vacated 
lease properties. In the year under review, net provisions increased by £0.6 million. Excluding both the impact of the one-off profit on 
disposal of property and the impact of provision movements, operating profit increased from £22.4 million in 2024 to £23.0 million 
in 2025, an increase reflective of the increase in underlying revenues. Revenue for the second half of the year increased by 2.7%, or 
£1.0 million, on the corresponding period last year and underpins the solid progress made during the current year to date. 
Decreasing interest rates in the UK and Europe over 2025 contributed to decreased returns on cash reserves, with net finance income 
remaining flat at nil in both the year under review and the prior year. Profit before taxation was £23.4 million (2024: £23.2 million) and 
profit after taxation was £18.1 million (2024: £16.8 million).
The group has reported an increase in basic earnings per share of 3.07p, or 7.7%, from 40.13p in 2024 to 43.20p in 2025, a record 
result for the group. This is mainly attributable to the above mentioned increase in the group’s overall operating profit and a reduced 
overall tax charge. 
The group continues to generate strong net cash inflows. Net cash inflow from operating activities was £22.8 million compared with 
£20.3 million last year. 
02
Chairman’s Statement
Overview and financial highlights

Cost control, cash generation and working capital management continue to be priorities for the group. Overdue debt has been 
decreased significantly during the year, with debt not past due accounting for 79% of total receivables in the year under review versus 
49% in the prior year. Capital expenditure is concentrated on assets with strong returns; in total £5.5 million was invested in the hire 
fleet during the year. In addition, the group invested a further £2.7 million in property, plant and equipment. These actions will ensure 
that the group’s infrastructure and revenue generating assets are sufficient to support anticipated future growth and profitability. Hire 
fleet utilisation, condition and availability continue to be the subjects of management focus.
Operating performance
The following table splits the results between the first and second half years:
Turnover
£’000
 Operating 
profit
£’000
1st half 2025
37,944
10,003
1st half 2024
38,387
9,726
2nd half 2025
38,556
13,454
2nd half 2024
37,555
13,461
Total 2025
76,500
23,457
Total 2024
75,942
23,187
The above table reflects the trading performance of the group as the year progressed, with second half revenues increasing 
£1.0 million on prior year and £0.6 million on first half revenues. 
Revenue at our main UK business decreased to £39.4 million from £43.1 million last year, with operating profit decreasing from 
£15.4 million to £11.6 million. These results were constrained by the local macro-economic environment and, in particular impacting 
demand for pumps, summer drought conditions in many areas as England experienced its driest Spring in 130 years. Heating hire was 
down 10.2% on the prior year. Pump hire declined 10.7% on the prior year, ending seven consecutive years of growth.
Revenue and operating profit at our European businesses reached record levels in 2025. Revenue increased to £26.8 million from 
£23.6 million last year and operating profit increased from £8.2 million to £11.7 million in 2025. Strong summer temperatures 
increased revenue opportunities in both Northern and Southern Europe, with air conditioning revenues 52.3% higher in Italy and 
33.1% higher in the Netherlands as compared to 2024. European revenue growth was primarily driven by £2.0 million growth in the 
Netherlands and £0.7 million growth in Italy. 
The revenue of our hire and sales business in the Middle East increased to £9.4 million from £7.7 million last year and operating profit 
(including a £0.2 million first year loss at our new operation in Saudi Arabia) increased to £1.5 million from £1.1 million last year. The 
result continues the strong turnaround driven by local management since their appointment in the summer of 2023. The increased 
operating profit is reflective of the increased revenue with expected credit losses remaining under control. Management are confident 
of this upwards trend continuing.
Our fixed installation and maintenance business in the UK saw a decrease in revenue to £0.9 million from £1.6 million last year, 
resulting from the decision to cease trading in the second half of the year. An operating profit of £0.1 million for the year under review 
reflects the successful cessation of trading and collection of outstanding debts resulting in the modest unwinding of various balance 
sheet accruals. 
Central overheads remain under control and were flat at £1.5 million in the year under review. 
03
Strategic Report

Profit for the financial year
Profit before tax was £23.4 million this year compared with £23.2 million last year; an increase of £0.2 million. This is largely 
attributable to the £0.2 million increase in operating profit, partially reduced by lower levels of interest receivable. 
Tax charges for the year decreased to £5.3 million from £6.4 million in 2024. The overall effective tax rate decreased from 27.6% 
in 2024 to 22.8% this year, primarily driven by reduced UK tax as a result of changes to the UK owned property portfolio and an 
increased amount of operating profit being generated in lower tax jurisdictions. A detailed reconciliation of the theoretical corporation 
tax charge based on the accounts profit multiplied by the applicable tax rate and the actual tax charge is given in note 10 to the 
consolidated financial statements. Profit for the financial year was £18.1 million compared with £16.8 million last year.
Defined benefit pension scheme
As reported in previous years, the company has successfully de-risked its defined benefit scheme by completing a buy-in deal. 
This transaction means that future liabilities are fully de-risked and the company will not be required to contribute significant cash 
payments into the pension scheme to fund adverse liability movements. As such, no cash contributions into the scheme were made 
during 2025. The defined benefit pension scheme surplus after the application of an asset restriction has decreased from £1.8 million 
as at 31 December 2024 to £1.5 million at 31 December 2025, primarily as a result of experience adjustments associated with work 
undertaken in relation to the buy-in deal during the year under review.
Equity dividends
The company paid two dividends during the year. On 20 June 2025, a final dividend for the year ended 31 December 2024 of 14.0 
pence per ordinary share was paid. This was followed on 31 October 2025 by an interim dividend for 2025 of 11.9 pence per ordinary 
share. Therefore, during 2025 a total of £10.8 million in cash dividends was returned to our ordinary shareholders.
The Board has decided to propose a final dividend for the year ended 31 December 2025 of 14.0 pence per ordinary share. If approved 
at the forthcoming Annual General Meeting, this dividend, which in total amounts to £5.9 million, will be paid on 19 June 2026 to 
shareholders on the register as at 22 May 2026.
Share buybacks
As at 11 May 2026, there remained an outstanding general authority for the directors to purchase up to 5,232,343 ordinary shares, 
which was granted at last year’s Annual General Meeting.
The Board believes that it is in the best interests of shareholders to retain this authority in order that market purchases may be made 
in the right circumstances and if the necessary funds are available. Accordingly, at the next Annual General Meeting, shareholders 
will be asked to vote in favour of a resolution to renew the general authority to make market purchases of up to 12.5% of the ordinary 
share capital in issue.
Net funds
Net funds increased by £6.0 million from £7.2 million at 31 December 2024 to £13.2 million at 31 December 2025. Net funds  
include cash and cash equivalents of £28.4 million (2024: £23.2 million) less right-of-use lease obligations of £15.2 million  
(2024: £16.0 million).
JJ Murray
Executive Chairman
11 May 2026
04
Chairman’s Statement
Overview and financial highlights (continued)

Principal objectives and strategy 
The Andrews Sykes Group is one of the market leaders in the rental of specialist hire equipment, offering bespoke solutions to our 
customers for their temporary or emergency needs. Our product range includes pumping equipment, air conditioning, chillers, 
heaters, boilers, dehumidifiers and ventilation units.
We aim to provide the most modern, technically advanced and environmentally friendly rental equipment in the market. Our products 
and services are supplied throughout the UK, Europe and the Middle East, via a network of depots which are supported by regional 
agents. Having been originally established in the UK in 1857, we now have over 30 locations and operate with around 425 staff 
worldwide. Our operations in mainland Europe began over 50 years ago in Rotterdam and now extend to depots located throughout 
the Netherlands, Belgium, Luxembourg, Italy, Germany and Switzerland. In the Middle East, we have been operating from Dubai since 
the 1970s and now have locations in Saudi Arabia, Dubai, Abu Dhabi and Sharjah, with agents and partners based throughout the 
Middle East.
In addition to renting our products, we provide our equipment for sale along with a full service and repair back up.
By providing a premium level of service 24 hours per day, 365 days per year, we have become the preferred suppliers to many major 
businesses and operations spanning a huge range of industries and geographic locations. Our reputation for providing high levels of 
training to our staff whilst maintaining a strict health and safety workplace, within an environmentally conscious culture, makes us an 
employer of choice for our industry.
Continual investment in new technology ensures that we provide our customers with new solutions to overcome their operational 
challenges. We constantly review and refresh our fleet of rental equipment to ensure that we set the standards within the rental 
industry throughout the UK, Europe and the Middle East.
Future development of the business
Our success has been centred on providing technically advanced climate rental and pumping products to numerous geographic 
locations and market sectors. We plan to continue to develop new products and services within our specialist portfolio whilst 
continuing to expand our geographic coverage, both within existing territories and new markets. During 2025, we continued to develop 
new products and have a number of new developments ready for launching in 2026, which will extend our product offering to both 
new and existing customers. 
Although our business benefits from extreme climate conditions and is affected by regional economic influences, we aim to provide 
acceptable levels of success without relying on advantageous market conditions, whilst optimising favourable conditions when they 
arise. At the same time, the company continues to carefully control its cost base to ensure that satisfactory levels of profit can be 
achieved, even during difficult market conditions. In 2025, higher European summer temperatures presented revenue opportunities 
which, coupled with the group’s control of costs, meant a record operating profit was produced. This reflects the flexibility in our group 
businesses and their ability to adapt to circumstances and service our markets safely and securely on a sustainable basis moving 
forward.
05
Strategic Report
Strategic Report
Operational performance

Hire and sales UK
Andrews Sykes Hire Limited
Our main UK trading subsidiary, Andrews Sykes Hire, has 22 locations covering the UK and employs around 270 members of staff. 
During the year, we continued to develop both our product range and service offering, with further investments in our hire fleet, 
depots and infrastructure. The profit for 2025 of £11.6 million was a decrease of £3.8 million, or 24%, on 2024. This result was driven 
by a 9% decrease in revenue.
Hire and sales Europe
Summary
Turnover of the European hire and sales business sector increased from £23.6 million last year to £26.8 million in the current year; an 
increase of £3.2 million or 14% compared with last year and a record for the sector. Operating profit increased strongly by £3.5 million, 
or 43%, from 2024 to 2025. A reconciliation of the result of this and other business sectors to the consolidated results for the year is 
given in note 5 to the financial statements.
Andrews Sykes BV
With over 50 years of experience in the Dutch market, we currently have four depots strategically located throughout the Netherlands 
providing full coverage of the country. Our Dutch business also provides back-up support to our operations in Belgium and 
Luxembourg. This subsidiary experienced a strong performance with total revenue 15% above that of the previous record year and 
setting a new turnover record.
Andrews Sykes BVBA 
Our Belgian subsidiary is based in Brussels and provides the full range of Andrews Sykes climate rental products throughout Belgium. 
Trading in three depots in both French and Flemish languages, the business has dual language branding, literature and websites for 
the Belgian market. Turnover increased by 6% as compared to that of the previous year.
Andrews Sykes Sarl
Our operation in Luxembourg was opened in 2014 and is strategically located to provide the full range of our climate rental products 
throughout the country. This subsidiary recorded a 4% decline in revenue during the year. Our Luxembourg subsidiary works in 
conjunction with our Belgian operation, with administration and technical support provided from Brussels.
Nolo Climat SRL
Nolo Climat is our Italian subsidiary, which opened in 2011. Our main depot is strategically located close to the centre of Milan, where 
it is well placed to cover the Lombardy region and the North of Italy, with further depots located in Bologna, Verona and Toscana. 
Following the progress made in recent years, this business reported an 11% turnover increase and set a new turnover record. 
Climat Location SA
Climat Location SA is our Swiss subsidiary, which opened in 2013. This operation was established to service the French cantons. We are 
now exploring further opportunities within the Italian cantons. Our Swiss business experienced another subdued year, with turnover 
decreasing by 21% on the prior year. 
Klimamieten AS GmbH
Klimamieten is our German subsidiary, which was incorporated during 2023 and started to trade in December 2023. Germany 
continues to experience difficult trading with limited revenue generated so far; undoubtedly impacted by the wider stagnant German 
economic situation.
06
Strategic Report
Operational performance (continued)

Hire and sales Middle East
Khansaheb Sykes LLC
Khansaheb Sykes is our long-established pump hire and dewatering business, which is based in the UAE with locations in Sharjah, Abu 
Dhabi and Dubai. These centres also provide a base from which we cover other parts of the Middle East for both pump sales and hire. 
We have agents based throughout the Middle East, including Oman, Kuwait, Bahrain and Qatar, which allows us to provide our products 
and services in these local markets. The business has enjoyed a revival in fortunes under their current management, with revenues 
increasing by 22% compared to 2024 and operating profit increasing by 55%.
Andrews Sykes Hire Saudi Limited
Our Saudi Arabian subsidiary opened in early 2025 with a depot based in Dammam and operates with common management of 
Khansaheb Sykes LLC. The first year of trading generated a small operating loss of £0.2 million.
UK installation business
Andrews Air Conditioning and Refrigeration Limited
Andrews Air Conditioning and Refrigeration (AAC&R) our UK-based fixed air conditioning service, maintenance and installation 
business, ceased to trade during the second half of 2025. 
Group summary
The overall group result for 2025 shows an increase in operating profit of £0.3 million, or 1%, when compared to 2024, which was a 
good result given the challenges faced by the UK during 2025.
The Andrews Sykes business remains strong: the experience of our senior management team, coupled with our development plans, 
provides optimism for further progress in 2026 as we navigate through the current macro-economic climate in which we operate. 
The group continues to develop new sales channels and propositions, which will enable the business to take advantage of favourable 
market conditions and opportunities as they arise. At the same time, the company continues to carefully control its cost base and 
ensure that satisfactory levels of profit can be achieved, even during difficult market conditions.
07
Strategic Report

Key performance indicators (KPIs)
The group’s principal KPIs are as follows:
12 months ended 
31 December 2025
£’000
12 months ended 
31 December 2024
£’000
Average revenue per employee
£180 
£170 
Operating profit from continuing operations
£23,457
£23,187
Operating cash flow as a percentage of operating assets employed1
94.4%
95.5%
Net funds
£13,173
£7,152
Net funds to equity percentage
24.6%
15.5%
Basic EPS from continuing operations (pence)
43.20p
40.13p
1	
Cash generated from operations before defined benefit pension scheme contributions. Operating assets are net assets employed, excluding pension assets 
and liabilities, loans, deferred and corporation tax balances, bank deposit accounts and cash.
Non-financial KPIs monitored internally by the Board include staff absenteeism and energy consumption. These are disclosed below:
12 months ended 
31 December 2025
12 months ended 
31 December 2024
Staff absenteeism as a % of total working days
2.88%
1.64%
Energy consumption (MWh)
7,136
8,186
The average revenue per employee and the operating cash flow as a percentage of operating assets employed are indicative ratios 
used to monitor the revenue generation of the group relative to its fixed resources. The average revenue per employee continues 
to be high and indicates a strong underlying operating performance and high staff utilisation levels. The increase in the year is as a 
result of both increased turnover and decreased headcount driven by operational efficiencies. Operating cash flow as a percentage 
of operating assets continues to demonstrate both strong working capital management and high levels of asset utilisation. The 
decreased percentage is driven by an increased operating assets employed asset base, driven by investments in property and 
equipment for hire. 
Net funds are monitored by the Board as being indicative of the long-term financial stability of the group and to assist in directing 
capital investment decisions.
The net funds-to-equity percentage is indicative of the group’s strength and capacity for taking on additional finance as and when the 
need arises.
The basic earnings per share (EPS) is the traditional ratio used by the group to monitor its performance relative to its equity base. 
This, in the long term, ultimately drives the share price and gives a good indication of how well the directors and staff are delivering 
the success of the company for the benefit of the members as a whole. The EPS increased this year by 7.7% from 40.13p in 2024 to 
43.20p in 2025, primarily due to the increase in the group’s operating profit and reduced tax charges reflecting tax charges associated 
with the UK property sale and subsequent reinvestment. Achieving an EPS of 43.20p is regarded as a good result and sets a new 
record level for the group. 
The group uses Bradford Factor scoring across all entities, a common means of measuring worker absenteeism. In using this measure 
to manage absenteeism the group has managed to keep overall staff absenteeism low. The increased staff absenteeism metric during 
the year was due to several employees going on long-term sick. During the year, the group introduced new group-wide HR software, 
which has facilitated the monitoring of staff absence. The Board are pleased with the overall level as, excluding the long-term sick, the 
staff absenteeism % was comparable to the prior year. The group would seek a reduction in 2026.
The Board notes that the decrease in energy consumption is due to a reduction in activity levels in the UK, coupled with a move to a 
green energy tariff and continued move towards full-electric motor vehicles. The Board will continue in its efforts to operate in a more 
environmentally friendly way and seek to limit our energy consumption in the following year.
08
Strategic Report
Review of risks, uncertainties  
and financial performance

Operating profit
The consolidated operating profit was £23.5 million for the year under review, an increase of £0.3 million, or 1%, compared with last 
year’s operating profit of £23.2 million. Note 5 to the financial statements analyses these results by business segment and this can be 
summarised as follows:
12 months ended 
31 December 2025
£’000
12 months ended 
31 December 2024
£’000
Hire and sales UK
11,643
15,417
Hire and sales Europe
11,698
8,194
Hire and sales Middle East
1,472
1,068
UK installation business
140
17
Subtotal
24,953
24,696
Unallocated costs and eliminations
(1,496)
(1,509)
Consolidated operating profit
23,457
23,187
A review of the performance of each business sector is given in the operational performance section of this strategic report.
Adjusted EBITDA* as disclosed in these financial statements is reconciled to operating profit as below:
12 months ended 
31 December 2025
£’000
12 months ended 
31 December 2024
£’000
Adjusted EBITDA*
30,156
30,933
Depreciation 
(5,680)
(5,968)
Depreciation of right-of-use assets
(3,269)
(2,929)
Profit on the sale of plant and equipment
768
869
Profit on the sale of land and buildings
1,073
-
Profit on the sale of right-of-use assets
409
282
Operating profit
23,457
23,187
*	 Earnings before interest, taxation, depreciation, profit on sale of land and buildings and plant and equipment and amortisation as reconciled on the 
consolidated income statement.
09
Strategic Report

Cash flow from operating activities
The table below summarises the group’s cash flow from operating activities compared with the previous year:
12 months ended 
31 December 2025
£’000
12 months ended 
31 December 2024
£’000
Operating profit
23.5
23.2
Depreciation and profit on the sale of land and buildings and plant and equipment
3.8
5.1
Depreciation and profit on disposal of right-of-use assets
2.8
2.6
Adjusted EBITDA*
30.1
30.9
Pension scheme administration costs in excess of defined benefit pension scheme contributions
0.1
0.1
Interest paid
(1.0)
(1.0)
Tax paid
(4.8)
(6.6)
Net working capital movements
(1.6)
(3.1)
Net cash inflow from operating activities
22.8
20.3
Reconciliation to operating cash flow as a percentage of operating assets employed KPI:
Net cash inflow from operating activities
22.8
20.3
Pension scheme administration costs in excess of defined benefit pension scheme contributions
(0.1)
(0.1)
Operating cashflow
22.7
20.2
Non-current assets (excluding deferred tax and retirement benefit pension surplus)
35.8
34.2
Current assets (excluding cash, other financial assets and taxation)
21.1
20.3
Current liabilities (excluding taxation)
(18.4)
(18.4)
Non-current liabilities
(14.4)
(15.0)
Operating assets
24.1
21.1
Operating cash flow as a percentage of operating assets employed KPI
94.4%
95.5%
*	 Earnings before interest, taxation, depreciation, profit on sale of land and buildings and plant and equipment and amortisation as reconciled on the 
consolidated income statement.
As demonstrated by the table above, the group continues to generate strong operating cash flows. 
As well as cost control, management of working capital continues to be a priority. With trading activity levels having increased, 
working capital has also increased by £1.6 million compared to the prior year, largely as a result of the group’s stock levels increasing 
by £1.4 million. Stock levels in the Middle East have increased by £0.7 million during the year to support the expansion in Middle East 
revenues and for further expansion in Saudi Arabia. Total outstanding debtor days at the year-end decreased from 61 days at the end 
of 2024 to 51 days at the end of the current year and represents the increased focus placed on cash collection. Although still high in 
UK terms, the debtor day statistic in both years includes our subsidiary in the Middle East, whose debtor days were 71 days (2024: 121 
days). The decrease in the overall group debtor days is a result of the decrease in the Middle East and also the UK, with debtor days 
improving from 54 days in 2024 to 50 days in 2025, reflective of the group-wide focus on collecting cash. The group’s average debtor 
days for current unimpaired debts increased from 29 days last year to 40 days this year.
Adequate provisions continue to be made for expected credit losses and impairment of trade debtors. In 2025, debts written off 
against the expected credit loss provision were £455,000 compared with £2,384,000 last year, and there was a net charge of £12,000 
(2024: net credit of £232,000) to the income statement from the expected credit loss provision, which was calculated on a consistent 
basis each year. Of these figures, £397,000 (2024: £2,270,000) of the debts written off and £186,000 (2024: £128,000) of the 
expected credit loss charge related to external debtors of our subsidiary in the Middle East.
Employer defined benefit pension contributions of £Nil (2024: £Nil) have been made by the group to the pension scheme in 2025. 
Pension scheme costs charged within administration expenses in the income statement, in accordance with IAS 19 (2011), amounted to 
£131,000 (2024: £166,000). Pensions are discussed in more detail on page 18, and in note 16 to the financial statements.
10
Strategic Report
Review of risks, uncertainties  
and financial performance (continued)

Non-financial and sustainability  
information statement
Task force on climate-related financial disclosures 
The Task Force on Climate-related Financial Disclosures (“TCFD”) provides a disclosure framework for companies to explain how 
they are responding to the risks and opportunities arising from climate change. The Companies Act 2006 s414, s414CA and s414CB 
requires Alternative Investment Market (AIM) listed companies with more than 500 employees to make disclosures consistent with 
the recommendations of the TCFD and provide an explanation including details of the steps being taken to ensure future compliance. 
Although the group’s headcount dropped below 500 employees in the previous year, this is expected to be reversed in future years so 
the group has decided to voluntarily comply with the TCFD requirements. 
Responding to the risks and opportunities arising from climate change is an integral part of our business and is embedded throughout 
the group. The statement below explains how the group has complied with the requirements of The Companies Act 2006 s414, 
s414CA and s414CB by including climate-related financial disclosures consistent with the TCFD recommendations and recommended 
disclosures. It addresses all the disclosure requirements of the TCFD and links to additional information located elsewhere within the 
Annual Report.
Governance
Board-level oversight
The group’s Board of directors is responsible for setting the group’s strategy, taking into account all relevant risks and opportunities, 
including those related to climate matters. As such, the Board will drive and be responsible for all climate-related risks and 
opportunities. The Board driving these climate-related risks and opportunities underlines the importance of addressing these issues.
Whenever the Board meet, climate change will be on the agenda. In addition to the main Board, the group will make use of various 
Board Committees to support the gathering and embedding of climate impacts within the group, as follows:
	
●
The Audit Committee – is responsible for overseeing and ensuring compliance with the group’s disclosure obligations. This 
Committee ordinarily meets twice a year.
	
●
The Remuneration Committee – integrates the group’s climate performance metrics into the group’s key personnel variable 
remuneration where relevant, and will ensure that climate targets are embedded into incentive schemes over time. 
Management-level oversight
Whilst the Board will retain oversight of all climate‑related issues, the group recognises the importance of creating a structure that 
enables the Board to make informed decisions. As such, the group’s Executive Strategy Team, headed by the Group Managing Director, 
a full Board member, and including senior personnel from the UK and each overseas subsidiary, will have overall responsibility for the 
day-to-day operation of climate-related issues. The Executive Strategy Team meets on a monthly basis and allows the Group Managing 
Director to advise and inform the Board on how the group should adapt its business strategy by considering climate change risks and 
opportunities. 
11
Strategic Report
Strategic Report
Task force on climate-related financial disclosures

Previously, the group established a specific Environmental, Social and Governance (ESG) Committee headed by the newly created 
role of Group Head of ESG, which reports into the Executive Strategy Team. The Group Head of ESG reports directly to the Executive 
Strategy Team. To ensure continuity of message and to underline the importance of climate-related issues, several members of the 
Executive Strategy Team are members of the ESG Committee. The ESG Committee receives direction from the Executive Strategy 
Team, oversees delivery of the ESG agenda and reviews and reports back progress against key ESG priorities. The ESG Committee 
includes leaders from the following functions: Transport, Property, Operations Support, Finance, Commercial, Technical, Procurement 
and Operations. This Committee meets not less than quarterly. 
PLC Board
Audit 
Committee
Remuneration 
Committee
Executive Strategy Team
ESG Committee
Strategy
The group undertook a material issues assessment to identify the significant risks and opportunities for the group from an 
ESG perspective, the results of which are detailed on the following pages. The group believes climate-related matters represent 
opportunities as well as posing certain risks for the group. The group believes that its market position and financial strength brings 
it a competitive advantage in responding to these risks and maximising the opportunities. Specifically, the group has identified 
opportunities arising from the development of new products and services which support the transition to a lower carbon economy, 
the shift in customer preference from ownership to rental, and the overall benefits to the environment as a whole which arise from 
sharing assets over their life cycle.
The group considers the range of climate-related risks and opportunities over the short, medium and long-term. In assessing these 
time horizons, the group has defined short-term as being over the next two years, medium-term as being three to five years and long-
term being five to 10 years. When considering the impacts of physical risks, a longer-term horizon of more than 10 years is used. These 
risks and opportunities are factored into the group’s strategic planning. 
When determining future risks and exposure to the group’s business, two future scenarios have been considered: a less than 2ºC 
emission scenario pathway and a 4ºC emissions scenario:
	
●
Less than 2ºC emission scenario. This scenario represents a transition to the low-carbon economy. Risks and the associated 
timeframes are more immediate, with the potential for accelerated policy changes and changing technology demands in favour of 
this transition.
	
●
4ºC emissions scenario. In this scenario, there is an increased likelihood of more extreme weather events, such as flooding, 
extreme summer temperatures and wildfires, meaning the impact of climate change on physical risks would start to have a much 
greater impact on possibly all of the group’s global locations.
12
Strategic Report
Task force on climate-related financial disclosures 
(continued)

Transitional risks
The table below details the principal transition risks identified by the group split into four key areas: Policy and Legal, Technology, 
Market and Reputation for a less than 2ºC emission scenario. The timeframe over which these risks are considered to have a material 
impact and details of the impacts are also given below.
Risk Type
Risk Description
Timeframe
Impact
Policy and Legal
Not meeting compliance 
requirements of advancing climate 
regulation
Medium
Possible reputational damage and fines. Loss of customers if 
not complying with legislation.
This would impact higher-emission areas of the business and 
associated revenue streams. This could also cause equipment 
and services to become obsolete, such as diesel equipment, 
resulting in potential asset impairment
Technology
Obsolescence of high-carbon 
equipment
Long
A significant proportion of our fleet contains a diesel engine. 
This could lead to this equipment becoming obsolete, 
resulting in potential asset impairment and accelerated 
capital expenditure to replace obsolete assets
Low-carbon equipment more 
expensive than high-carbon
Medium
The shift to low- or zero-emission technologies will increase 
the initial capital cost of assets, meaning gross margin 
deterioration unless rental prices can be increased
Technological changes may not 
keep up with customer demand
Long
The ability to replace high-carbon equipment with low-carbon 
equipment in isolated locations without power supply could 
be hindered, resulting in a loss of revenue
Market
Customer demand for low-carbon 
equipment may out-strip supply
Short
Loss of revenue to competitor if demand for low-carbon 
equipment out-strips ability to supply
Increased energy / fuel prices 
adversely impacting fuel-based 
equipment demand
Short
Loss of revenue on fuel sales and lower unit hire unless low-
carbon alternative available
Reputation
The group not meeting science-
based targets and net zero 
commitments on emissions
Medium
Possible reputational damage and fines. Loss of customers if 
not complying with legislation
Physical risks
The group has operations based in the UK, Europe and the Middle East. The majority of the group’s suppliers are also based in these 
regions. The impact of climate change has already been seen in many of these regions, with increased flooding, the record summer 
temperatures in 2022 for the UK and Europe, and the extreme-heat event in Southern Europe in 2024 as examples. Certain of the 
group’s locations will be more prone to the risks below, for instance the Middle East will be less prone to heat waves with temperatures 
being consistently high and a local infrastructure designed to cope for this scenario. A 4ºC emissions scenario considered for principal 
physical risks highlights the increased risks of climate change over the very long-term.
Risk Type
Risk Description
Timeframe
Impact
Acute
Increased risk of floods / heatwaves 
in the UK and Europe
Very long
This could negatively impact operating efficiency and 
increase costs as business operations and human capital may 
be significantly affected
Chronic
Increased record temperatures
Very long
This could cause a health risk for employees making certain 
locations unsafe to work in for certain periods
Climate-related opportunities
The table below highlights the opportunities that the transition to a low-carbon economy and the physically changing environment 
may present to the group:
Opportunity
Timeframe
Impact
Products and 
services
Increased demand for products with 
low-carbon emissions
Medium
Potential new revenue streams and growth
Extreme weather 
events
Increased flooding and record 
temperatures
Long
The group can provide climate-related specialist hire 
equipment generating additional revenue
Climate leadership
The group could become sector 
climate leader
Medium
Reputational enhancement increasing the group’s ability to 
win new customers focused on low-emission transition
13
Strategic Report

The group believes the diverse product offering and geographical spread of its locations present significant risk mitigation to the 
physical risks brought about by the extreme weather events or changing weather patterns. The group’s products are in high demand 
to respond to the consequences of extreme weather events, such as flooding or record summer temperatures. Climate change and 
the increased frequency of extreme weather events that it brings about could lead to increasing demand for the group’s products and 
services.
In addition, the increasing complexity and cost of keeping pace with the latest regulatory legislation makes it more difficult for 
customers to maintain compliance. Low-carbon equipment has tended to be more complicated to maintain and has an increased 
initial capital cost than traditional high-carbon equipment. As such, the group believes there will be an increasing demand shift from 
customers purchasing a new asset to rental of that asset from an industry specialist such as Andrews Sykes, which will provide an 
additional economic push to move from direct ownership to rental of equipment. The group believes that this, coupled with the 
environmental benefits for customers of renting rather than owning assets, will contribute to a larger rental market. Given the group’s 
strong balance sheet and cash reserves, meaning the group has the resources to take advantage of opportunities, the group is well 
placed and confident in its ability to be able to capitalise on this increase in demand.
Resilience of the group’s strategy
The group, with its long history, has proved it has a business model that is both resilient and adaptable in the face of change. The 
group benefits from a geographically diversified operating structure, such that it is not reliant on any one particular depot location 
for the continuation of its business. The group’s strategy seeks to take advantage of these benefits presented by the group’s business 
model, whilst also recognising the risks inherent in the business and the environment in which we operate, including the environmental 
considerations of climate change. The group discusses climate-related matters on a regular basis through the various Committees, as 
previously described, and assesses how changes may affect the group’s operations and how the business would respond under those 
circumstances. The group has outlined the thinking under two climate scenarios: an increase in average temperatures by 2ºC or less 
and an increase in average temperatures by more than 4ºC.
2°C or less scenario
In a 2°C or less scenario, the group believes that the risks and opportunities faced will primarily be related to transition risks. In this 
scenario, as the group and our suppliers and customers look to reduce carbon emissions, the group is likely to face increasing costs, 
whether that be through increased cost of our rental fleet or other operational costs from increased energy costs or property rates 
increasingly being tied to the efficiency of the property. In order to minimise these costs, we are working with our suppliers and other 
parties to move to newer, more efficient technologies where possible and find operational savings that energy-efficient products offer. 
In the near- to medium-term, production capacity will likely constrain the availability of new technology. The group expects to have 
sufficient time to be able to transition our rental fleet to the latest technology gradually under the normal economic replacement 
cycle of the fleet. The group believes there will be an increasing demand shift from customers purchasing a new asset to rental of 
that asset from an industry specialist such as Andrews Sykes, which will provide an additional economic push to move from direct 
ownership to rental. 
We expect rental and transportation rates to reflect the increased cost of rental and transportation equipment, enabling us to 
maintain similar levels of gross margin. As the disposal of old rental fleet is not a significant driver of operating profit for the group, an 
anticipated reduction in the second-hand value of the group’s older, less-environmentally friendly equipment is not anticipated to have 
a material impact on the group’s results.
4°C or more scenario
In a 4°C scenario, we would expect to see an increase in physical risks (i.e. increased instances of extreme weather events) in addition 
to the transition risks discussed above. As previously discussed, the group benefits from a geographically diversified operating 
structure, such that it is not reliant on any one particular depot location for the continuation of its business. This geographical 
diversification provides some mitigation to the immediate impact of physical risks on our operations and enables us to plan for the 
longer term. In a 4°C scenario, there is an increased likelihood of more extreme weather events, such as flooding, extreme summer 
temperatures, wildfires and other natural disasters, which would cause damage to our operations, resulting in lost revenue and higher 
rectification costs.
In any scenario, the speed of the transition of assets from high-carbon to low-carbon will be constrained by the availability of new 
technologies and manufacturing capacity. The group believes that its long-standing supply relationships with key equipment suppliers 
will aid in this transition and allow for equipment to be transitioned within the group’s regular replacement cycle.
14
Strategic Report
Task force on climate-related financial disclosures 
(continued)

Risk management
Identifying and assessing climate-related risks
To establish the group’s exposure to climate-related risk, a list of risks, including physical and transition risks, has been developed by 
the ESG Committee. Physical risks are either acute (for instance, arising from flooding) or chronic (e.g. rising global temperatures). 
Transition risks can include policy and regulation, technological, market, reputation or legal risks. This list of risks has been assessed 
to evaluate the likelihood and materiality of impact and incorporates both financial and non-financial factors. This approach will be 
regularly reviewed and updated by the ESG Committee. 
Managing climate-related risks
Having created a detailed climate-related risk list, the ESG Committee has identified and refined the risks according to their materiality 
and are then embedded into the ESG Committee’s risk management framework, where climate-related controls and mitigation 
activities are sought from internal stakeholders, as well as any climate risk specialists as required. On at least a six-monthly basis, the 
Executive Strategy Team assess the group’s comprehensive list of climate-related risks and opportunities for materiality, based on 
their likelihood and impact. This approach is aligned with the group’s risk management framework and based on current expectations 
of climate trajectories and global action. The Executive Strategy Team then decide whether to transfer, control or mitigate each risk 
and embed into the group’s overall risk management framework.
Integrating climate-related risk into overall risk management
The process for identifying, assessing and managing climate-related risks is the same as it is for all the risks faced by the group. 
The Board has overall responsibility for risk management and implementation of the risk management policy, included within this is 
responsibility for climate-related risks.
Climate-related risk management is integrated in our overall risk management. As described above, the group’s climate-related 
risks are integrated into the group’s overall risk register and used by the Board to assess the group’s principal risks. All risks and 
opportunities identified in this disclosure are therefore listed in the group’s risk register. 
The group’s risk management processes ensure that risks are promptly identified, assessed and responded to.
The group’s Risk Committee monitors the actions taken across the group to manage the group’s risk and ensure that adequate 
assurance is obtained over them. In addition, the group’s Risk Committee ensures that risks have been appropriately assessed in 
relation to risk rating.
Metrics and targets
The group has been disclosing Scopes 1 and 2 emissions for the group’s UK subsidiaries since 2020, in accordance with Streamlined 
Energy and Carbon Reporting (SECR). This gives some trend analysis but does not include all the subsidiaries of the group. In 2023, 
the group adopted the Greenhouse Gas (GHG) Protocol methodology to calculate the entire group’s GHG emissions. The use of this 
metric will allow for aggregation and comparison across organisations and jurisdictions. The first year of consolidated group GHG 
emissions was in 2023, and as such will form a baseline for the assessment of future years.
The group has set the following metrics to reduce exposure to climate-related risks:
1 January 2025 to 
31 December 2025
Tonnes CO2e
1 January 2024 to 
31 December 2024
Tonnes CO2e
Scope 1: Combustion of fuel and operation of facilities
2,354.24
2,300.21
Scope 2: Electricity, heat, steam and cooling purchased for own use
140.75
220.04
Total Scope 1 and Scope 2 emissions
2,494.99
2,520.24
Scope 3: Electricity
20.98
20.17
Scope 3: Waste
4.32
19.02
Scope 3: Transport – other business travel
82.24
102.52
Total Scope 3 emissions 
107.55
141.71
Total Scope 1, 2 and 3 
2,602.54
2,661.95
Tonnes of CO2e per £m turnover
33.99
35.05
The group is working towards an estimate of the group’s Scope 3 emissions and to understand how these will evolve going forward. 
The most significant components of the group’s Scope 3 emissions relate to the group’s customers’ use of our assets during the rental 
period. Measuring Scope 3 emissions will involve a significant application of judgement. Accordingly, even when developed, the group’s 
Scope 3 emissions will always be subject to a significant degree of estimation uncertainty. 
15
Strategic Report

During the year the group achieved a 59.41 tonne CO2e reduction, or 2.2%, on the prior year (2024: 109.27 tonne CO2e reduction,  
or 3.9%). This was largely achieved due to the 79.29 tonne of CO2e reduction in the scope 2 emissions as a result of the UK 
subsidiaries moving to a zero-carbon electricity during the year. The Scope 3 emissions have reduced 34.16 tonne of CO2e, or 24.1%, 
primarily as a result of a 30 tonne of CO2e reduction in air travel as the group looks to reduce overseas visits where possible. The 
Scope 1 emissions have increased 54.03 tonne of CO2e primarily due to the increased delivery emissions, primarily in the Netherlands, 
as a result of their increased operating activities during the current year. The business is in the multi-year process of transitioning 
its fleet of vehicles away from internal combustion engines to those using hybrid and full-electric technology. This shift will lead to a 
reduction in the future Scope 1 emissions. The business continues to promote video conferencing and a reduction in business travel in 
cars where possible. The group’s tonnes of CO2e per £m turnover has decreased by 3.0% in the year, from 35.05 to 33.99. Whilst this is 
below the annual 5% reduction targeted, the group is currently considering several projects that will reduce Scope 1 and 2 emissions.
The group has set a near-term target to reduce Scope 1 and 2 emissions by 5% per year and to achieve a 35% reduction in the 
total CO2 from the 2022 baseline level by 2030. We will develop a long-term plan to reach net zero by 2050, in line with the UK 
commitments. Our road map will focus on Scope 1 and 2 emissions, showcasing a full breakdown of all carbon-related activities.  
Our current and historic performance versus our target is indicated in the graph below:
0
500
1000
1500
2000
2500
3000
3500
Tonnes CO2
2022
2023
2024
2025
2026
Total Scope 1, 2 and 3 emmissions
 Actual           Target
In order to achieve these targets, the group is working on creating detailed plans covering all aspects of the group’s operations, 
including but not limited to, our product offering, vehicle fleet, properties, operations and supply chain, all over multi-year timeframes. 
Target areas include: 
	
●
near-term, use of Hydrotreated Vegetable Oil (HVO) fuels, route optimisation, telematics, use of heat pump technology and 
sourcing renewable energy; 
	
●
medium-term, including transition to lower-carbon transport fleet and renewable energy generation; and 
	
●
long-term, including decarbonisation of hire fleet equipment.
The group’s pathway to reducing carbon will specifically focus on targets that cover our transport fleet, fuel usage, energy and waste 
consumption. Currently 38% (2024: 32%) of our UK fleet is either full electric or hybrid, an increase of 6% on the prior year. As our 
vehicles are largely leased for on average 48-60 months, the group has an up-to-five-year replacement cycle. As reported last year, 
the group’s aim is that by 2030 80% of our car fleet is either full electric or hybrid and 30% of our commercial fleet is full electric 
or hybrid. Good progress is being made on the car fleet transition, with the UK currently having 94% of cars as either full electric 
or hybrid; with 59% being full electric, up from 46% in 2024. To further support this, we aim to install electric charging points at all 
of the large hub depots throughout the group. In addition, by 2030 we aim to reduce our internal energy consumption by 30%. The 
group aims to reduce its electricity usage through the installation of LED lighting throughout our depot network, along with various 
other energy saving initiatives, including the installation of Automated Meter Readings meters throughout our depots.
Details of the group’s policies on its employees and social matters can be found on page 19 under the disclosures on directors’ duties 
and Section 172(1) statement. Details of the group’s policies and procedures in respect to human rights and anti-bribery matters can be 
found on page 23 within the directors’ report.
16
Strategic Report
Task force on climate-related financial disclosures 
(continued)

Principal risks and uncertainties
The group’s principal risks are as follows:
Strategic risks
In common with all entities operating in a dynamic marketplace, the group faces a number of strategic risks, which are assessed 
to have increased from the prior year due to the macro-economic climate in the UK and geopolitical risks in the Middle East. 
Management has developed long-term business plans to manage the impact of these risks to ensure that the group continues to 
deliver a satisfactory performance in future years. The main strategic risks faced by the business, together with the actions taken by 
management to mitigate their impact, are set out below. 
Competitive risks
Competition, product innovations and industry changes are regarded as the main strategic risks. These are mitigated by investment in 
new environmentally friendly, technologically advanced products and equipment, and providing service levels that are recognised as 
being amongst the best in the industry. Market research and customer satisfaction studies are undertaken to ensure that our products 
and services continue to meet the needs of our customers. Our pricing is regarded as competitive to the market place.
Technological risks
In order to remain competitive, management recognises the need to invest in appropriate IT equipment and software to ensure we 
continue to meet the demands of customers and remain operationally efficient. Consequently, the communication network, website, 
data-capture systems and customer relationship systems are all being constantly reviewed and updated to ensure they remain at the 
forefront of industry standards. The group is currently working through an upgrade of its existing IT systems. A group-wide wide ERP 
system has been rolled out to UK and Europe in previous years, with the Middle East expected to go live during 2026. 
Climate risk
The potential impact of the weather has been reduced over the past few years by the expansion of our non-weather-related business. 
The group also has a diverse product range of pumps, heaters and air conditioning and environmental control equipment, which 
enables it to take maximum advantage of the opportunities presented by any extremes in weather conditions whenever they arise. 
This, combined with our policy of reducing fixed costs and linking them to a sustainable level of turnover, enables the group to achieve 
a satisfactory level of profits even in non-extreme weather conditions. Further information can be found under the task force on 
climate related financial disclosures on pages 11 to 16. 
Going concern
The directors are required to consider the application of the going concern concept when approving financial statements. Full details 
of these considerations are given in note 1 on page 45.
The group has considerable financial resources and a wide operational base. Based on the detailed forecast prepared by management, 
the Board has a reasonable expectation that the group has adequate resources to continue to trade for the foreseeable future, at least 
12 months from the date of approving these financial statements, even in the reasonable worst-case scenario identified by the group. 
Accordingly, the Board continues to adopt the going concern basis when preparing this Annual Report and Financial Statements.
Financial risks
There has been no change during the year, or since the year end, to the type of financial risks faced by the group or the group’s 
management of those risks.
The key risks, which are discussed in more detail in note 27 to the consolidated financial statements, are:
	
●
Interest rate risk;
	
●
Market risk;
	
●
Credit risk; and
	
●
Funding and liquidity risk.
17
Strategic Report
Strategic Report
Review of risks and uncertainties

Andrews Sykes Group pension schemes
Defined benefit pension scheme
The group had, for many years, operated a defined benefit pension scheme for the benefit of the majority of its UK employees. This 
scheme provided a pension based on the employee’s final salary and length of service. This scheme was closed to new entrants on 
31 December 2002. Existing members are no longer eligible to make contributions to the scheme and no further pension liabilities 
accrue as a result of any future service.
The group has adopted the requirements of IAS 19 (2011) Employee Benefits and the scheme surplus has been calculated in 
accordance with the rules set out in the standard by an independent qualified actuary. The results were based on the last full  
actuarial valuation as at 31 December 2022 (2024: 31 December 2022) and have been rolled forward by an independent qualified 
actuary to 31 December 2025. The net surplus, after asset restrictions for withholding taxes, at the year end amounted to £1.5 million  
(2024: £1.8 million) and this has been recognised as a separate item, within non-current assets, on the face of the consolidated 
balance sheet. The next formal triennial funding valuation dated 31 December 2025 and is currently under way.
A reconciliation of the surplus at the beginning of the year of £1.8 million to the surplus as at 31 December 2025 of £1.5 million is as 
follows:
£m
Opening IAS 19 surplus less asset restriction recognised in the financial statements
1.8
Contributions paid by the group into the scheme
–
Actual loss on scheme assets
(0.2)
Actuarial loss on scheme liabilities
(0.2)
Net pension charge
–
Movement on asset restriction
0.1
Closing IAS 19 surplus less asset restriction recognised in the financial statements
1.5
The assumptions adopted by the directors, including mortality assumptions and discount rates, used to arrive at the above surplus are 
set out in note 16 to the financial statements.
Defined benefit scheme funding valuation
The last triennial funding valuation was as at 29 December 2022. The formal 2022 funding valuation, including a revised schedule of 
contributions, was agreed between the pension scheme trustees and the Board of directors in December 2023 and was effective from 
1 January 2024. In accordance with this schedule of contributions, and in line with the actions taken by the group during the year as 
already described, the group are not required to make any further regular contributions into the scheme. Consequently, the group has 
made total contributions to the pension scheme of £Nil during 2025 (2024: £Nil) and expects to make no contributions to the pension 
scheme during 2026. The next formal triennial funding valuation dated 31 December 2025 and is currently under way.
Defined contribution pension scheme and auto enrolment
The group operates the Andrews Sykes Stakeholder Pension Plan, for which the majority of UK employees are eligible. The scheme is 
managed on behalf of the group by Legal & General. Both the employer and employee contributions vary, generally based upon the 
individual’s length of service with the company.
The group has adopted the requirements of auto enrolment for all eligible UK employees. 
Contributions for both existing members and members that have been auto enrolled are made to the same scheme. The UK operates 
a salary sacrifice arrangement for pension contributions, meaning the employer makes all pension contributions instead of the 
employee and employer making contributions. As such, the employers’ contribution rates vary from 8% to 15%. The current period 
charge in the income statement amounted to £1,083,000 (2024: £1,198,000). The contributions are used to purchase a specific fund 
for the individual employee, with both gains and losses from changes in the fund’s market value accruing to that employee.
18
Strategic Report
Review of risks and uncertainties (continued)

Share buybacks
The company did not repurchase any shares during the current or prior year. 
At the forthcoming 2026 Annual General Meeting, shareholders will be asked to vote in favour of a resolution to renew the general 
authority to make market purchases of up to 12.5% of the ordinary share capital in issue. Any purchases will only be made on the 
London Stock Exchange and they will only be bought back for cancellation provided they enhance earnings per share. If this resolution 
is passed, it should not be taken to imply that shares will be purchased but the Board believes that it is in the best interests of 
shareholders if it has this authority in order that market purchases may be made in the right circumstances if the necessary funds  
are available.
Directors’ duties and Section 172(1) statement
The directors of the company, as those of all UK companies, must act in accordance with a set of general duties. These duties are 
detailed in Section 172 of the Companies Act 2006 and are summarised as follows:
A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company 
for the benefit of the shareholders as a whole and, in doing so, to have regard, amongst other matters, to:
	
●
The likely consequences of any decision in the long-term;
	
●
The interests of the company’s employees;
	
●
The need to foster the company’s business relationships with suppliers, customers and others;
	
●
The impact of the company’s operations on the community and environment;
	
●
The desirability of the company maintaining a reputation for high standards of business conduct; and
	
●
The need to act fairly as between shareholders of the company.
As part of their induction a director is briefed on his / her duties and he / she can access professional advice on these either from the 
company secretary or from an independent adviser. This support is available throughout the period a director holds office, as well as 
on initial induction. The directors fulfil their duties partly through a governance framework. The company complies with the Quoted 
Companies Alliance (QCA) corporate governance code and details of compliance are set out in the corporate governance code on the 
company’s website.
The following paragraphs summarise how the directors fulfil their duties:
Risk management
We aim to provide dependable high-quality services to our business partners in the UK, Northern Europe and Middle East. We often 
provide business critical solutions to key businesses and are instrumental in helping our customers achieve their goals. As we expand 
our businesses, we face a number of challenges and risks, which the directors address on a daily basis. These risks, and how they are 
addressed, are summarised in the principal risks and uncertainties section of this strategic report on pages 17 to 19 and paragraph 5 of 
the corporate governance code on the company’s website.
Our employees
The company is committed to being a responsible employer. Our behaviour is aligned with the expectations of our employees and 
together we provide a first-class service to our clients, 24 hours per day, all year round. 
The group operates a training and development programme for its employees. By improving employee skill levels, the group aims to 
encourage staff retention and provide opportunities for internal promotion. Regular personal development reviews are conducted, 
with training and development plans being devised for each employee. Employees also have access to third-party assistance to provide 
them with support on personal issues.
The group recognises the need to ensure effective communications with employees to encourage involvement in the group’s 
performance and achieve a common awareness of factors affecting that performance. Policies and procedures have been developed 
to suit the needs of each subsidiary undertaking, taking into account factors such as numbers employed and location, including 
newsletters and communication meetings. Team talks are held regularly with departmental heads and any issues raised are noted, 
followed up and action taken as appropriate.
19
Strategic Report

Business relationships
Our business strategy prioritises organic growth. We regard customer relationships as being of the utmost importance and our 
key account customers, that account for approximately 50% of our business, are visited by a customer relationship manager on a 
quarterly basis to ensure we are meeting their expectations. The next largest 25% of customers are actively managed by desktop 
reviews supported by contact by telephone, and the remaining customers’ accounts are subject to periodic internal reviews to ensure 
no issues are apparent.
We employ a supply chain manager who is responsible to the directors for ensuring that suppliers are aware of our requirements and 
have sufficient resources and abilities to meet our demands. Key suppliers are met regularly on a face-to-face basis and there is a non-
conformance process in place. The company has certification to ISO 9001:2015.
Externally, the group has strong relationships with a number of key suppliers, many of these relationships have been in place for 10 
years or more. Regular meetings are held with these suppliers to ensure that relationships are optimised, with new innovation high 
on the agenda. We communicate with our customers in many ways and channel feedback via a line management structure, which 
is much flatter than many companies within our sector. Customer communication ranges from social media through to high-level 
contract reviews. Customer feedback is monitored by senior management on a regular basis. Executive and non-executive directors 
communicate with shareholders directly and make themselves available for such meetings.
Community and the environment
The group’s corporate policies are based on our ethical values and can be found on the “Our Policies” page on our website. In recent 
years, many of our product innovations have been focused on environmental improvements covering initiatives such as reduced 
emissions and fuel efficiency. We have a long list of accreditations, including ISO 9001, ISO 14001 and ISO 45001:2018, details of which 
can be found on the “Accreditations” page of the company’s website.
We pride ourselves in providing our staff with a good working environment within a strong ethical culture. The group’s HR policies 
are regularly reviewed by the senior operations team and are provided to all staff, both on commencement of employment and are 
available at all times via a company intranet site. The group has a large number of long-serving staff members, many with 30-plus 
years’ service, which is a testament to our working culture. We engage with a number of community trusts and charities to offer 
opportunities to those who have had difficulties finding employment.
20
Strategic Report
Review of risks and uncertainties (continued)

Business conduct
Our business strategy is to differentiate our services from those of our competitors by providing our customers with a first-class level 
of service 24 hours per day, all year round. Our reputation is amongst the best in the industry and means we are the employer and 
service provider of choice for many individuals and businesses alike.
Shareholders
The company is committed to openly engaging with our shareholders. The company has a controlling shareholder that owns 86.90% 
of the shares in issue, and this shareholder has a number of representatives on the Board. A relationship agreement has been entered 
into with this shareholder (originally dated 10 December 1999 and updated on 21 September 2018), which confirms that the company’s 
business and affairs will be managed for the benefit of shareholders as a whole.
Further details of how the directors fulfil their obligations with shareholders are given in the corporate governance code on the 
company’s website.
Principal decisions taken during the year
During the year, the Board approved a significant capital expenditure for a new operational depot within the UK. A decision was made 
to sell an existing depot for £1.3 million and invest £2.1 million into a new depot in the Northwest of the UK. In reaching this decision 
the Board considered the group’s overall cash levels, the market location and condition of each depot and the relevant returns 
expected to be generated over a period of time. The Board concluded that the capital expenditure was within an acceptable amount 
and the expected returns would be earnings enhancing, so the investment was made.
During the year, the Board made the decision to exit the fixed air conditioning installation market in the UK and cease operations of 
the UK subsidiary operating in this market segment. In making the decision the Board considered the historic results achieved in this 
market segment, the level of market competition and the level of investment needed had the Board decided to remain in this market 
segment. The near 50% reduction in revenue between 2022 and 2024, coupled with the marginal profitability of the market segment, 
convinced the Board that management efforts were better focused on more profitable and that exiting this market will be a benefit for 
the group.
Signed on behalf of the Board:
CD Webb
Director
11 May 2026
Unit 601, Axcess 10 Business Park 
Bentley Road South 
Wednesbury 
WS10 8LQ
21
Strategic Report

Principal activity
The principal activity of the group continues to be the hire and sale of a range of equipment, including pumping, portable heating, air 
conditioning, drying and ventilation equipment. A review of the group’s activities and an indication of likely future developments are 
set out in the Chairman’s statement and the strategic report on pages 2 to 21.
The principal activity of the company is that of an investment holding company.
Financial management objectives and policies
Financial management objectives and policies are discussed in the strategic report on page 8.
Results and equity dividends
The results for the financial year are set out in the consolidated income statement on page 40.
The company paid two dividends during the year. On 20 June 2025, a final dividend for the year ended 31 December 2024 of 14.0 
pence per ordinary share was paid. This was followed on 31 October 2025 by an interim dividend for 2025 of 11.9 pence per ordinary 
share. Total dividend payments made during the year amounted to £10,841,000 (2024: £10,841,000).
The Board has decided to propose a final dividend of 14.0 pence per ordinary share. If approved at the forthcoming Annual General 
Meeting, this dividend, which in total amounts to £5.9 million, will be paid on 19 June 2026 to shareholders on the register as at 
22 May 2026.
Directors
The directors in office at 11 May 2026 are shown on page 32. 
In accordance with the company’s adherence to the 2023 QCA code adopted during the year, all of the directors will offer themselves 
for re-election at the forthcoming 2026 Annual General Meeting.
Directors’ interests
Other than the beneficial interests disclosed below, no director in office at 31 December 2025 had any disclosable interests in share 
capital of the company or any subsidiary undertaking.
Ordinary one pence shares
At 31 December 
2025
At 31 December 
2024
JJ Murray
231,800
231,800
JP Murray
1,160,886
1,160,886
There were no changes to the above shareholdings between 31 December 2025 and 11 May 2026 or the date of resignation, if earlier.
Substantial shareholdings
At 11 May 2026, the company had been notified of the following interest of 3% or more in the company’s issued ordinary share capital:
Number
Percentage
EOI Sykes Sarl
36,377,213
86.90%
Directors’ share options
None of the directors in office at 31 December 2025 held any options to subscribe for ordinary shares at either 31 December 2025 
or 31 December 2024. There have been no changes in the directors’ share options during the period from 31 December 2025 to 
11 May 2026.
22
Directors’ Report

Health, safety and the environment
Andrews Sykes Group plc aims to achieve world-class performance in health and safety by providing our staff with a safe environment 
in which to work, thereby helping to eliminate injuries and work-related ill health. Health and safety officers are appointed at each 
location and receive periodic training to keep abreast of both legislative requirements and technological advances. This is further 
enhanced with regular internal audits by our own fully qualified health and safety managers, along with training, induction and 
awareness programmes for our staff.
The group aims to continually improve its performance in order to meet changing business and regulatory requirements, to minimise 
the effect of our activities on the environment, and to provide products and services that fully and consistently meet the requirements 
of our customers, both now and in the future. In the UK, the group has met the mandatory requirements of the Energy Savings 
Opportunity Scheme (ESOS) and also has certification to the ISO 9001:2015, ISO 14001:2015, CEMARS (in accordance with ISO 14064-
1:2006) and ISO 45001:2018 standards. In the UAE, the group has certification to ISO 9001:2015 and ISO 14001:2015.
Business ethics, modern slavery and human rights
Senior employees across the group receive regular business ethics training to ensure they are aware of their obligations and 
responsibilities with regard to the UK Bribery Act. The group’s Anti-Bribery Committee monitors and oversees compliance with the UK 
Bribery Act. Anti-corruption and bribery policies are maintained and reviewed on a regular basis, with relevant guidance incorporated 
into our employee handbooks and available on our website. 
Human rights and modern slavery are important aspects of our business ethics. We have group-wide policies in place covering these 
areas, all of which protect our employees, our business and our suppliers. These policies are embedded in our everyday business 
operations. Modern slavery is an abuse of human rights and we have a separate modern slavery policy that commits the group to 
ensuring there is no modern slavery in our business or our supply chain. Any suspicion that our policy is being breached or at risk of 
being breached can be reported through our anonymous whistleblowing procedures. 
SECR disclosures
These disclosures have been prepared in accordance with the requirements of the measure-step of the CEMARS programme, which is 
based on the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004) and ISO 14064-1:2006 Specification 
with Guidance at the Organisation Level for Quantification and Reporting of Greenhouse Gas Emissions and Removals. Where relevant, 
the disclosures are aligned with industry or sector best practice for emissions measurement and reporting.
The data reported is for Andrews Sykes Hire Limited. The parent company’s consumption is immaterial to the group and is, therefore, 
not disclosed separately in this directors’ report.
23
Governance

GHG emissions and energy use for period 1 January 2024 to 31 December 2025
1 January 2025 to 
31 December 2025 
1 January 2024 to 
31 December 2024
Emissions from activities for which the company own or control including combustion 
of fuel and operation of facilities tCO2e (Scope 1)
1,790.32
1,841.04
Emissions from purchase of electricity, heat, steam and cooling purchased for own 
use tCO2e (Scope 2, location-based)
129.17
157.47
Total gross Scope 1 & Scope 2 emissions tCO2e
1,919.48
1,998.51
Energy consumption used to calculate above emissions (kWh)
7,135,832.09
8,186,314.39
 Gas (kWh)
219,614.50
292,208.96
 Electricity (kWh)
729,722.94
760,533.80
 Transport fuels (kWh)
6,186,494.65
7,133,571.63
 Other energy sources (Scope 1 & 2)
N/A
N/A
Total gross Scope 1 & Scope 2 emissions by unit turnover/revenue (tCO2e/£M)
47.52
44.74
Methodology
ISO14064 Part 1
2018 and CEMARS
ISO14064 Part 1 
2018 and CEMARS
Emissions from other activities tCO2e (Scope 3): Electricity
13.52
13.92
Emissions from other activities tCO2e (Scope 3): Waste
N/A
N/A
Emissions from other activities tCO2e (Scope 3): Transport – other
41.62
67.67
Total gross Scope 3 emissions tCO2e
55.15
81.59
Total gross Scope 1, Scope 2 and Scope 3 emissions tCO2e
1,974.63
2,080.10
Total gross GHG emissions per unit turnover/revenue (tCO2e/£M)
48.88
46.54
Third Party verification
Verified to 
ISO14064 Part 1 
2018 and CEMARS
Verified to 
ISO14064 Part 1 
2018 and CEMARS
Energy efficiency action
In accordance with our efforts to mitigate and control our emissions we have the following initiatives in operation in the business:
We continue to invest in hybrid and electric vehicles within our transport fleet where possible.
Fuel consumption is constantly monitored by our internal transport department to measure performance throughout the businesses.
Awareness training is given to all staff on driving behaviours, whilst vehicles are fitted with tracking software that enables the 
management of vehicle routes, idling times and efficient driving style and behaviour in order to optimise fuel consumption.
In our depots, we continue to fit LED lighting with PIR sensor technology as depots are refurbished and maintained to reduce energy 
consumption. Moving to newer, more efficient depot locations is also enabling the more efficient heating and lighting of our operations 
and reducing the level of gas and electricity usage.
During 2025 the transition of our fleet of vehicles towards hybrids and full-electric vehicles has continued, with 59% of our car fleet 
fully electric and a further 35% hybrid. Whilst these have reduced the carbon emissions, the inclusion of 173 tCO2e in relation to a 
change in reporting of F-Gas has largely offset the reduction from transmissions to electric cars. As vehicles come to the end of their 
lease period and are renewed with full-electric vehicles, the business should see a reduction in the fuel consumption into next year 
and beyond, particularly when our commercial fleet move to hybrid or electric variants. In addition, the business carries out meetings 
via online conferences where possible, in order to reduce fuel consumption.
In our hire fleet, continued investments in environmentally friendly equipment continues to be a feature of our product design and 
specification to drive investment in a fleet that is environmentally friendly.
Further information can be found under the non-financial and sustainability information statement on pages 11 to 16.
Employment of disabled persons
The group makes every reasonable effort to give disabled applicants and existing employees who become disabled equal opportunities 
for work, training and career development in keeping with their individual aptitudes and abilities.
24
Directors’ Report  (continued)

Corporate governance
The group has chosen to apply the Quoted Companies Alliance (QCA) corporate governance code (the “code”) following the 
change to the AIM Rules for Companies in September 2018, which required AIM companies to comply with a recognised corporate 
governance code.
The company’s corporate governance disclosures are included on the company’s website, www.andrews-sykes.com. 
Application of the code:
Code Principle
How Andrews Sykes applies the Principle
1. Establish a 
purpose, strategy 
and business model 
which promote 
long-term value for 
shareholders
The principal activity of Andrews Sykes Group plc (the company) and its subsidiaries (the group) is the hire and 
sale of a range of equipment, including pumping, portable heating and air conditioning. The group operates from 
depots in the UK, Italy, the Netherlands, Belgium, Luxembourg, Switzerland, Germany, the UAE and Saudi Arabia.
Shareholder value in the medium to long-term is intended to be delivered by driving operational excellence 
across the group and growing within selected markets and geographies. The Board believes that the presence 
and requirements of a long-standing controlling shareholder helps focus the company’s strategy on long-term 
shareholder value creation.
The group’s strategy and business model is discussed, agreed and reviewed on a regular basis by the Board and is 
set out each year in the company’s Annual Report, with updates (as appropriate) provided in the full-year and half-
year financial results announcements. The group’s financial statements can be found in the Corporate Publications 
section of the company’s website. The presence and requirements of a long-standing majority shareholder has 
resulted in a strategy with the key aim of creating long-term shareholder value.
2. Promote a 
corporate culture 
that is based on 
ethical values and 
behaviours
The group has a long-established heritage and reputation based on sound ethical values and the Board considers 
this to be of great ongoing value. Many companies within our market sector envy our reputation and we frequently 
optimise this commercially and by attracting new staff.
The group’s corporate policies are based on our ethical values and can be found on the Our Policies page on 
the company’s website. In recent years, many of our product innovations have been focused on environmental 
improvements covering initiatives such as reduced emissions and fuel efficiency. We have a long list of 
accreditations, including ISO9001, ISO14001, OHSAS18001 and ISO45001:2018, details of which can be found on the 
Accreditations page of the company’s website.
We pride ourselves in providing our staff with a good working environment within a strong ethical culture. 
The group’s HR policies are regularly reviewed by the senior operations team, are provided to all staff both on 
commencement of employment and are available at all times via a company intranet site. The group has a large 
number of long-serving staff members, many with 30 years or more service, which is a testament to our working 
culture. We engage with a number of community trusts and charities to offer opportunities to those who have had 
difficulties finding employment.
3. Seek to 
understand and 
meet shareholder 
needs and 
expectations
The company has a controlling 86.90% shareholder, which has a number of representatives on the Board.
The company monitors its share register and ensures that dialogue is entered into with other shareholders as 
appropriate. The Chairman and the Managing Director respond to all enquiries made of them by shareholders and 
Andrew Kitchingman, the Senior Independent Non-Executive Director, not only provides an independent view of 
the group but is also a point of shareholder access which is independent of the executive team or the majority 
shareholder.
The Board recognises the importance of communication with the company’s shareholders. The Annual Report 
and the half-year accounts and related announcements are made available promptly on the company’s website in 
accordance with the AIM Rules.
All shareholders are invited to attend the company’s Annual General Meeting (“AGM”). The AGM includes a 
question and answer session and directors make themselves available to meet with shareholders following the 
meeting.
25
Governance

Code Principle
How Andrews Sykes applies the Principle
4. Take into account 
wider stakeholder 
interests, 
including social 
and environmental 
responsibilities and 
their implications 
for long-term 
success
The company has identified the following stakeholders:
Customers
We service our customers to the highest relevant standards to ensure all customer needs are met in a safe 
and compliant manner. We communicate with our customers in many ways and channel feedback via a line 
management structure, which is much flatter than many companies within our sector. Customer communication 
ranges from social media through to high-level contract reviews. Customer feedback is monitored by senior 
management on a regular basis.
Employees
The company recognises the need to ensure effective communications with employees to encourage involvement 
in the company’s performance and achieve a common awareness of factors affecting that performance. Group-
wide policies and procedures have been developed to suit the needs of each subsidiary undertaking, taking into 
account the different geographical and legislative jurisdictions in which we operate. We engage in appropriate 
liaison with employees and employment bodies, such as unions and Workers’ Councils.
Employment of disabled persons
The company is committed to employment policies that follow best practice based on equal opportunities for all 
employees and offer appropriate training and career development for disabled staff. If members of staff become 
disabled, the group continues employment wherever possible and arranges retraining if required.
Suppliers
Where appropriate, the company ensures that suppliers comply with ethical environmental and other legal and 
quality standards. The company agrees payment terms with all suppliers when they enter into binding purchase 
contracts. The company seeks to abide by the payment terms agreed with suppliers whenever it is satisfied that 
the supplier has provided the goods or services in accordance with the agreed terms and conditions. The company 
does not follow any standard or external code which deals specifically with the payment of suppliers.
The company has considered sustainability.
The escalating effects of climate change on global markets demand increased transparency and anticipatory 
planning in our financial reporting. We are fulfilling our reporting obligations as mandated by the Companies Act 
Climate-related Financial Disclosure (TCFD) regulation. Our aim is to provide our stakeholders with a detailed 
evaluation of the potential risks and opportunities climate change poses to our operations. As an international 
organisation, acknowledging and addressing the effects of climate change on our business is essential. Further 
details and disclosures are provided within the TCFD disclosures on pages 11 to 16.
26
Directors’ Report  (continued)

Code Principle
How Andrews Sykes applies the Principle
5. Embed effective 
risk management, 
considering both 
opportunities and 
threats, throughout 
the organisation
The group’s principal risks, and plans to mitigate these risks, are identified and set out in the company’s Annual 
Report.
The Board considers carefully the key risks impacting upon the group based on the information presented to it and 
makes key decisions taking into account a range of risks, both internal and external to the company, including its 
supply chain.
Key elements of the group’s system of internal controls are:
Control environment – the Board has put in place an organisational structure with clearly defined lines of 
responsibility and delegation of authority. This is under the direct supervision of the Managing Director, supported 
by appropriate policy statements.
Risk management – the Managing Director is responsible for identifying risks facing the business and for putting 
in place procedures to mitigate and monitor risks. Risks are assessed and monitored at Board level on an ongoing 
basis, as well as during the annual business planning process.
Information systems – the group has a comprehensive system of financial reporting. The annual budget is 
approved by the Board. Actual results and variances compared with the budget are reported to the Board monthly, 
supported by detailed management commentaries. Revised forecasts are regularly prepared and reported to the 
Board.
Control procedures – policies and procedures manuals are maintained at all significant business locations. In 
particular, there are clearly defined policies for capital expenditure, including appropriate authorisation levels. 
Larger capital projects and major investments and divestment decisions require Board approval.
Monitoring systems – internal controls are monitored by executive management.
The Board routinely consider the effectiveness of the company’s system of internal controls. The Board has 
established an Audit Committee, further details of which are set out below. The Audit Committee considers risk 
and internal control as a fundamental part of its responsibilities. The directors confirm that they have reviewed the 
effectiveness of the system of risk management and internal control.
The Board reports upon internal financial controls in accordance with the ICAEW’s guidance “Internal Control and 
Financial Reporting”.
27
Governance

Code Principle
How Andrews Sykes applies the Principle
6. Establish 
and maintain 
the Board as a 
well-functioning, 
balanced team led 
by a Chair
The Board consists of seven members, led by Jean-Jacques Murray, the Executive Chairman. The Chairman 
manages and provides leadership to the Board to ensure that it is effective in its task of setting and implementing 
the company’s direction and strategy. The Chairman is also responsible for ensuring the Board and broader 
management framework is established, operates effectively and is compliant with relevant statutory codes and 
company policies and for the regular assessment of the effectiveness of the Board and its committees.
There is one executive member of the Board – Carl Webb, the Group Managing Director, who develops and 
implements the group’s strategy, manages performance, has responsibility for all operational matters and ensures 
the Board is informed about business matters. Carl was appointed to the Board on 5 March 2021 to assume the 
day to day responsibilities, supported by the Andrews Sykes senior management team, and ensure the continuity 
of the company’s established strategy. Whilst not a full Board member, Ian Poole the Group CFO, provides financial 
reporting advice to the Board and is responsible for maintaining the group’s financial records. The Group CFO 
works closely with the Group Managing Director supporting him in all financial aspects of the group’s business 
operations.
There are five non-executive directors of which one, Andrew Kitchingman, is independent. The other non-executive 
directors – Jean-Pierre Murray (Vice Chairman), Marie-Claire Leon, Emmanuel Sebag and Xavier Mignolet – are all 
associated with EOI (the company’s 86.90% shareholder) and are not considered independent.
The non-executive directors provide oversight and scrutiny of the performance of the executive team to ensure 
that the company’s key strategic objectives are met, as well as representing the shareholders of the company. 
The non-executive directors have particular responsibility in ensuring that the strategies proposed by executive 
management are fully challenged. None of the non-executive directors participate in any performance-related 
remuneration / share option schemes.
The company has only one independent non-executive director, whereas the Code recommends that independent 
NEDs should comprise at least half of the Board or have at least two independent non-executive directors. The 
Board considers that there is sufficient independence on the Board, taking into account the shareholder base of 
the company. For this reason the Board has no current plans to appoint any additional independent non-executive 
directors, but will keep the matter under review.
The Board is responsible for creating value for shareholders, determining strategy, investment and acquisition 
policy, approving significant items of expenditure and for the consideration of significant financing and legal 
matters. Matters specifically reserved for decision by the full Board include matters of business strategy, material 
corporate actions, approval of budgets and approval of financial statements.
The Board meets at least twice a year. Due to the consistent nature and strategy of the group, this is considered 
sufficient. Interim meetings or appropriate sub-committees are established when urgent decisions are required on 
matters specifically reserved for the Board between scheduled Board meetings. In addition, all directors receive 
appropriate monthly management information and have the opportunity to discuss this with the Group Managing 
Director or any member of the executive team.
All directors receive a pre-Board meeting briefing pack and post-Board meeting minutes and appropriate 
attachments from the Company Secretary. A number of the Board are based overseas and cannot always attend all 
meetings in person. Where a director cannot attend a meeting in person (or by telephone), he / she can give their 
contributions in advance to an attending director or the Company Secretary and relay any comments concerning 
the Board minutes before they are adopted. Should there be any matter that requires further discussion, a 
supplementary telephone Board meeting is convened.
Andrews Sykes and EOI have entered into a relationship agreement (originally dated 10 December 1999 and 
updated on 21 September 2018) in which EOI has provided certain assurances to Andrews Sykes with regard to 
its relationship with Andrews Sykes. The agreement confirms that the business and affairs of Andrews Sykes shall 
be managed by the Board in accordance with Andrews Sykes’ Memorandum and Articles of Association and with 
applicable laws and all relevant statutory provisions for the benefit of shareholders as a whole. Any transactions 
or other relationships between EOI and Andrews Sykes will be at arm’s length and on a normal commercial basis. 
Where appropriate, Board members associated with EOI must declare their interest and take no part in decisions.
The Group Managing Director works full time in the business and is contracted to make such contribution and 
time commitment as is required for the fulfilment of his duties. The non-executive directors are required to prepare 
for and to attend Board meetings and meetings of such Board committees of which they are members. They are 
expected to commit sufficient time to enable them to fulfil their duties.
Further details of the seven Board members are provided in the Annual Report and in the Directors section of the 
company’s website.
Annually, all directors will resign and stand for re-election.
28
Directors’ Report  (continued)

Code Principle
How Andrews Sykes applies the Principle
7. Maintain 
appropriate 
governance 
structures and 
ensure that 
individually 
and collectively 
directors have the 
necessary up-to-date 
experience, skills and 
capabilities
The Board is considered to comprise individuals with a good blend of relevant experience in the company’s 
sector, the financial and the public markets and with the necessary experience and strategic and operational skills 
required to drive the group forward.
The directors’ biographies and skill sets are detailed in Annual Report and in the Directors section of the 
company’s website.
Each director keeps up to date with their specialist experience and knowledge by following relevant information 
and publications. From time to time this is supported by the company’s advisers and specialist consultants. Each 
director has access to the Company Secretary who is responsible to the Board for ensuring that all applicable 
procedures and regulations are complied with. Each director also has the right to take independent professional 
advice in connection with his or her duties at the company’s expense.
The Board maintains two standing committees – the Audit Committee, which is chaired by Andrew Kitchingman, 
the Independent Non-Executive Director, and the Remuneration Committee, which is chaired by Jean-Jacques 
Murray, the Executive Chairman.
The Audit Committee is responsible for ensuring that the financial performance of the group is properly monitored, 
controlled and reported upon. It meets at least twice a year, to review the half-year and full-year financial results, 
to meet the company’s auditors to discuss the audit and to review the internal controls framework of the group. 
The Audit Committee comprises Andrew Kitchingman (Independent Non-Executive Director) and Xavier Mignolet 
(Non-Executive Director). The Audit Committee considers the need to introduce an internal audit function each 
year. After taking into consideration the current size and complexity of the group, the committee believes that it 
would not be cost effective to have an internal audit function and the committee feels that sufficient comfort is 
obtained through the scope and quality of management’s ongoing monitoring of risks.
The Remuneration Committee meets at least once a year to review the performance of executive management and 
set the scale and structure of their remuneration and the basis of their service agreements with due regard to the 
interests of the shareholders. The Remuneration Committee comprises Jean-Jacques Murray (Executive Chairman), 
Emmanuel Sebag (Non-Executive Director) and Andrew Kitchingman (Independent Non-Executive Director). 
No director is permitted to participate in decisions concerning his own remuneration. Details of the directors’ 
remuneration are set out in the directors’ Remuneration Report in the Annual Report.
All Board appointments are considered by the Board as a whole and, as such, it has not been considered 
necessary to establish a Nomination Committee. The removal of any Board member is also a matter for the Board 
as a whole.
The Board and its committees are considered to comprise individuals with the necessary experience and strategic 
and operational skills required to drive the group forward, and to deliver its strategy for the benefit of shareholders 
over the medium to long-term.
On an annual basis, following the Annual General Meeting, the Board reviews the performance of its two 
committees.
8. Evaluate Board 
performance 
based on clear and 
relevant objectives, 
seeking continuous 
improvement
The Board’s performance is primarily measured by the financial performance of the group and its ability to meet 
key business objectives. In recent years the financial performance of the group has been strong, which has 
encouraged the Board to believe that its membership is appropriate. The Board also consider that the stability of its 
membership over recent years has been a major contributor to the company’s success. We do, however, recognise 
that from time to time new Board members will add value and bring fresh ideas. In addition to financial results, 
the Board is also measured on its ability to meet key business objectives, such as the group’s geographic growth 
within mainland Europe.
The Chairman evaluates the Board’s performance informally on a regular basis and formally at least twice per year. 
The group reviews succession and contingency plans frequently and takes great care and consideration when 
selecting new Board members.
29
Governance

Code Principle
How Andrews Sykes applies the Principle
9. Establish a 
remuneration policy 
which is supportive 
of long-term value 
creation and the 
company’s purpose, 
strategy and culture
The Company’s remuneration policy is to provide a core level of reward for the completion of Director’s duties, set 
at a level that allows us to attract and retain employees of the calibre required to drive the company’s success. 
There is no maximum salary limit. When considering salary levels, the Remuneration Committee will consider the 
specific nature and responsibilities of the role and the capabilities and experience of the individual.
The Remuneration Committee meets at least once a year to review the performance of executive management and 
set the scale and structure of their remuneration and the basis of their service agreements with due regard to the 
interests of the shareholders. The Remuneration Committee comprises Jean-Jacques Murray (Executive Chairman), 
Emmanuel Sebag (Non-Executive Director) and Andrew Kitchingman (Independent Non-Executive Director). 
No director is permitted to participate in decisions concerning his own remuneration. Details of the directors’ 
remuneration are set out in the Directors’ Remuneration Report in the Annual Report.
The Remuneration Report is subject to a shareholder vote at the AGM.
10. Communicate 
how the company 
is governed and 
is performing 
by maintaining 
a dialogue with 
shareholders and 
other relevant 
stakeholders
The company reports on its financial performance and updates on its corporate governance at least two times 
each year, at the half-year and full-year financial results. The financial results are also communicated to the stock 
market via RNS announcements.
These reports and announcements are available on the Corporate Publications and Announcements section of the 
company’s website. Copies of previous years reports since 2010 are also on the company’s website.
The Board pays particular attention to the votes cast by the shareholders at the AGM. In the event that a significant 
proportion (>20% including proxies) of independent votes are cast against a resolution at a General Meeting of the 
company, the Board intends, on a timely basis, to explain any action it has taken or will take as a result of that vote.
Summary of attendance at meetings
Director
Board 
meetings
Remuneration 
Committee 
Audit 
Committee
Number of meetings in the year
2
1
2
JJ Murray
2
1
N/A
AJ Kitchingman
2
1
2
MC Leon
2
N/A
N/A
X Mignolet
2
N/A
2
JP Murray
2
N/A
N/A
EDOA Sebag
2
–
N/A
C Webb
2
N/A
N/A
The Remuneration Committee comprises JJ Murray as chair and AJ Kitchingman. The committee reviews the performance of 
executive directors and sets the basis of their service agreements with due regard to the interest of the shareholders. Details of the 
directors’ remuneration are set out in note 9. Due to there only being one other executive director apart from the Chairman, the 
directors consider the disclosures given in note 9 are adequate and a separate Remuneration Committee report is not included in 
these financial statements.
The Audit Committee comprises AJ Kitchingman as chair and X Mignolet. The Audit Committee is responsible for ensuring that the 
financial performance of the group is properly monitored, controlled and reported on. In addition, during the prior year the Audit 
Committee were involved in the appointment of Crowe U.K. LLP as auditor. The Audit Committee considers risk and internal control 
as a fundamental part of its responsibilities. It meets the auditor to discuss the audit approach and the results of the audit. The Audit 
Committee considers the need to introduce an internal audit function each year. After taking into consideration the current size 
and complexity of the group, the committee believes that it would not be cost effective to have an internal audit function and the 
committee feels that sufficient control is obtained through the scope and quality of management’s ongoing monitoring of risks. As 
such, and given the inclusion of the independent audit report on pages 34 to 39, the directors consider no additional Audit Committee 
report to be required.
30
Directors’ Report  (continued)

Directors’ and officers’ liability insurance
Directors’ and officers’ third-party indemnity insurance is in place for all directors and officers in office as at 31 December 2025 and 
subsequently. 
Financial risks
Financial risks are discussed in the strategic report under principal risk and uncertainties section on page 17.
Post-balance sheet event
The directors are not aware of any material post-balance sheet events.
Auditor
Crowe U.K. LLP has expressed its willingness to continue in office as auditor and a resolution to reappoint them will be proposed at the 
forthcoming Annual General Meeting.
In the case of each of the persons who are directors of the company at the date when this report was approved:
	
●
so far as each director is aware, there is no relevant audit information of which the company’s auditor is unaware; and
	
●
the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant 
audit information and to establish that the company’s auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Signed on behalf of the Board:
JJ Murray
Executive Chairman
11 May 2026
Unit 601, Axcess 10 Business Park 
Bentley Road South 
Wednesbury 
WS10 8LQ
31
Governance

Chairmen
JJ Murray MBA – Executive Chairman
Age 59. Chairman of the Remuneration Committee. 
Executive Chairman of London Security plc, LS UK 
Fire Group Limited and Ansul S.A.
JP Murray – Non-Executive Vice Chairman
Age 57. Non-executive Vice Chairman of London 
Security plc. 
Executive director
CD Webb
Age 59. Managing Director. Industry specialist, having 
managed the group’s UK hire and sales business for 
the last 20 years. Appointed Group Managing Director 
on 5 March 2021.
Non-executive directors
AJ Kitchingman FCA
Age 61. Appointed senior independent non-executive 
director on 10 July 2018. Chairman of the Audit 
Committee and member of the Remuneration 
Committee. Chairman of Mpac Group plc and HC 
Slingsby plc. Non-executive director of London 
Security plc.
MC Leon BS
Age 62. Non-executive director of London 
Security plc.
X Mignolet (HEC-Economics)
Age 61. Director of London Security plc, Ansul S.A. 
and Importex S.A. Member of the Audit Committee.
EDOA Sebag MBA
Age 58. Director of London Security plc and LS UK 
Fire Group Limited. Member of the Remuneration 
Committee.
Company Secretary
IS Poole FCA
Appointed Company Secretary on 25 June 2021.  
Group Chief Financial Officer.
Registered Office and Company Number
Unit 601, Axcess 10 Business Park 
Bentley Road South 
Wednesbury 
West Midlands 
WS10 8LQ 
Company number: 00175912
Registrar
Equiniti Limited 
Highdown House 
Yeoman Way 
Worthing 
West Sussex 
BN99 3HH
Nominated Adviser
Houlihan Lokey UK Limited 
1 Curzon Street 
London 
W1J 5HD
Stockbroker 
Zeus Capital Limited 
82 King Street 
Manchester 
M2 4WQ
Auditor 
Crowe U.K. LLP 
Black Country House 
Rounds Green Road 
Oldbury 
B69 2DG
Bankers
HSBC plc 
Level 9, 1 Centenary Square 
Birmingham  
B1 1HQ
32
Directors and Advisers

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and 
regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have to 
prepare the group financial statements in accordance with UK-adopted international accounting standards and the parts of the 
Companies Act 2006 that apply to companies applying UK-adopted international accounting standards and have elected to prepare 
the company financial statements in accordance with UK Generally Accepted Accounting Practice (UK Accounting Standards and 
applicable law, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’). Under company 
law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state 
of affairs and profit or loss of the company and group for that period. In preparing these financial statements, the directors are 
required to:
	
●
select suitable accounting policies and then apply them consistently;
	
●
make judgements and accounting estimates that are reasonable and prudent;
	
●
for the group financial statements, state whether applicable UK-adopted international accounting standards and the parts of the 
Companies Act 2006 that apply to companies applying UK-adopted international accounting standards have been followed, subject 
to any material departures disclosed and explained in the financial statements;
	
●
for the company financial statements, state whether applicable UK Accounting Standards have been followed, subject to any 
material departures disclosed and explained in the financial statements;
	
●
prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the company will continue 
in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s 
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that 
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company 
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s 
website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other 
jurisdictions. 
33
Governance
Statement of Directors’ 
Responsibilities in Respect  
of the Annual Report and 
Financial Statements

Opinion
We have audited the financial statements of Andrews Sykes Group plc (the “Company”) and its subsidiaries (the “Group”) for the year 
ended 31 December 2025, which comprise:
	
●
the Consolidated income statement for the year ended 31 December 2025;
	
●
the Consolidated statement of comprehensive income for the year ended 31 December 2025;
	
●
the Consolidated and Company balance sheets as at 31 December 2025;
	
●
the Consolidated cash flow statement for the year then ended;
	
●
the Consolidated and Company statements of changes in equity for the year then ended; and
	
●
the notes to the financial statements, including material accounting policies.
The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law  
and UK-adopted international accounting standards. The financial reporting framework that has been applied in the preparation  
of the Company financial statements is applicable law and United Kingdom Accounting Standards, including Financial Reporting 
Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted 
Accounting Practice).
In our opinion:
	
●
the financial statements give a true and fair view of the state of the Group’s and of the Company’s affairs as at 31 December 2025 
and of the Group’s profit for the year then ended;
	
●
the Group financial statements have been properly prepared in accordance with UK-adopted international accounting standards; 
	
●
the Parent Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted 
Accounting Practice; and
	
●
The financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our 
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements 
section of our report. We are independent of the Group and the Company in accordance with the ethical requirements that are 
relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and we 
have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the 
preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Group’s and Company’s 
ability to continue to adopt the going concern basis of accounting included:
	
●
Reviewing the Directors’ going concern paper and cash flow projections supporting their going concern assumptions and agreeing 
the assessment period is appropriate;
	
●
Checked the numerical accuracy of the cash flow projections;
	
●
Evaluating and assessing the historical accuracy of management’s past projections;
	
●
Discussing with management the assumptions applied in the going concern review so we could understand and challenge the 
rationale for those assumptions using our knowledge of the business, including downside sensitivities of reduced sales volumes 
and increased costs. We have also compared the assumptions in their projections to post-year end performance;
	
●
Considering potential mitigating actions available to the Group that are achievable and within management’s control, to determine 
if there are any additional factors that could alter the cash flow projections that management can influence
34
Independent Auditor’s Report  
to the Members of Andrews 
Sykes Group plc 

	
●
Reviewing the availability of facilities and cash reserves in the context of both the financial projections and downside scenarios;
	
●
Making enquiries of the Directors as to their knowledge of events or conditions beyond the period of their assessment that may 
cast significant doubt on the entity’s ability to continue as a going concern.
	
●
Assessing the Group’s post year end performance;
	
●
Reviewing the disclosures made in the financial statements relating to going concern and agreeing it is consistent with 
management’s assessment.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, 
individually or collectively, may cast significant doubt on the Group’s and Company’s ability to continue as a going concern for a period 
of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of 
this report.
Overview of our audit approach
Materiality
In planning and performing our audit we applied the concept of materiality. An item is considered material if it could reasonably be 
expected to change the economic decisions of a user of the financial statements. We used the concept of materiality to both focus our 
testing and to evaluate the impact of misstatements identified.
Materiality
Financial Statements - Group
Financial Statements - Company
Overall materiality
£1,200,000
(2024: £1,250,000)
£1,080,000
(2024: £857,000)
How we 
determined it
5% of Group Profit Before Tax
2% of total assets capped at 90%  
of Group materiality
Rationale for 
benchmark applied
In determining materiality, we considered both profit before tax 
and revenue as the acceptable benchmarks. We considered profit 
before tax to be an appropriate benchmark as it is one of the key 
metrics for investors and is used by the Board in measuring the 
Group’s financial performance. We considered total revenue to 
be appropriate given the focus of investors on revenues and top 
line growth. This provided a wide range of acceptable materiality 
levels. In our judgement, the Group is currently experiencing stable 
revenues, with fluctuations in individual locations but not across the 
Group, and their operations remain largely consistent year on year. 
We therefore consider PBT to remain an appropriate benchmark 
to use.
We believe that total assets is 
the primary measure used by the 
shareholders in assessing the 
performance of the Company, and 
is a generally accepted benchmark. 
The value is capped for the purpose 
of the Group audit with reference to 
Group materiality.
We use a different level of materiality (‘performance materiality’) to determine the extent of our testing for the audit of the financial 
statements. Performance materiality is set based on the audit materiality as adjusted for the judgements made as to the entity risk 
and our evaluation of the specific risk of each audit area having regard to the internal control environment. This is set at £845,000 
(2024: £875,000) for the Group and £756,000 (2024: £600,000) for the Parent.
Where considered appropriate performance materiality may be reduced to a lower level, such as, for related party transactions and 
Directors’ remuneration.
We agreed with the Audit Committee to report to it all identified errors in excess of £60,000 (2024: £63,000) for the Group and 
£54,000 (2024: £42,850) for the Parent . Errors below that threshold would also be reported to it if, in our opinion as auditor, 
disclosure was required on qualitative grounds.
35
Governance

Overview of the scope of our audit
We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial 
statements as a whole. We used the outputs of our risk assessment, our understanding of the Group and the Parent Company, their 
environment, controls, and critical business processes, to consider qualitative factors to ensure that we obtained sufficient coverage 
across all financial statement line items. 
The Group’s financial statements are a consolidation of reporting units, being holding companies, intermediate holding companies and 
operating companies, across 10 countries. Two countries, being the UK and Netherlands, account for over 70% of the Group’s PBT. We 
accordingly focused our work on these three components, two of which were UK-based, which were subject to full scope audits of their 
revenue and expenses. In addition, to increase our coverage of the Group’s PBT, we performed audit procedures on an additional three 
reporting units located in the UAE, Italy and Belgium. All these components accounted for 87% of the Group’s PBT. 
A further three components were subject to Group audit risk assessment processes to identify specific material balances, disclosures 
and other specific audit areas requiring further testing to be performed by the Group audit team.
Our group audit scope included an audit of the Group and the company financial statements. Based on our risk assessment, two 
components including the Company were subject to full scope audit performed by the Group audit team. Under the direction and 
oversight of the group audit partner, one component within the UAE was audited by a member firm of the Crowe Global network who 
undertook specified audit procedures for this component. The other component was the main UK trading entity, audited by the same 
audit team as the Group. 
Where work was performed by component auditors, we determined the level of involvement we needed to have in the audit work 
at those reporting units to be able to conclude whether sufficient appropriate audit evidence had been obtained as a basis for our 
opinion on the Group’s financial statements as a whole. During the audit, senior members of the Group team held several meetings 
with the component team and reviewed the work performed by these teams over those areas of higher audit risk. 
Additionally, the Group audit team also tested the consolidation process and carried out analytical procedures to confirm our 
conclusion that there were no significant risks of material misstatement of the aggregated financial information. 
Andrews Sykes Group plc (the Company) was in full scope and the audit procedures over the Company’s transactions and balances 
were performed by the Group audit team. The Company’s material financial statement line items which were in scope for the 
Group audit are other intangible assets, dividends, cash and cash equivalents and other payables. The Company is also audited on 
a standalone basis, and hence, testing has been performed on all material financial statement line items included in the Company 
standalone financial statements.
36
Independent Auditor’s Report  
to the Members of Andrews 
Sykes Group plc  (continued)

Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial 
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to 
fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of 
resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit 
of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
Key audit matter
How the scope of our audit addressed the key audit matter
Useful economic lives of Hire Fleet Assets, 
note 12 
Property, plant and equipment is depreciated 
over the economic lives of the assets. 
Useful economic lives (UELs) are based on 
management’s estimates of the period that the 
assets will generate revenue, which are reviewed 
annually for continued appropriateness. 
This estimation impacts the depreciation 
expense recorded in the financial statements 
and the carrying value of these assets.
There are several points of judgement that 
management apply when setting the UELs 
and notably, due to various factors, there are 
a significant amount of hire assets held on the 
balance sheet at nil net book value but which are 
still generating revenue when required.
	
●
Performed a substantive analytical review over depreciation charges in the 
year to assess whether the depreciation rates have been correctly applied in 
accordance with the policies 
	
●
Challenged management’s assessment of useful economic lives by reviewing 
the fixed asset register for fully depreciated assets. Where assets were 
identified to still be held in reserve confirmed via testing that this is 
appropriate by reference to hire records
	
●
Verified the existence and condition of assets to determine if UEL life  
is appropriate 
	
●
Review industry data to benchmark the UEL
	
●
Reviewed accounting policies to determine if such policies align with 
accounting standards and these have been consistently applied across 
periods and similar asset classes.
	
●
Reviewed fixed asset register to identify useful life assigned to each asset
	
●
Checked for unusual or inconsistent useful life periods
	
●
Considered whether assets are impaired, and impairment testing has been 
performed in accordance with IAS 36. Reviewed the effect of impairment on 
the expected useful life of the assets.
Our audit procedures in relation to these matters were designed in the context of our audit opinion as a whole. They were not 
designed to enable us to express an opinion on these matters individually and we express no such opinion.
Other information
The Directors are responsible for the other information contained within the annual report. The other information comprises the 
information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the 
financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not 
express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent 
with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify 
such material inconsistencies or material misstatements, we are required to determine whether this gives rise to a material 
misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material 
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken during our audit,
	
●
The information given in the strategic report and the Directors’ report for the financial year for which the financial statements are 
prepared is consistent with the financial statements; and
	
●
The strategic report and Directors’ report have been prepared in accordance with applicable legal requirements.
37
Governance

Matters on which we are required to report by exception
In light of the knowledge and understanding of the Group and the Company and their environment obtained in the course of the audit, 
we have not identified material misstatements in the strategic report or the Directors’ report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if,  
in our opinion:
	
●
adequate accounting records have not been kept by the Parent company, or returns adequate for our audit have not been received 
from branches not visited by us; or
	
●
the Parent company financial statements are not in agreement with the accounting records and returns; or
	
●
certain disclosures of Directors’ remuneration specified by law are not made; or
	
●
we have not received all the information and explanations we require for our audit.
Responsibilities of the Directors for the financial statements
As explained more fully in the Directors’ responsibilities statement set out on page 33, the Directors are responsible for the 
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 
Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether 
due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and Parent Company’s ability to continue 
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless 
the Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but 
to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a 
high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the 
aggregate, they could reasonably be expected to influence the economic decisions of users taken based on these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our 
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our 
procedures can detect irregularities, including fraud is detailed below:
	
●
Based on our understanding of the Group and the Parent company, and the industry in which they operate, we considered non-
compliance with the following laws and regulations to potentially have a material effect on the financial statements: compliance 
with AIM rules for companies, employment regulation, health and safety regulation and anti-money laundering regulation. 
	
●
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax 
legislation, pension legislation, the Companies Act 2006. 
	
●
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of 
material misstatement in respect to non-compliance, our procedures included, but were not limited to: 
	
O
Gaining an understanding of the legal and regulatory framework applicable to the Group and the Parent company, the 
industry in which they operate, and the structure of the Group, and considering the risk of acts by the Group and the 
company which were contrary to the applicable laws and regulations, including fraud. 
	
O
Inquiring of the financial Directors, management and, where appropriate, those charged with governance, as to whether 
the Group and the Parent company comply with laws and regulations. We also discussed their policies and procedures 
regarding compliance with laws and regulations. 
	
O
Reviewing minutes of Directors’ meetings in the year, and until the date of this audit report; and 
	
O
Discussing the laws and regulations listed above amongst the engagement team and remaining alert to any indications of 
non-compliance. 
38
Independent Auditor’s Report  
to the Members of Andrews 
Sykes Group plc  (continued)

	
●
In addition, we evaluated the Directors’ and management’s incentives and opportunities for fraudulent manipulation of the 
financial statements. This included the risk of management override of controls. We determined that the principal risks related 
to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions 
in significant accounting estimates, in revenue recognition (which we pinpointed to the cut-off assertion) and manipulation of the 
Useful Economic Lives of assets, and significant one-off or unusual transactions.
	
●
Making enquiries of both the financial and non-financial Directors and management on whether they had knowledge of any actual, 
suspected or alleged fraud. 
	
●
Gaining an understanding of the internal controls management have established to mitigate fraud risks.
	
●
Discussing the risks of fraud amongst the engagement team. 
	
●
Addressing the risks of fraud through management override of controls by performing journal entry testing. 
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection 
of irregularities, including fraud, rests with both those charged with governance and management. As with any audit, there remained 
a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the 
override of internal controls. 
The risks of material misstatement that had the greatest effect on our audit are discussed in the “Key audit matters” section of  
this report. 
A further description of our responsibilities is available on the Financial Reporting Council’s website at:  
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 
Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them 
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 
anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we  
have formed.
Mark Evans
(Senior Statutory Auditor)
for and on behalf of 
Crowe U.K. LLP 
Statutory Auditor 
Black Country House 
Rounds Green Road 
Oldbury 
B69 2DG
11 May 2026
39
Governance

Note
Year
ended
31 December
2025
£'000
Year
ended
31 December
2024
£'000
Continuing operations
Revenue
4
76,500
 75,942 
Cost of sales
(27,613) 
  (26,743) 
Gross profit
48,887
 49,199 
Distribution costs
(13,270) 
  (11,335) 
Administrative expenses
(12,160) 
  (14,677) 
Operating profit
23,457
 23,187 
Adjusted EBITDA*
30,156
 30,933 
Depreciation
(5,680) 
  (5,968) 
Depreciation of right-of-use assets
(3,269) 
  (2,929) 
Profit on the sale of plant and equipment
768
 869 
Profit on the sale of land and buildings
1,073
–
Profit on the sale of right-of-use assets
409
 282 
Operating profit
23,457 
 23,187 
Finance income
6
983
 1,060 
Finance costs
7
(1,013) 
  (1,060) 
Profit before tax 
8
23,427
 23,187 
Tax expense
10
(5,342)
  (6,389) 
Profit for the year attributable to equity holders of the parent company
18,085
 16,798 
There were no discontinued operations in either of the above periods.
Earnings per share from continuing and total operations: 
basic (pence)
11
43.20p
40.13p
diluted (pence)
11
43.20p
40.13p
Interim, final dividends paid per equity share (pence)
30
25.90p
25.90p
Proposed final dividend per equity share (pence)
30
14.00p
14.00p
*	 Earnings before interest, taxation, depreciation, profit on sale of land and buildings and plant and equipment, amortisation and other gains and losses.
40
Consolidated Income Statement
For the year ended 31 December 2025

Note
Year ended
31 December
2025
£'000
Year ended
31 December
2024
£'000
Profit for the year
18,085
16,798
Other comprehensive income
Currency translation differences on foreign operations
403
(464) 
Net other comprehensive income/(expense) that may be recycled to profit and loss
403
(464)
Remeasurement of defined benefit pension assets and liabilities
16
(396)
(49)
Related asset restriction 
101
275
Net other comprehensive (expense)/income that will not be recycled to profit and loss
(295)
226
Other comprehensive income/(expense) for the year net of tax
108
(238)
Total comprehensive income for the period attributable  
to equity holders of the parent company
18,193
16,560
41
Financials
Consolidated Statement of 
Comprehensive Income
For the year ended 31 December 2025

Note
31 December 
2025 
£'000
31 December 
2024 
£'000
Non-current assets
Property, plant and equipment
12
 21,595 
 19,403 
Right-of-use assets
13
 14,239 
 14,874 
Retirement benefit pension surplus
16
 1,486 
 1,786 
 37,320 
 36,063 
Current assets
Stock
17
 3,780 
 2,394 
Trade and other receivables
18
 17,315 
 17,888 
Current tax assets
19
 584 
 769 
Cash and cash equivalents
20
 28,386 
 23,181 
50,065
 44,232 
Total assets
87,385
 80,295 
Current liabilities
Trade and other payables
21
 15,590 
 15,865 
Current tax liabilities
22
 679 
 471 
Right-of-use lease obligations
23
 2,885 
 2,556 
 19,154 
 18,892 
Non-current liabilities
Deferred tax liabilities
15
 296 
 185 
Right-of-use lease obligations
23
 12,328 
 13,473 
Provisions
24
 2,070 
 1,560 
 14,694 
 15,218 
Total liabilities
33,848
 34,110 
Net assets
53,537
 46,185 
Capital and reserves
Share capital
25
 419 
 419 
Share premium
 13 
 13 
Retained earnings
49,180
 42,231 
Translation reserve
 3,676 
 3,273 
Other reserve
 249 
 249 
Total equity
53,537
 46,185 
These consolidated financial statements of Andrews Sykes Group plc, company number 00175912, were approved and authorised for 
issue by the Board of directors on 11 May 2026 and were signed on its behalf by:
JJ Murray
Executive Chairman
42
Consolidated Balance Sheet
At 31 December 2025

Note
Year ended
31 December
2025
£'000
Year ended
31 December
2024
£'000
Operating activities
Profit for the year after tax
18,085
 16,798 
Adjustments to reconcile profit for the year to net cash inflow from operating activities:
Taxation charge
10
 5,342 
 6,389 
Finance costs
7
 1,013 
 1,060 
Finance income
6
 (983) 
 (1,060) 
Profit on sale of plant and equipment
8
 (768) 
 (869) 
Profit on sale of property
8
  (1,073) 
–
Profit on disposal of right-of-use assets
8
  (409) 
  (282) 
Depreciation of property, plant and equipment
12
 5,680 
 5,968 
Depreciation of right-of-use assets
13
 3,269 
 2,929 
Difference between pension contributions paid and  
amounts recognised in the Consolidated Income Statement
16
 131 
166
Movements in stocks
17
  (2,277) 
  (1,196) 
Decrease in receivables
18
 906 
 901 
Decrease in payables
21
  (707) 
  (1,541) 
Movement in provisions
24
 485 
  (1,310) 
Cash inflow from continuing operations
 28,694 
 27,953 
Interest paid
7
  (1,013) 
  (1,015) 
Corporation tax paid
  (4,838) 
  (6,615) 
Net cash inflow from operating activities
22,843
 20,323 
Investing activities
Disposal of plant and equipment
 1,044 
 1,162 
Disposal of property
 1,255 
–
Purchase of property, plant and equipment
  (7,279) 
  (5,387) 
Interest received excluding foreign exchange gains
6
 830 
 952 
Net cash outflow from investing activities
(4,150)
  (3,273) 
Financing activities
Capital repayments for right-of-use lease obligations
  (3,053) 
  (2,920) 
Equity dividends paid
30
  (10,841) 
  (10,841) 
Net cash outflow from financing activities
(13,894)
  (13,761) 
Net increase in cash and cash equivalents
4,799
 3,289 
Cash and cash equivalents at the start of the year
 23,181 
 19,967 
Effect of foreign exchange rate changes
 406 
  (75) 
Cash and cash equivalents at the end of the year
20
28,386
 23,181 
43
Financials
Consolidated Cash Flow Statement
For the year ended 31 December 2025

Share 
capital
£’000
Share
premium
account
£’000
Retained
earnings
£’000
Translation
reserve
£’000
Capital
redemption
reserve
£’000
UAE legal
reserve
£’000
Netherlands
legal 
reserve
£’000
Attributable to 
equity holders
of the parent
£’000
Balance at  
31 December 2023
 419 
 13 
 36,048 
3,737
161
79
9
40,466
Profit for the year
–
–
 16,798
–
–
–
–
 16,798
Other comprehensive 
income/(expense) for the 
year net of tax 
–
–
226
(464)
–
–
–
(238)
Total comprehensive 
income/(expense)
–
–
17,024
(464)
–
–
–
16,560
Dividends paid*
–
–
  (10,841)
–
–
–
–
  (10,841)
Total of transactions  
with shareholders
–
–
  (10,841)
–
–
–
–
  (10,841) 
Balance at  
31 December 2024
 419 
 13 
 42,231 
3,273
161
79
9
46,185
Profit for the year
–
–
18,805
–
–
–
–
18,805
Other comprehensive 
(expense)/income for the 
year net of tax 
–
–
(295)
403
–
–
–
108
Total comprehensive income
–
–
17,790
403
–
–
–
18,193
Dividends paid*
–
–
  (10,841) 
–
–
–
–
  (10,841)
Total of transactions  
with shareholders
–
–
  (10,841)
–
–
–
–
  (10,841)
Balance at  
31 December 2025
 419 
 13 
49,180
3,676
161
79
9
53,537
*	 See note 30 for further details.
Share premium account
The share premium account balance includes the proceeds that were above the nominal value from issuance of the company’s equity 
share capital comprising 1p shares.
Retained earnings
Retained earnings include the accumulated profits and losses arising from the Consolidated Income Statement and items from the 
Consolidated Statement of Comprehensive Income attributable to equity shareholders, less distributions to shareholders.
Translation reserve
The translation reserve represents the cumulative translation differences on the foreign currency net investments held at the year 
end since the date of transition to IFRS.
Capital redemption reserve
The capital redemption reserve has arisen on the cancellation of previously issued shares and represents the nominal value of those 
shares cancelled.
UAE legal reserve
Local legislation in the United Arab Emirates requires Khansaheb Sykes LLC to maintain a non-distributable reserve equal to 50% of 
its share capital.
Netherlands legal reserve
The Netherlands legal reserve represents the required minimum aggregate share capital and capital reserve needed to be retained 
under Dutch law by Andrews Sykes BV.
44
Consolidated Statement of 
Changes in Equity
For the year ended 31 December 2025

1 General information
Legal status and country of incorporation
Andrews Sykes Group plc, company number 00175912, is a public company limited by shares incorporated in England and Wales. 
The Andrews Sykes Group is one of the market leaders in the rental of specialist hire equipment, offering bespoke solutions to our 
customers for their temporary or emergency needs. Our product range includes pumping equipment, air conditioning, chillers, 
heaters, boilers, dehumidifiers and ventilation units. The address of the registered office is Unit 601, Axcess 10 Business Park, Bentley 
Road South, Wednesbury, West Midlands, WS10 8LQ.
Basis of preparation
These financial statements have been prepared in accordance with UK-adopted international accounting standards and the parts 
of the Companies Act 2006 that apply to companies applying UK-adopted international accounting standards. Therefore, the group 
financial statements comply with the “AIM Rules for Companies”.
The accounts are presented on the historical cost basis of accounting, except for:
(a)	Properties held at the date of transition to IFRS that are stated at deemed cost;
(b)	Pension scheme assets and liabilities calculated at fair value in accordance with IAS 19.
Going concern
The Board remains satisfied with the group’s funding and liquidity position and have no external loans in place. The group continues to 
make payments to suppliers in accordance with agreed terms and all fiscal payments to the UK and overseas government bodies have 
been and will continue to be made on time. 
The directors are required to consider the application of the going concern concept when approving financial statements. The 
principal element required to meet the test is sufficient liquidity for a period from the end of the year until at least 12 months 
subsequent to the date of approving the accounts. Management has prepared a detailed “bottom-up” budget, including profit and loss 
and cash flow for the financial year ending 31 December 2026 and has extrapolated this forward until the end of May 2027 in order to 
form a view of an expected trading and cash position for the required period. This base-level forecast fully incorporates management’s 
expectations around the performance of the group and was prepared on a cautiously realistic basis. This forecast takes into account 
specific factors relevant in each of our businesses. These 2026 forecasts have been reviewed and approved by the Board.
Whilst profitability and cash flow performance to the end of March 2026 has been close to expectation, in order to further assess 
the company’s ability to continue to trade as a going concern, management have performed an exercise to assess a reasonable but 
plausible downside scenario and the impact of this on profit and cash. For the purposes of the cash forecast, the below assumptions 
have been incorporated into this forecast:
	
●
Normal level of dividends will be maintained during the 12 months subsequent to the date of approving the accounts;
	
●
No new external funding sought;
	
●
Hire turnover and product sales reduced by 23% versus budget – a variance level seen across any individual product class for 2025 
and 2026 actual results versus budgets; 
	
●
All overheads continue at the base forecast level apart from overtime and commission and repairs and marketing, which are 
reduced by 25% and travel costs reduced by 12.5%;
	
●
All current vacancies are filled immediately; and
	
●
Capital expenditure is reduced by 25%.
The above factors have all been reflected in the forecast for the period ending 12 months subsequent to the date of approving the 
accounts. The Board consider this scenario to be extremely unlikely. The headline numbers at a group level would be:
	
●
Group turnover for the 12 months ending 31 December 2026 is forecast to be adverse to the 31 December 2025 figures. Operating 
profit is below the profit for 2025.
	
●
Closing net funds as at the end of May 2027 are forecast to be comparable to the level reported at 31 December 2025.
Under this reasonable but plausible downside scenario, the group has sufficient net funds throughout 2026 and up to the end of May 
2027, to continue to operate as a going concern.
45
Financials
Group Accounting Policies
For the 12 months ended 31 December 2025

A final sensitivity analysis was performed in order to assess by how much group turnover could fall before further external financing 
would need to be sought. Under this scenario it was assumed that:
	
●
Capital expenditure falls proportionately to turnover;
	
●
Temporary staff are removed from the group; and
	
●
Various overheads decrease proportionately with turnover. 
Given these assumptions, and for modelling purposes only, assuming dividends are maintained at normal levels, group turnover could 
fall to below £40 million on an annualised basis without any liquidity concerns. Due to the level of confidence the Board has in the 
future trading performance of the group, this scenario is considered highly unlikely to occur.
The group has considerable financial resources and a wide operational base. Based on the detailed forecast prepared by management, 
the Board has a reasonable expectation that the group has adequate resources and management experience to continue to trade for 
the foreseeable future, at least 12 months from the date of approving these financial statements, even in the reasonable but plausible 
downside scenario identified by the group. Management have also considered the risks previously identified around climate change 
and their potential impact on the forecasts produced and have not identified any significant risks that impact the going concern 
assumption. Accordingly, the Board continues to adopt the going concern basis when preparing this Annual Report and financial 
statements.
Functional and presentational currency
The individual financial statements of each group entity are presented in the currency of the primary economic environment in 
which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial 
position of each entity are expressed in Sterling, which is the functional currency of the company, and the presentation currency for 
the consolidated financial statements. Foreign operations are included in accordance with the accounting policy as set out in note 2.
Adoption of International Financial Reporting Standards (IFRS)
On 1 January 2006, the group adopted IFRS for the first time when advantage was taken of the following exemptions as permitted by 
IFRS 1:
	
●
The requirements of IFRS 3 Business Combinations were not applied to business combinations that occurred before the date of 
transition to IFRS; and
	
●
The carrying values of freehold and leasehold properties are based on previously adopted UK GAAP valuations and these were 
taken as deemed cost on transition to IFRS.
IFRS has only been applied to the group’s consolidated financial statements. The parent company’s financial statements, which are set 
out on pages 78 to 86, have been prepared in accordance with FRS 102 and the Companies Act 2006. The UK subsidiaries’ company 
financial statements will also be prepared in accordance with FRS 102 and the Companies Act 2006. Advantage will continue to be 
taken, where applicable, of the reduced disclosure framework, as set out in paragraph 1.12 of FRS 102.
International Financial Reporting Standards (IFRS) adopted for the first time in 2025
There were no new standards or amendments to standards adopted for the first time this year that had a material impact on the 
results of the group. The prior year comparatives have not been restated for any changes in accounting policies that were required 
due to the adoption of new standards this year.
Future adoption of International Financial Reporting Standards
At the date of authorisation of these financial statements, management are not aware of any new UK-adopted international 
accounting standards which would have a material impact on the group’s financial statements.
2 Material accounting policies
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company (its 
subsidiaries) made up to 31 December 2025. Control is achieved when the investor is exposed, or has rights, to variable returns from 
its involvement with the investee and has the ability to affect those returns through its power over the investee.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with 
those used by the group.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
1 General information continued
46
Group Accounting Policies
For the 12 months ended 31 December 2025 (continued)

Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the acquisition method. The assets, liabilities and contingent liabilities that meet 
the conditions for recognition under IFRS 3 are recognised at their fair value at their acquisition. Any excess of the cost over the asset 
valuation as calculated above is recognised as goodwill.
In accordance with the options that were available under IFRS 1 on transition to IFRS, the group elected not to apply IFRS 3 
retrospectively to past business combinations that occurred before 1 January 2006, the date of transition to IFRS. Accordingly, 
goodwill amounting to £37,206,000 that had previously been offset against reserves under UK GAAP was not recognised in the 
opening IFRS balance sheet.
Property, plant and equipment
Additions to property, plant and equipment are stated at purchase cost including directly attributable costs. The group does not have 
a revaluation policy. 
Freehold land is not depreciated. Depreciation of other property, plant and equipment is provided on a straight-line basis and charged 
to cost of sales and administrative expenses in the income statement using rates calculated to write down the cost of each asset to its 
estimated residual value over its estimated useful life as follows:
Property:
Freehold and long leasehold buildings
2%
Short leasehold buildings
Period of lease
Equipment for hire:
Heating, air conditioning and other environmental control equipment
14% to 33%
Pumping equipment
10% to 33%
Accesssories
33%
Motor vehicles
20% to 25%
Plant and machinery
7.5% to 33%
Annual reviews are made of estimated useful lives and material residual values.
More substantial repairs, such as replacement parts, are capitalised, with the replaced asset also removed from the fixed asset 
register.
Profit on the sale of plant and equipment is credited within operating profit. Profit on the sale of plant and equipment are ad-hoc 
transactions and do not constitute a separate line of business.
Leased assets
Lessor accounting
The group does not hold any assets for hire under finance leases.
Assets held for hiring to customers under operating leases are recorded as hire fleet assets within property, plant and equipment 
and are depreciated over their useful lives to their estimated residual value. The group does not have any material non-cancellable 
operating leases. Further detail has been disclosed in the revenue note on page 53.
Lessee accounting
All leases, other than those of a short-term nature, are capitalised and included on the balance sheet as a right-of-use asset and a 
right-of use lease obligation. The amount capitalised is the net present value of the future expected minimum capital payments under 
the group’s lease obligations discounted at the group’s incremental borrowing rates. The right-of-use assets are then depreciated over 
the term of the lease. Interest is charged to the income statement and is calculated based on the incremental borrowing rate. 
For short-term leases, as defined by IFRS 16, lease payments are charged as an expense in the income statement on a straight-line 
basis over the lease term. This accounting policy applies for non-capital payments under all leases, for example, maintenance costs on 
vehicles. The commitments for such leases continue to be disclosed as operating lease obligations in note 28.
As permitted by IFRS 1 at the date of transition to IFRS, the carrying value of long leasehold properties is based on the previous UK 
GAAP valuations adopted in 1998 and this has been taken as deemed cost. 
2 Material accounting policies continued
47
Financials

Impairment of non-financial assets
Property, plant and equipment are assessed for impairment when events or changes in circumstances indicate that the carrying 
amount may not be recovered. If there are such indications then a test is performed on the asset affected to assess its recoverable 
amount against carrying value.
An impaired asset is written down to the higher of value in use and its fair value less costs to sell.
Deferred and current taxation
The charge for taxation is based on the taxable profit or loss for the period and takes into account taxation deferred because of 
differences between the treatment of certain items for taxation and for accounting purposes. Full provision is made for the tax effects 
of these differences.
Current income tax assets or liabilities comprise those claims from, or obligations to, fiscal authorities relating to current or prior 
periods that are unpaid at the balance sheet date. They are calculated according to the tax rates and tax laws applicable to fiscal 
periods to which they relate based on the taxable profit for the year.
Deferred tax is calculated using the liability method on temporary differences. This involves the comparison of the carrying amount of 
assets and liabilities in the consolidated financial statements with their respective tax bases. Deferred tax is provided on the difference 
between the carrying value of the right-of-use asset and the associated lease liability, and their respective tax bases, both calculated 
in accordance with IFRS 16. 
The carrying amount of deferred tax assets is reviewed at each balance sheet date to ensure that it is probable that sufficient taxable 
profits will be available to allow the asset to be recovered. Assets and liabilities, in respect of both deferred and current tax, are only 
offset when there is a legally enforceable right to offset and the assets and liabilities relate to taxes levied by the same taxation 
authority.
Deferred and current tax are charged or credited in the income statement, except when they relate to items charged directly to equity, 
in which case the associated tax is also dealt with in equity.
Stocks
Stocks are valued at the lower of cost of purchase and net realisable value on a first-in-first-out basis. Cost comprises actual purchase 
price and, where applicable, associated direct costs incurred bringing the stock to its present location and condition. Net realisable 
value is based on estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made 
for obsolete, slow-moving or defective items where appropriate. Items of stock are periodically capitalised to property, plant and 
equipment and added to the hire fleet for rental out to external customers. These items of stock are transferred at cost price and 
capitalised within property, plant and equipment.
Financial instruments
Recognition criteria, classification and initial carrying value
Financial assets and financial liabilities are recognised on the consolidated balance sheet when the group becomes a party to the 
contractual provisions of the instrument.
Financial assets are recognised and derecognised on a trade date where the purchase or sale of an asset is under a contract whose 
terms require delivery of the investment within the time frame established by the market concerned. Financial assets are classified as 
“assets at amortised cost, assets at fair value through profit or loss and fair value through other comprehensive income”, depending 
upon the nature and purpose of the financial asset. The classification is determined at the time of the initial recognition.
Financial assets are generally classified as assets held at amortised cost and are initially measured at fair value including transaction 
costs incurred. No financial assets are currently classified as assets measured at fair value through profit or loss or at fair value 
through other comprehensive income. The categories of financial assets are trade receivables, other receivables and cash.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 
An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. 
Financial liabilities are normally classified as “other financial liabilities” and are initially measured at fair value, normally cost, net of 
transaction costs. There are currently no financial liabilities held at “fair value through profit or loss”.
2 Material accounting policies continued
48
Group Accounting Policies
For the year ended 31 December 2025 (continued)

Assets held at amortised cost
Trade receivables are recognised as transaction price on initial recognition. Loans and other receivables (including cash held on ring-
fenced deposit accounts) are measured on initial recognition at fair value and, except for short-term receivables where the recognition 
of interest would be immaterial, are subsequently remeasured at amortised cost using the effective interest rate method as reduced 
by appropriate allowances for estimated irrecoverable amounts.
The group makes use of a simplified approach in accounting for the expected credit losses on trade and other receivables and 
records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering 
the potential for default at any point during the life of the financial instrument. The group uses its historical experience, external 
indicators and forward-looking information to calculate the expected credit loss using a provision matrix.
The group assesses impairment of trade receivables on a collective basis as they possess shared credit risk characteristics and they 
have been grouped based on the number of days overdue. See note 18 for an analysis of how the impairment requirements of IFRS 9 
are applied.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, cash at bank and short-term highly liquid investments that are readily convertible 
into known amounts of cash within three months from the date of initial acquisition with an insignificant risk of a change in value. 
Other financial liabilities
Other financial liabilities, including trade payables, are measured on initial recognition at fair value and, except for short-term payables 
where the recognition of interest would be immaterial, are subsequently remeasured at amortised cost using the effective interest 
rate method. 
Retirement benefit costs
Defined benefit scheme
As disclosed in note 16, the group previously operated a defined benefit pension scheme for the majority of its employees. This 
scheme was closed to new entrants and all existing members became deferred members on 29 December 2002.
Interest income on pension assets less interest on pension scheme liabilities is shown within finance income. The rate used to 
calculate the expected return on pension assets is capped at a rate equivalent to the rate used to discount the scheme’s liabilities. 
Settlement gains and losses and pension scheme administration expenses are also included within the income statement, either within 
administration expenses or as part of a separate disclosure where material. Actuarial remeasurement gains and losses are recognised 
immediately in other comprehensive income.
The defined benefit scheme is funded with the assets of the scheme held separately in trustee administered funds. Pension scheme 
assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted 
at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the scheme 
liabilities. Full actuarial valuations are obtained triennially and are updated at each balance sheet date in accordance with IAS 19 
(2011). 
Net defined benefit pension scheme surpluses are presented separately on the balance sheet within non-current assets respectively 
after the withholding tax applicable to pension scheme surpluses in the UK of 25% has been included against them. An asset 
restriction is applied to the associated defined benefit surplus as it is expected that the defined benefit scheme would deduct 
withholding tax from any surplus before a net surplus is returned to the company. No deferred taxation is recognised for the timing 
difference on actuarial movements on the basis that the net surplus is expected to be recovered by way of a refund on wind-up. Net 
defined benefit pension scheme surpluses are only recognised to the extent of any future refunds to the scheme.
Defined contribution schemes
Employer’s contributions are charged to the income statement on an accruals basis.
Net funds
Net funds are defined as including cash and cash equivalents, ring-fenced deposit accounts, bank and other loans, finance lease 
obligations, right-of use lease obligations calculated in accordance with IFRS 16 and derivative financial instruments stated at current 
fair value.
2 Material accounting policies continued
49
Financials

Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities 
in foreign currencies are translated into pounds Sterling at the financial year-end rates. Non-monetary items that are measured in 
terms of historical cost in a foreign currency are not retranslated.
The results of overseas subsidiary undertakings are translated into pounds Sterling at average rates for the period unless exchange 
rates fluctuate significantly during that period, in which case, exchange rates at the date of transactions are used. The closing balance 
sheets are translated at the year-end rates and the exchange differences arising are transferred to the group’s translation reserve 
as a separate component of equity and are reported within the Consolidated Statement of Changes in Equity. All other exchange 
differences are included within the consolidated income statement for the year. Inter-company foreign exchange gains and losses 
arising from financing activities are included within finance income and costs respectively. All other exchange differences are included 
in operating profit. 
In accordance with IFRS 1, the translation reserve was set to zero at 1 January 2006, the date of transition to IFRS. Cumulative 
translation differences that are included within the translation reserve at the date of disposal of the relevant overseas company are 
recognised in the consolidated income statement.
Revenue recognition
Revenue
Revenue is recorded at transaction price being the amount of consideration to which the group expects to be entitled in exchange for 
transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties, for example, some sales 
or value-added taxes.
The group has the following categories of revenue:
	
●
Rental or lease income that is recognised on a straight-line basis over the period of the hire in accordance with IFRS 16. Hire 
revenue includes compensation receipts for lost or damaged equipment, chargeable to the customer under the terms of the hire 
agreement, which is recognised on an accruals basis when the loss or damage is identified. Damage waiver elements entered into 
by customers are treated as components of the underlying hire and, as such, are recognised in the same manner as the underlying 
lease. Any rebates are treated as variable lease income and recognised in the income statement when it is earned;
	
●
Hire-related activities, including delivery, collection and labour charges and the provision of fuel management services, are 
considered to be unbundled form the underlying rental lease and are recognised on a point-in-time basis in accordance with IFRS 
15. These hire-related activities are disclosed in notes 4 and 5 within the same category as the underlying lease, despite them being 
recognised in accordance with a IFRS 15;
	
●
Revenue for the sale of goods that is recognised at a point in time (i.e. on the delivery of goods) in accordance with IFRS 15;
	
●
Maintenance revenue is recognised at a point in time when the service has been completed, which is normally within one day, in 
accordance with IFRS 15; and
	
●
Revenue relating to installation and sale of units is recognised at a point in time (i.e. when the installation is complete) in 
accordance with IFRS 15.
Contracts are entered into with customers to provide one of the above goods or services on a standalone basis. The standalone selling 
price of the related performance obligation is therefore clearly determined from the contract. The total transaction price is estimated 
as the amount of the consideration to which the group expects to be entitled, in exchange for transferring the promised goods or 
services after deducting trade discounts and volume rebates. Trade discounts and volume rebates are estimated based on the terms of 
the contractually agreed arrangements. 
Revenue recognised under IFRS 15 is recognised to the extent that it is highly probable that a significant reversal in the amount of 
cumulative revenue recognised will not occur. Therefore, the amount of revenue recognised is adjusted for any negotiated rebates 
which are estimated based on historical data. Sales or revenue rebates are recognised as a separate liability to reflect the method 
of settlement and included as a component of accruals (see note 22). This balance also includes separate rebates for hire revenue, 
whereby recognition and measurement criteria have been met under IFRS 16. The group reviews its estimate at each reporting date 
and updates the liability accordingly.
Payment terms are between 30 and 60 days for all types of sale and therefore the impact of the time value of money is minimal.
2 Material accounting policies continued
50
Group Accounting Policies
For the year ended 31 December 2025 (continued)

Investment and interest income
Dividend income is recognised in the income statement when the group’s right to receive payment has been established.
Interest income from bank deposit accounts is recognised on an accruals basis calculated by reference to the principal on deposit and 
the effective interest rate applicable.
Operating profit
Operating profit is defined as the profit for the period from continuing operations after all operating costs and income but before 
investment income, income from trade investments, finance income, finance costs, other gains and losses and taxation. Operating 
profit is disclosed as a separate line on the face of the income statement.
Adjusted EBITDA
Adjusted Earnings Before Interest, Taxation, Depreciation, profit on the sale of land and buildings and plant and equipment, 
Amortisation and non-recurring items (EBITDA) is disclosed as a separate line on the face of the consolidated income statement and 
reconciled to operating profit.
Adjusted EBITDA is commonly used in the industry as a non-statutory measure of the ability of the group to generate cash and 
management considers that its disclosure provides useful information to shareholders in conjunction with the statutory indicators. 
Finance costs
Finance costs are recognised in the income statement on an accruals basis in the period in which they are incurred.
Provisions
Dilapidation costs expected to be settled at the end of the lease term for rectification of wear and tear damage of the group’s 
leasehold premises are provided for as an expense over the tenancy period as the wear and tear occurs. The cost of the remedial work 
required on the group’s properties is based upon the group’s previous dilapidation experience and quotes received from professional 
surveyors.
Restructuring costs, including redundancy and associated move costs, have been incurred as a result of site relocation.
France closure costs include those costs, including redundancy, legal and contractual exit costs expected to be incurred as a result of 
the decision to cease operations in France.
3 Use of critical accounting judgements and estimates
Estimates and judgements are continually evaluated and assessed based on historical experience and other factors, including 
expectations of future events that are believed to be reasonable given the circumstances prevailing when the accounts are approved. 
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom 
equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the 
carrying value of assets and liabilities are discussed below. 
Judgements
Pension scheme surplus recoverability
When assessing the appropriateness of the recognition of a surplus, the directors have considered the guidance in IAS 19 and IFRIC 14, 
and have concluded that because of the unconditional right to recover the related net surplus upon wind-up, and the expected manner 
of recovery of any surplus is via a refund, it is appropriate to recognise the asset in the consolidated financial statements. When 
assessing the valuation of the surplus, the directors have recognised any associated tax as an asset restriction.
2 Material accounting policies continued
51
Financials

Estimates
Pension scheme assumptions and mortality tables
As set out in note 16, the carrying value of the defined benefit pension scheme is calculated using actuarial valuations. These 
valuations are based on assumptions, including the selection of the most appropriate mortality table for the profile of the members 
in the scheme and the financial assumptions concerning discount rates and inflation. All these are estimates of future events and are, 
therefore, uncertain. The choices are based on advice received from the scheme actuaries that are checked from time to time with 
benchmark surveys. Sensitivity analysis regarding assumptions concerning longevity, discount rates and inflation is provided in note 16 
on page 63.
Useful economic life of hire fleet assets included within property, plant and equipment
Management reviews its estimate of the useful lives of equipment for hire assets at each reporting date, based on the expected utility 
of the assets. Uncertainties in these estimates include those relating to technological obsolescence that may change the utility of 
certain equipment. The group incurs maintenance spend in order to keep its fleet to a high level of repair, which often extends an 
individual asset’s life beyond its originally assessed useful economic life. During the year the group incurred £1.9 million of repair 
costs. More substantial repairs, such as replacement parts, are capitalised, with the asset also removed from the fixed asset register. 
To provide sufficient asset availability for periods of extreme weather, the group routinely keeps nil net book value items rather than 
scrap them. The profits on the disposal of hire assets represent occasional requests to sell hire assets, often to an existing customer, 
and are not considered by management to indicate that there is positive residual value in the entire hire assets portfolio. The group 
also considers market-based evidence from other comparable industry competitors when assessing the useful economic life of 
its assets. Information on the estimated useful lives of equipment for hire is included in the accounting policies. Further details of 
property, plant and equipment are disclosed in note 12.
If the economic life of each of the hire fleet assets was one year less than estimated, the depreciation charge would be increased 
by approximately £1.5 million. If the economic life was one year more than estimated, the depreciation charge would be reduced by 
approximately £2.0 million.
Dilapidation estimates
The group operates from a large number of leased premises in the UK that are subject to lease clauses for rectification of wear and 
tear damage incurred over time. Management consider the main factors in assessing the appropriate allowance for wear and tear are 
the length of the expired portion of any given property lease, the group’s previous experiences of wear and tear damage and the size 
of each operating facility. In aiding the dilapidation assessment, the group will make use of external professional surveyors.
If the estimate of wear and tear damage, measured as an amount per square foot per year was increased by £1 per square foot 
per year, the dilapidation provision created in the year would increase by approximately £0.2 million. Similarly, if the amount per 
square foot per year was decreased by £1 per square foot per year, the dilapidation provision created in the year would decrease by 
approximately £0.2 million. Further disclosure is included in note 24 on page 70.
3 Use of critical accounting judgements and estimates continued
52
Group Accounting Policies
For the year ended 31 December 2025 (continued)

4 Revenue
An analysis of the group’s revenue by income stream is as follows:
2025
 £’000 
2024
 £’000 
Continuing operations
Hire and hire related
70,116
70,932
Sales
5,414
3,441
Maintenance
561
1,091
Installation including sales of units
409
478
Group consolidated revenue from the sale of goods and provision of services
76,500
75,942
5 Business and geographical segmental analysis
The group operates in the United Kingdom, Europe (the Netherlands, Belgium, Italy, Germany, Switzerland and Luxembourg) and the 
Middle East (United Arab Emirates and Saudi Arabia), providing the hire and sale of a range of environmental control equipment. It 
also installs and maintains fixed air conditioning equipment within the United Kingdom.
The group operates through statutory entities that are based in each of the above locations. In the case of the main UK operation 
there are separate statutory entities for hire and sales (Andrews Sykes Hire Limited) and installation and maintenance (Andrews 
Air Conditioning and Refrigeration Limited), as well as a separate property holding company. Each operating company has its own 
Divisional Director who is responsible to the Board for that company’s operating result. These Divisional Directors meet the IFRS 8 
definition of segmental managers.
The group holds no external loans. The internal management accounts provided to the Board include balance sheet and cash flow 
information provided on both an entity-only and consolidated basis. Capital expenditure and working capital movements are reviewed 
on an entity basis.
The Chief Operating Decision Maker is considered to be a subsection of the Board, including the Chairman and Group Managing 
Director. The directors therefore consider that the group’s revenue-generating operating segments that are reviewed on a regular 
basis by the Board and for which discrete financial information is available, are:
Activity
Entity
Location
Hire and sales
Andrews Sykes Hire Limited
United Kingdom
Andrews Sykes BV
The Netherlands
Andrews Sykes BVBA
Belgium
Nolo Climat S.R.L.
Italy
Klimamieten AS GmbH
Germany
Andrews Sykes Climat Location SA
Switzerland
Andrews Sykes Luxembourg SARL
Luxembourg
Khansaheb Sykes LLC
United Arab Emirates
Andrew Sykes Hire Saudi Limited
Saudi Arabia
Installation and maintenance
Andrews Air Conditioning and Refrigeration Limited
United Kingdom
The directors consider that the long-term economic characteristics of the hire and sales operations based in the Netherlands, Belgium, 
Italy, Germany, Luxembourg and Switzerland are similar. These entities have similar products and services, operate in the same 
manner providing services to a similar customer base and incur similar risks and rewards. Whilst there is a level of currency fluctuation 
between these entities, the directors do not consider the currencies themselves (Euro and Swiss Franc) to be particularly volatile 
when compared to the group’s presentational currency or to be exposed to significant fluctuations that would indicate the economic 
characteristics of those operations are not appropriate to be aggregated as reportable segments under IFRS 8. Whilst the operational 
activities of the hire and sales business in the UK are similar to Europe, the legal and monetary jurisdictions are distinctively different. 
However, the operations based in the Middle East, whilst similar in many ways, face significantly different risks due to the local 
environment in which it operates. The entities in the United Arab Emirates and Saudi Arabia are under common management, have 
similar products and services, operate in the same manner providing services to a similar customer base and incur similar risks and 
rewards. The installation business operates in a different manner and regulatory environment to the rest of the group.
53
Financials
Notes to the Accounts
For the year ended 31 December 2025

The reportable segments are therefore:
Segment
Entity
Location
Hire and sales UK
Andrews Sykes Hire Limited
United Kingdom
Andrews Sykes Properties Limited
United Kingdom
Hire and sales Europe
Andrews Sykes BV
The Netherlands
Andrews Sykes BVBA
Belgium
Nolo Climat S.R.L.
Italy
Klimamieten AS GmbH
Germany
Andrews Sykes Climat Location SA
Switzerland
Andrews Sykes Luxembourg SARL
Luxembourg
Hire and sales Middle East
Khansaheb Sykes LLC
United Arab Emirates
Andrews Sykes Hire Saudi Limited
Saudi Arabia
Installation and maintenance
Andrews Air Conditioning and Refrigeration Limited
United Kingdom
The property holding company, Andrews Sykes Properties Limited, is considered immaterial to the group as a whole. On this basis, 
and because it holds properties mainly for the use of Andrews Sykes Hire Limited, it has been included within the Hire and Sales UK 
segment.
Transactions between the above reportable segments are made on an arm’s-length basis. 
The above segments exclude the results of non-revenue earning holding companies, including Andrews Sykes Group plc. These 
entities’ results have been included as unallocated items (overheads and expenses, corporate assets and corporate liabilities, as 
appropriate) in the tables below. 
The group has a diverse customer base with no single customer accounting for 10% or more of the group’s revenue in either the 
current or previous financial period.
(i) Business segment
Income statement analysis for the 12 months ended 31 December 2025
Revenue
Hire and 
sales 
 UK
£’000
Hire and 
sales 
 Europe
 £’000 
Hire and 
sales 
Middle East
 £’000 
Installation 
and 
maintenance
 £’000 
Subtotal
 £’000 
Eliminations
 £’000 
Consolidated 
results
 £’000 
External sales:
Hire and hire related
37,311 
 26,071 
 6,734 
–
 70,116 
–
 70,116 
Sales
2,033 
 743 
 2,638 
–
 5,414 
–
 5,414 
Maintenance
–
–
–
 561 
 561 
–
 561 
Installations
 33 
–
–
 376 
 409 
–
 409 
Total external sales
 39,377 
 26,814 
 9,372 
 937 
 76,500 
–
 76,500 
Inter-segment sales
 82 
 636 
 445 
 - 
 1,163 
  (1,163) 
–
Total revenue
 39,459
 27,450
 9,817
937
77,663
  (1,163)
 76,500
Segment result
11,643
 11,698
 1,472
140
24,953
 24,953 
Unallocated overheads  
and expenses
  (1,496) 
Operating profit
 23,457 
Finance income
 983 
Finance costs
  (1,013) 
Profit before Taxation
 23,427 
Taxation
  (5,342) 
Profit for the period from continuing and total operations
 18,085 
5 Business and geographical segmental analysis continued
54
Notes to the Accounts
For the year ended 31 December 2025 (continued)

Income statement analysis for the 12 months ended 31 December 2024
Revenue
Hire and 
sales 
 UK
£’000
Hire and 
sales 
 Europe
 £’000 
Hire and 
sales 
Middle East
 £’000 
Installation 
and 
maintenance
 £’000 
Subtotal
 £’000 
Eliminations
 £’000 
Consolidated 
results
 £’000 
External sales:
Hire and hire related
41,062 
 23,205 
 6,665 
 – 
 70,932 
 – 
 70,932 
Sales
2,037 
 388 
 1,016 
 – 
 3,441 
 – 
 3,441 
Maintenance
 4 
 – 
 – 
 1,087 
 1,091 
 – 
 1,091 
Installations
–   
 – 
 – 
 478 
 478 
 – 
 478 
Total external sales
 43,103 
 23,593 
 7,681 
 1,565 
 75,942 
 – 
 75,942 
Inter-segment sales
 31 
 496 
 – 
 – 
 527 
  (527) 
 – 
Total revenue
 43,134 
 24,089 
 7,681 
 1,565 
 76,469 
  (527) 
 75,942 
Segment result
15,417 
 8,194 
 1,068 
 17 
 24,696 
 24,696 
Unallocated overheads  
and expenses
  (1,509) 
Operating profit
 23,187 
Finance income
 1,060 
Finance costs
  (1,060) 
Profit before Taxation
 23,187 
Taxation
  (6,389) 
Profit for the period from continuing and total operations
 16,798 
Balance sheet information as at 31 December 2025
Hire and 
sales 
UK 
£’000
Hire and 
sales 
Europe
 £’000 
Hire and 
sales 
Middle East
 £’000 
Installation 
and 
maintenance
 £’000 
Subtotal
 £’000 
Eliminations
 £’000 
Consolidated 
results
 £’000 
Segment assets
 40,126
22,791
8,230
183
71,330
 – 
71,330
Retirement benefit  
pension surplus
1,486
Current tax asset
584
Unallocated corporate 
assets
13,985
Consolidated total assets
87,385
Segment liabilities
  (21,434) 
  (7,721) 
  (2,929) 
  (57) 
  (32,141) 
 – 
  (32,141) 
Current tax liabilities
  (679) 
Deferred tax liability
  (296) 
Unallocated  
corporate liabilities
  (732) 
Consolidated  
total liabilities
  (33,848) 
5 Business and geographical segmental analysis continued
55
Financials

Balance sheet information as at 31 December 2024
Hire & 
sales UK 
£’000
Hire & sales 
Europe
 £’000 
Hire & sales 
Middle East
 £’000 
Installation 
and 
maintenance
 £’000 
Subtotal
 £’000 
Eliminations
 £’000 
Consolidated 
results
 £’000 
Segment assets
 36,717 
 20,486 
 7,011 
 538 
 64,752 
 – 
 64,752 
Retirement benefit  
pension surplus
 1,786 
Current tax asset
 769 
Unallocated corporate 
assets
 12,988 
Consolidated total assets
 80,295 
Segment liabilities
  (21,535) 
  (7,958) 
  (2,808) 
  (427) 
  (32,728) 
 – 
  (32,728) 
Current tax liabilities
  (471) 
Deferred tax liability
  (185) 
Unallocated  
corporate liabilities
  (726) 
Consolidated  
total liabilities
  (34,110) 
Other information for the 12 months ended 31 December 2025
Hire &
 sales UK
 £’000 
Hire & sales 
Europe
 £’000 
Hire & sales 
Middle East
 £’000 
Installation 
and 
maintenance
 £’000 
Consolidated 
results
 £’000 
Capital additions
 5,171 
 1,857 
 1,155 
–
 8,183 
Right-of-use asset additions
 3,132 
 252 
 230 
–
 3,614 
Depreciation
 2,984 
 1,878 
 818 
–
 5,680 
Right-of-use asset depreciation
 2,150 
 859 
 260 
–
 3,269 
Other information for the 12 months ended 31 December 2024
Hire &
 sales UK
 £’000 
Hire & sales 
Europe
 £’000 
Hire & sales 
Middle East
 £’000 
Installation 
and 
maintenance
 £’000 
Consolidated 
results
 £’000 
Capital additions
 4,523 
 907 
 1,127 
 – 
 6,557 
Right-of-use asset additions
 2,544 
 1,132 
 439 
 95 
 4,210 
Depreciation
 3,276 
 1,934 
 758 
 – 
 5,968 
Right-of-use asset depreciation
 1,698 
 1,023 
 160 
 48 
 2,929 
5 Business and geographical segmental analysis continued
56
Notes to the Accounts
For the year ended 31 December 2025 (continued)

(ii) Geographical segments
The geographical analysis of the group’s revenue is as follows:
By origin
By destination
2025
£’000
2024
£’000
2025
£’000
2024
£’000
United Kingdom
 40,314 
 44,668 
 40,228 
 44,297 
Europe
 26,814 
 23,593 
 26,906 
 23,980 
Middle East and Africa
 9,372 
 7,681 
 9,366 
 7,665 
 76,500 
 75,942 
 76,500 
 75,942 
The carrying amounts of segment assets and non-current assets (excluding retirement benefit pension surplus, current and deferred 
tax) analysed by the entity’s country of origin are as set out below. There is no significant difference between the analysis by origin 
and that by physical location of the assets.
Segment assets
Non-current assets
2025
£’000
2024
£’000
2025
£’000
2024
£’000
United Kingdom
 54,294 
 50,243 
 26,963 
 25,197 
Europe
 22,791 
 20,486 
 6,990 
 7,413 
Middle East and Africa
 8,230 
 7,011 
 1,881 
 1,667 
 85,315 
 77,740 
 35,834 
 34,277 
6 Finance income
2025
£’000
2024
£’000
Net pension scheme interest on pension scheme surplus (note 16)
 126 
 108 
Interest receivable on bank deposit accounts
 830 
 952 
Inter-company foreign exchange gains
 27 
 – 
983
1,060
7 Finance costs
2025
£’000
2024
£’000
Interest charge on right-of-use lease obligations
1,013
 1,015 
Inter-company foreign exchange losses
–
 45 
1,013
1,060
5 Business and geographical segmental analysis continued
57
Financials

8 Profit before taxation
The following have been charged/(credited) in arriving at the profit before taxation:
Note
2025
£’000
2024
£’000
Net foreign exchange trading losses
 106 
 86 
Depreciation of property, plant and equipment
12
 5,680 
 5,968 
Depreciation of right-of-use assets
13
 3,269 
 2,929 
Profit on sale of property
12
  (768) 
  (869) 
Profit on sale of land and buildings
12
  (1,073) 
–
Profit on sale of right-of-use assets
13
  (409) 
  (282) 
Cost of stock recognised as an expense
17
 10,214 
 8,480 
Vehicle and travel costs
3,737
 3,623 
Property costs
 2,793 
 3,169 
Rehire costs
 3,574 
 3,060 
Professional services
 2,313 
 2,049 
IT and communication
 1,423 
 1,490 
Operating lease rental payments for short-term leases
 367 
 292 
Gross employment costs 
9
 21,547 
 22,481 
Amounts payable to the auditor and its associates:
 
The audit of the consolidated accounts
 96 
96
The audit of the group's subsidiaries annual accounts
 174 
 183 
 53,043 
 52,755 
Representing functional costs of:
Cost of sales
27,613
26,743
Distribution costs
13,270
11,335
Administrative expenses
12,160
14,677
53,043
52,755
No fees were payable to the company’s auditor in respect of non-audit services in the current or prior year.
9 Employee information
The average number of people employed by the group during the year was:
2025
Number
2024
Number
Sales and distribution
 138 
 141 
Engineers
 149 
 167 
Managers and administration
 138 
 138 
Total employees
425
 446 
The aggregate employment costs, including redundancy, of these employees were as follows:
2025
£’000
2024
£’000
Wages and salaries
 17,818 
 18,788 
Redundancy and termination payments
 117 
 60 
Social security costs
 2,529 
 2,435 
Other defined contribution pension costs (note 16)
 1,083 
 1,198 
Employment costs
21,547
 22,481 
58
Notes to the Accounts
For the year ended 31 December 2025 (continued)

Key management compensation
Amounts paid to group individuals, including directors, having authority and responsibility for planning, directing and controlling the 
group’s activities were as follows:
2025
£’000
2024
£’000
Short-term employee benefits
 2,544 
 2,596 
Post employment benefits – pensions
 191 
 116 
Social security costs
 421 
 411 
3,156
3,123 
Directors’ emoluments
Directors’ emoluments for the current and prior financial year were as follows:
2025
2024
Director
Emoluments
£’000
Pension
£’000
Total
£’000
Emoluments
£’000
Pension
£’000
Total
£’000
AJ Kitchingman
 42 
–
 42 
 42 
 – 
 42 
MC Leon
 20 
–
 20 
 20 
 – 
 20 
JJ Murray
 42 
–
 42 
 44 
 – 
 44 
JP Murray
 20 
–
 20 
 20 
 – 
 20 
CD Webb
 544 
 4 
 548 
 516 
 7 
 523 
668
4
672
 642 
 7 
 649 
No directors were granted or exercised share options during either the current or prior financial periods.
For key management personnel purposes, £88,000 (2024: £79,000) of NI contributions should be included in the above totals.
The number of directors in office at the year-end to whom retirement benefits are accruing are as follows:
2025
 Number 
2024
 Number 
Defined contribution
 1 
 1 
Defined benefit 
 – 
 – 
The total amount payable to the highest paid director in respect of remuneration was £544,000 (2024: £516,000). Company pension 
contributions of £4,000 (2024: £7,000) were made to a money purchase pension scheme on his behalf. 
In the current and prior year no director had an accrued annual pension under the defined benefit scheme. No contributions were paid 
during the current or prior period into the defined benefit scheme.
9 Employee information continued
59
Financials

10 Taxation
2025
£’000
2024
£’000
Current tax:
UK Corporation tax at 25% (2024: 25%)
 2,144 
 3,288 
Adjustments in respect of prior year
 35 
  (19) 
 2,179 
 3,269 
Overseas tax based on the taxable profit for the period
 2,876 
 2,223 
Overseas tax adjustments in respect of prior years
 176 
 586 
 3,052 
 2,809 
Total current tax charge
5,231
 6,078 
Deferred tax:
Origination and reversal of temporary differences
68
 325 
Adjustments in respect of prior years
43
  (14) 
Total deferred tax charge
111
 311 
Tax expense reported in the consolidated income statement
5,342
 6,389 
The tax charge for the financial period can be reconciled to the profit before tax per the income statement multiplied by the standard 
effective tax rate in the UK of 25% (2024: 25%) as follows:
2025
£’000
2024
£’000
Reconciliation of total tax charge
Profit on ordinary activities before tax
23,427
23,187
Corporation tax charge at standard rate of 25% (2024: 25%)
5,857
5,797
Adjusted by the effects of:
Expenses not deductible for tax purposes
  (152) 
 57 
Effect of roll-over relief on fixed asset disposal
  (354) 
–
Effects of different tax rates of overseas subsidiaries 
  (318) 
  (139) 
Utilisation of overseas tax losses
  (48) 
–
Overseas tax losses not recognised
 103 
 121 
Adjustments to tax charge in respect of prior periods
 254 
 553 
Total tax expense reported in the consolidated income statement
5,342
6,389
11 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 post-tax 
earnings as set out below. There were no discontinued operations in either period.
2025
Total 
earnings
£’000
Number of 
shares
Basic earnings/weighted average number of shares
18,085
41,858,744
Basic earnings per ordinary share (pence)
43.20p
2024
Total 
earnings
£’000
Number of 
shares
Basic earnings/weighted average number of shares
16,798
41,858,744 
Basic earnings per ordinary share (pence)
 40.13p 
60
Notes to the Accounts
For the year ended 31 December 2025 (continued)

Diluted earnings per share
There were no dilutive instruments outstanding during either the current or preceding financial period. Consequently, the diluted 
earnings per share is the same as the basic earnings per share for both periods.
12 Property, plant and equipment
Property
£’000
Equipment 
for hire 
£’000
Motor
vehicles
£’000
Plant and
machinery
£’000
Total
£’000
Cost 
At 31 December 2023
4,598
 69,765 
 1,656 
 4,100 
 80,119 
Exchange differences
  (11) 
  (888) 
  (27) 
  (26) 
  (952) 
Additions
 92 
 4,328 
 45 
 922 
 5,387 
Transferred from inventory
 - 
 1,170 
 - 
 - 
 1,170 
Disposals
  (1) 
  (5,717) 
  (608) 
  (613) 
  (6,939) 
At 31 December 2024
 4,678 
 68,658 
 1,066 
 4,383 
 78,785 
Exchange differences
 13 
 522 
 29 
 2 
 566 
Additions
 2,250 
 4,595 
 333 
 101 
 7,279 
Transferred from inventory
 - 
 904 
 - 
 - 
 904 
Disposals
  (253) 
  (4,963) 
  (299) 
  (73) 
  (5,588) 
At 31 December 2025
 6,688
 69,716
 1,129
 4,413
 81,946
Depreciation
At 31 December 2023
 1,245 
 54,877 
 1,081 
 3,572 
 60,775 
Exchange differences
  (10) 
  (666) 
  (16) 
  (23) 
  (715) 
Charge for year
 61 
 5,465 
 155 
 287 
 5,968 
Disposals
  (1) 
  (5,557) 
  (480) 
  (608) 
  (6,646) 
At 31 December 2024
 1,295 
 54,119 
 740 
 3,228 
 59,382 
Exchange differences
 13 
 382 
 20 
 4 
 419 
Charge for year
 82 
 5,253 
 82 
 263 
 5,680 
Disposals
  (71) 
  (4,769) 
  (227) 
  (63) 
  (5,130) 
At 31 December 2025
1,319
54,985
615
3,432
60,351
Net book value
At 31 December 2025
5,369
14,731
514
981
21,595
At 31 December 2024
 3,383 
 14,539 
 326 
 1,155 
 19,403 
At 31 December 2023
 3,353 
 14,888 
 575 
 528 
 19,344 
The group did not have any non-cancellable contractual commitments for the acquisition of property, plant and equipment at either 
31 December 2025 or 31 December 2024.
The additions value attributed to hire fleet items is a combined amount of purchased fixed assets as well as items transferred from 
stock during the period.
Net book value of land and buildings comprises:
2025
£’000
2024
£’000
Freehold
 5,139 
 3,284 
Long leasehold
 230 
 99 
 5,369 
 3,383 
11 Earnings per share continued
61
Financials

13 Right-of-use assets
Property
£’000
Motor
vehicles
£’000
Plant and
machinery
£’000
Total
£’000
Cost 
At 31 December 2023
 16,187 
 7,058 
 721 
 23,966 
Exchange differences
  (74) 
  (27) 
  (3) 
  (104) 
Additions
 453 
 3,757 
–
 4,210 
Disposals
  (1,207) 
  (1,963) 
  (437) 
  (3,607) 
At 31 December 2024
 15,359 
 8,825 
 281 
 24,465 
Exchange differences
 122 
 41 
 4 
 167 
Additions
 174 
 3,440 
–
 3,614 
Disposals
  (2,084) 
  (2,008) 
  (58) 
  (4,150) 
At 31 December 2025
 13,571 
 10,298 
 227 
 24,096 
Depreciation
At 31 December 2023
 5,126 
 4,231 
 650 
 10,007 
Exchange differences
  (50) 
  (21) 
  (2) 
  (73) 
Charge for year
 1,372 
 1,507 
 50 
 2,929 
Disposals
  (1,007) 
  (1,839) 
  (426) 
  (3,272) 
At 31 December 2024
 5,441 
 3,878 
 272 
 9,591 
Exchange differences
 88 
 31 
 4 
 123 
Charge for year
 1,218 
 2,042 
 9 
 3,269 
Disposals
  (1,064) 
  (2,004) 
  (58) 
  (3,126) 
At 31 December 2025
 5,683 
 3,947 
 227 
 9,857 
Net book value
At 31 December 2025
 7,888 
 6,351 
–
 14,239 
At 31 December 2024
 9,918 
 4,947 
 9 
 14,874 
At 31 December 2023
 11,061 
 2,827 
 71 
 13,959 
As disclosed in note 23, the right-to-use lease obligations are secured on the above assets.
The nature of the group’s leasing activities are primarily around leasing property from which the entity can trade from and leasing 
vehicles both for hire equipment transportation, servicing and general sales and administration staff.
The expense relating to short-term leases for which the group has made the use of the short-term exemption is disclosed in note 8. 
The lease commitments for short-term leases is disclosed in note 28 and the maturity analysis of lease liabilities is in note 23.
The interest expenses on lease liabilities is disclosed in note 7.
The capital repayment cash outflow for leases is disclosed in the consolidated cashflow statement.
The group has contractual asset hire revenue receivable of £1,510,000 due within less than one year after the year end date  
(2024: £663,000). No amounts are contractually receivable after more than one year (2024: £Nil).
14 Subsidiaries
A complete list of the investments in subsidiaries, including the name, country of incorporation and proportion of ownership interest, 
is given in note 3 to the company’s separate financial statements.
With the exception of Khansaheb Sykes LLC, the group holds 100% of the issued share capital of its subsidiaries. Whilst the group 
only holds 49% of the issued share capital of Khansaheb Sykes LLC, this shareholding entitles the group to 90% of the profits for the 
period and control of the company by virtue of the right to appoint the majority of the company’s directors.
The 51% shareholder has waived his right to receive the 10% profit share and therefore the group has consolidated 100% of the 
company’s result for the period.
62
Notes to the Accounts
For the year ended 31 December 2025 (continued)

15 Deferred tax asset/(liability)
The deferred tax assets and liabilities recognised separately by the group and the movements thereon during the current and prior 
periods are as follows:
Temporary
differences
on lease
assets and
liabilities
£’000
Temporary
differences
on property,
plant and
equipment
£’000
Provisions
and other
short-term
timing
differences
£’000
Total
£’000
Asset at 31 December 2023
336
 4 
  (214) 
 126 
Credited/(charged) to income statement (note 10)
  (47) 
  (251) 
  (13) 
  (311) 
Asset/(liability) at 31 December 2024
 289 
  (247) 
  (227) 
  (185) 
Credited/(charged) to income statement (note 10)
  (46) 
  (268) 
 203 
  (111) 
Asset/(liability) at 31 December 2025
 243 
  (515) 
  (24) 
  (296) 
The deferred tax asset and liabilities in respect of lease assets and liabilities have been shown on a net basis in the above table.
The deferred tax balances at both 31 December 2025 and 31 December 2024 have been calculated based on the rates that have been 
substantively enacted at the balance sheet date and which the directors anticipate will apply when the temporary differences are 
expected to reverse. Accordingly a rate of 25% (2024: 25%) has been used. 
The group does not have any unused capital losses or any unrecognised UK deferred tax assets or liabilities at either the current or 
preceding period end.
Deferred tax assets have not been recognised in respect of overseas tax losses because it is uncertain that future tax profits will 
be available, against which the group can utilise them. A deferred tax asset relating to overseas tax losses has not been recognised 
totalling £1,124,000 (2024: £1,131,000). There is no expiry date on the utilisation of these losses.
Of the above recognised deferred tax asset, approximately £270,000 (2024: £242,000) is expected to be recovered after more than  
12 months.
16 Retirement benefit pension schemes
Defined benefit pension scheme
The group operates two pension arrangements in the UK: the Andrews Sykes Group Pension Scheme (“the DB scheme”) and the 
Andrews Sykes Stakeholder Pension Plan (“the DC Plan”), as well as overseas schemes. 
The DB scheme is established under trust law and complies with the Pension Scheme Act 1993, Pensions Act 1995, Pensions Act 2004, 
Pensions Act 2014 and all other relevant UK legislation. Pension assets are held in separate trustee administered funds, which have 
equal pension rights with respect to members of either gender in so far as this is required by current legislation.
The DB scheme was closed to new members on 29 December 2002 and, over recent years, the group has taken steps to manage the 
ongoing risks associated with its defined benefit liabilities. The group has previously completed an insurance buy-in of the scheme 
meaning the scheme has been derisked in terms of investment, interest rate, inflation and longevity risks. The buy-in secures an 
insurance asset that fully matches, subject to final price adjustments, the remaining pension liabilities of the scheme.
As at 31 December 2025, the group had a net defined benefit pension scheme surplus, calculated in accordance with IAS 19 using the 
assumptions as set out below, of £1,981,000 (2024: £2,382,000). It is assumed that the scheme surplus will be recovered through a 
refund; as such the applicable withholding tax of 25% has been applied to the scheme surplus giving a net surplus recognised on the 
balance sheet of £1,486,000 (2024: £1,786,000). This asset has been recognised in these financial statements as the directors are 
satisfied that it is recoverable in accordance with IFRIC 14.
63
Financials

The last formal triennial funding valuation was as at 31 December 2022. The valuation, including a revised schedule of contributions, 
was agreed between the pension scheme trustees and the board of directors in December 2023 and was effective from 
1 January 2024. In accordance with this schedule of contributions, and based on the actions take by the group around an insurance 
buy-in as already described, the group is no longer required to make any regular contributions into the scheme. Consequently the 
group has made total contributions to the pension scheme of £Nil during 2025 (2024: £Nil) and expects to make contributions of £Nil 
during 2026. The next formal triennial funding valuation dated 31 December 2025 and is currently under way.
Principal risks
Historically the principal risks related to investment, interest rate, inflation and longevity risks. However, the scheme has implemented 
a whole scheme buy-in, essentially fully hedging all of these risks and meaning the scheme is no longer impacted by discount rate, 
inflation or mortality assumptions.
The last full actuarial valuation was carried out as at 31 December 2022. A qualified independent actuary has updated the results of 
this valuation to calculate the surplus 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:
31 December
2025
31 December
2024
Rate of increase of pensions in payment
2.80%
3.05%
Rate of increase of pensions in deferment
2.50%
2.80%
Discount rate
5.45%
5.45%
Inflation assumption- RPI
2.90%
3.20%
Inflation assumption- CPI
2.50%
2.80%
Percentage of deferred members taking maximum tax-free lump sum on retirement
0.00%
0.00%
Assumptions regarding future mortality experience are set based on advice in accordance with published statistics. The current 
mortality table used is 100% S3PA CMI_2024 (2024: 100% S3PA CMI_2023), heavy tables for males and middle for females, with a 
1.25% per annum long-term improvement rate for both males and females (2024: 1.25% for both males and females).
The assumed average life expectancy in years of a pensioner retiring at the age of 65 given by the above tables is as follows:
2025
Years
2024
Years
Current pensioners at 65 
Male
21.7 
21.4 
Female
24.0 
23.9 
Future pensioners currently 45
Male
23.0 
22.6 
Female
25.4 
25.3 
The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions which, due to the 
timescales covered, may not necessarily be borne out in practice. The expected return on plan assets is based on market expectation 
at the beginning of the period for returns over the entire life of the benefit obligation.
16 Retirement benefit pension schemes continued
64
Notes to the Accounts
For the year ended 31 December 2025 (continued)

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:
2025
£’000
2024
£’000
Listed investments:
Gilts
 704 
 686 
 704 
 686 
Cash
 1,812 
 2,496 
Insurance asset (not listed investment)
 24,535 
 25,148 
Fair value of plan assets 
 27,051 
 28,330 
Present value of liability
  (25,070) 
  (25,948) 
Scheme surplus 
 1,981 
 2,382 
Impact of withholding tax
  (495) 
  (596) 
Net pension asset recognised on the balance sheet
 1,486 
 1,786 
Movement in scheme assets
2025
£’000
2024
£’000
Fair value at beginning of year
 28,330 
 30,546 
Interest income on scheme assets
 1,488 
 1,329 
Return on assets (excluding interest income)
  (179) 
  (1,416) 
Administrative expenses charged to the income statement
  (131) 
  (166) 
Employer contributions
–
–
Benefits paid
  (2,457) 
  (1,963) 
Fair value at end of year
 27,051 
 28,330 
The above pension scheme assets do not include any investments in the parent company’s own shares or property occupied by the 
company or its subsidiaries at either period end. The group did not hold any unlisted investments at either period end.
Movement in scheme liabilities
2025
£’000
2024
£’000
Benefit obligation at start of year
  (25,948) 
  (28,057) 
Interest cost
  (1,362) 
  (1,221) 
Actuarial gain/(loss) arising from:
Demographic assumptions
  (279) 
  (1,327) 
Financial assumptions
 495 
 2,759 
Experience adjustments
  (433) 
  (65) 
Benefits paid
 2,457 
 1,963 
Benefit obligation at end of year
  (25,070) 
  (25,948) 
The present value of the defined benefit obligation of £25,070,000 (2024: £25,948,000) comprised approximately 42% relating to 
deferred participants and 58% relating to pensioners (2024: 40% deferred participants and 60% pensioners).
The weighted average duration of the pension scheme liabilities is 10 years (2024: 11 years).
16 Retirement benefit pension schemes continued
65
Financials

Key assumptions – sensitivity analysis
Historically, the principal risks related to investment, interest rate, inflation and longevity risks. However, the scheme has implemented 
a whole scheme buy-in, essentially fully hedging all of these risks and meaning the scheme is no longer impacted by discount rate, 
inflation or mortality assumptions.
There are other plan assets held by the scheme to cover any potential increase in plan liabilities arising from the conclusion of 
Guaranteed Minimum Pension Equalisation. Changes to assumptions relating to these plan assets are not considered significant.
Amounts recognised in the income statement
2025
£’000
2024
£’000
Administrative expenses:
Pension scheme administrative expenses
 131 
 166 
 131 
 166 
Interest income on pension scheme assets
  (1,488) 
  (1,329) 
Interest expense on pension scheme liabilities
 1,362 
 1,221 
Net interest income on pension surplus (note 6)
  (126) 
  (108) 
Net pension charge
 5 
 58 
Re-measurement (gains)/losses recognised in other comprehensive income
2025
£’000
2024
£’000
Return on assets (excluding interest income)
 179 
 1,416 
Experience adjustments
 433 
 65 
Actuarial gains arising from changes in financial assumptions
  (495) 
  (2,759) 
Actuarial losses arising from changes in demographic assumptions
 279 
 1,327 
Total remeasurement of the net-defined asset shown in other comprehensive income
 396 
 49 
Cumulative actuarial loss recognised in other comprehensive income
 9,941 
 9,545 
2025
£’000
2024
£’000
Interest income on pension scheme assets
1,488 
1,329 
Return on assets (excluding interest income)
(179)
(1,416)
Actual return on plan assets
 1,309 
  (87) 
The expected return on plan assets was determined by considering the expected returns available on the assets underlying the 
current investment policy as restricted to a rate equal to the assumed discount rate applied to the scheme’s liabilities. Expected yields 
on fixed interest investments are based on gross redemption yields as at the balance sheet date. 
Movement in surplus during the year
2025
£’000
2024
£’000
Surplus in scheme at beginning of year
2,382 
 2,489 
Movement in year:
Employer contributions
–
–
Net pension charge
(5)
  (58) 
Actuarial gain
(396)
  (49) 
Surplus in scheme at end of year
1,981 
 2,382 
Related asset restriction movement
(495)
(596)
Net pension asset recognised on the balance sheet
1,486 
1,786 
16 Retirement benefit pension schemes continued
66
Notes to the Accounts
For the year ended 31 December 2025 (continued)

In July 2024 the Court of Appeal upheld a June 2023 High Court ruling in the case of Virgin Media Ltd v. NTL Pension Trustees II 
Limited. Whilst the case has created additional uncertainty over the measurement of the defined benefit obligation and could call 
into question the value of the defined benefit obligation, in June 2025 the UK Government announced the intention to introduce 
legislation to give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit 
changes met the necessary standards. As such, the defined benefit obligation has been stated without further reference to the High 
Court ruling.
Defined contribution pension scheme and auto-enrolment
The group operates the Andrews Sykes Stakeholder Pension Plan, to which the majority of UK employees are eligible. The UK operates 
a salary sacrifice arrangement for pension contributions meaning the employer makes all pension contributions instead of the 
employee and employer making contributions. The amount varies, generally based upon the individual’s seniority and length of service 
with the company.
Contributions for both existing members and members that have been auto-enrolled are made to the same scheme. The employer’s 
contribution rates vary from 8% to 15%, the current average being 7.2% (2024: 7.2%). The current period charge in the income 
statement amounted to £823,000 (2024: £912,000). 
Overseas defined contribution pension scheme arrangements
Overseas companies make their own pension arrangements, the charge for the period being £260,000 (2024: £286,000). No 
additional disclosure is given on the basis of materiality.
17 Stock
2025
£’000
2024
£’000
Raw materials and consumables
 72 
 71 
Finished goods
 3,708 
 2,323 
 3,780 
 2,394 
The cost of stock recognised as an expense in the period was £10,214,000 (2024: £8,480,000). In addition, a further £904,000 of 
items held in stock at 31 December 2024 (2024: £1,170,000 items held in stock at 31 December 2023) have been capitalised in the hire 
fleet this year. The net credit in the income statement for net realisable value provisions was £78,000 (2024: credit of £115,000), 
comprising write downs of £80,000 (2024: £6,000) and reversal of write downs of £158,000 (2024: £121,000). Inventory is stated net 
of impairment provisions totalling £684,000 (2024: £762,000).
18 Trade and other receivables
2025
£’000
2024
£’000
Trade receivables
 12,490 
 14,245 
Amounts due from related parties
 46 
 580 
Prepayments
 4,146 
 2,797 
Other receivables
 633 
 266 
 17,315 
 17,888 
16 Retirement benefit pension schemes continued
67
Financials

The analysis of trade receivables that were past due is as follows:
Total
£’000
Not past 
due 
£’000
Past due 
<3 months
£’000
3–6 months
£000
6–12 months
£000
> 12 months
£000
2025 Gross debtor
 13,959 
 9,896 
 1,818 
 1,067 
 487 
 691 
Lifetime expected credit loss
  (1,469) 
  (54) 
  (204) 
  (227) 
  (293) 
  (691) 
Net carrying amount
 12,490 
 9,842 
 1,614 
 840 
 194 
–
Expected credit loss percentage
10.5%
0.5%
11.2%
21.3%
60.2%
100.0%
Total
£’000
Not past 
due 
£’000
Past due 
<3 months
£’000
3–6 months
£000
6–12 months
£000
> 12 months
£000
2024
Gross debtor
 16,179 
 7,061 
 5,427 
 1,829 
 1,260 
 602 
Lifetime expected credit loss
  (1,934) 
  (30) 
  (169) 
  (477) 
  (656) 
  (602) 
Net carrying amount
 14,245 
 7,031 
 5,258 
 1,352 
 604 
 – 
Expected credit loss percentage
12.0%
0.4%
3.1%
26.1%
52.1%
100.0%
Current trade receivables not considered to be overdue represents amounts due from customers that are not overdue in accordance 
with the specific credit terms agreed with those customers. The average outstanding debtor days for current trade receivables not 
considered to be overdue as at 31 December 2025 was 40 days (2024: 29 days). 
The expected credit loss provision is based on past default experience, external indicators and forward looking information performed 
on an entity by entity basis and not a collective basis. Debts with customers in liquidation or receivership are fully provided against 
and written off. The movement in the provision during the period is as follows:
2025
£’000
2024
£’000
Balance at the beginning of the year
 1,934 
 4,555 
Foreign exchange difference
  (22) 
  (5) 
Charge for year
 354 
 347 
Amounts utilised
  (455) 
  (2,384) 
Unused amounts reversed
  (342) 
  (579) 
Balance at the end of the year
 1,469 
 1,934 
The directors consider that the carrying value of trade receivables approximates to fair value and that no impairment provisions are 
required against other receivables.
19 Current tax assets
2025
£’000
2024
£’000
UK corporation tax
428
515
Overseas tax (denominated in Euros)
156
 254 
 584 
 769 
18 Trade and other receivables continued
68
Notes to the Accounts
For the year ended 31 December 2025 (continued)

20 Cash and cash equivalents
2025
£’000
2024
£’000
Cash at bank
 1,842 
 4,892 
Deposit accounts
 26,544 
 18,289 
 28,386 
 23,181 
Cash at bank comprises cash held by the group in interest-free bank current accounts.
Deposit accounts comprise instant access interest-bearing accounts and other short-term bank deposits with a maturity of three 
months or less on inception. Interest was received at an average floating rate of approximately 3.3% (2024: 4.4%).
The carrying value of cash and cash equivalents approximates to their fair value.
Total cash balances and other monetary assets and liabilities denominated in foreign currencies are disclosed in note 27.
21 Trade and other payables
2025
£’000
2024
£’000
Trade payables
 4,711 
 3,931 
Amounts due to related party
 364 
 364 
Other taxation and social security
 1,816 
 1,891 
Accruals
 8,405 
 9,431 
Other payables
 294 
 248 
 15,590 
 15,865 
Trade payables, accruals and other payables mainly comprise amounts outstanding from trade purchases and other normal business-
related costs. The average credit period taken for trade purchases is 52 days (2024: 51 days), the decrease reflects normal trading 
patterns with suppliers.
Information concerning credit, liquidity and market risks together with an analysis of monetary liabilities held in currencies other than 
pounds Sterling is given in note 27.
The carrying value of trade and other payables approximates to their fair value.
22 Current tax liabilities
2025
£’000
2024
£’000
UK corporation tax
–
 15 
Overseas tax (denominated in Euros and Dirhams)
 679 
 456 
 679 
 471 
69
Financials

23 Right-of-use lease obligations
Financial liabilities
Minimum lease  
payments
Present value of minimum 
lease payments
2025
£’000
2024
£’000
2025
£’000
2024
£’000
Amounts payable under right-of-use lease obligations:
Within one year
 3,705 
 3,404 
 2,885 
 2,556 
In the second to fifth years
 9,046 
 8,884 
 7,056 
 6,633 
After five years
 7,579 
 9,683 
 5,272 
 6,840 
 20,330 
 21,971 
 15,213 
 16,029 
Less future finance charges
  (5,117) 
  (5,942) 
–
–
Present value of lease obligations
 15,213 
 16,029 
 15,213 
 16,029 
The group’s obligations under these leases are secured over the right-to-use assets to which they relate. Where extension options are 
included, an assessment of how likely it is for the option to extend the lease to be exercised is performed and if it is determined that 
the lessee is reasonably certain to exercise the option then the term covered by the option is included in the lease term.
24 Provisions
2025
£’000
France 
closure
2025
£’000
Restructuring
2025
£’000
Dilapidation
2025
£’000
Total
2024
£000 
France 
closure
2024
£’000
Restructuring
2024
£’000
Dilapidation
2024
£’000
Total
Balance at 1 January
 436 
 20 
 1,104 
 1,560 
 599 
 477 
 1,827 
 2,903 
Provision created in the year
–
–
 734 
 734 
–
–
 30 
 30 
Utilised during the year
  (22) 
  (20) 
  (74) 
  (116) 
  (115) 
  (126) 
  (282) 
  (523) 
Unused amounts reversed
–
–
  (108) 
  (108) 
  (48) 
  (331) 
  (471) 
  (850) 
 414 
–
 1,656 
 2,070 
436
 20 
 1,104 
 1,560 
Dilapidation costs expected to be settled at the end of the lease term, ranging from 1 year to 20 years, for rectification of wear and 
tear damage of the group’s leasehold premises are provided for as an expense over the tenancy period as the wear and tear occurs. 
The cost of the remedial work required on the group’s properties is spread over a number of years and the provision is based upon the 
group’s previous dilapidation experience and quotes received from professional surveyors. The impact of discounting is considered 
immaterial to the amounts provided. The final actual cost is uncertain and based on future wear and tear, the current provision is 
based on best estimates.
Restructuring provision relates to property relocation within the UK. During 2022, four properties were vacated and merged into one 
large consolidated site. The associated costs involved included expected move costs and redundancy. The majority of these costs were 
incurred during 2023. During 2023, three further property locations were vacated and merged into one larger facility. The associated 
costs involved included expected move costs and other associated landlord costs. The majority of these costs were incurred during 
2024. The impact of discounting is considered immaterial to the amounts provided. 
France closure provision relates to the decision taken during 2022 to cease trading of our French subsidiary, Andrews Sykes Climat 
Location, and wind the business up. The associated costs involved include redundancy, anticipated legal fees of the closure and 
defence of several legal claims being defended and settlement of outstanding supplier contracts. It is anticipated that the majority 
of these costs will be incurred after 2025. The impact of discounting is considered immaterial to the amounts provided. The final 
actual cost is uncertain and based on the satisfactory settlement of the current legal claims. The current provision is based on best 
estimates.
70
Notes to the Accounts
For the year ended 31 December 2025 (continued)

25 Share capital
2025
£’000
2024
£’000
Allotted, called up and fully paid 
41,858,744 (2024: 41,858,744) ordinary shares of one pence each
419
419 
During the year, the company purchased and cancelled nil (2024: nil) ordinary shares of 1p each. 
Following the current and previous year end no further shares have been purchased or cancelled. As at 11 May 2026 there were 
41,858,744 ordinary shares in issue.
No share options were exercised, granted, forfeited or expired during either the current or preceding financial period. There were no 
outstanding share options at the end of either the current or preceding financial period.
26 Analysis of net funds and movement in financing liabilities
2025
£’000
2024
£’000
Cash and cash equivalents per consolidated cash flow statement
 28,386 
 23,181 
Gross funds
 28,386 
 23,181 
Right-of-use lease obligations:
At the beginning of the year
  (16,029) 
  (15,397) 
Capital repayments for right-of-use lease obligations
 3,053 
 2,920 
Interest charged
  (1,013) 
  (1,015) 
Interest paid
 1,013 
 1,015 
New right-of-use assets entered into during the year
  (3,614) 
  (4,210) 
Termination of right-of-use obligations
 1,434 
 616 
Effect of foreign exchange rate changes on right-of-use leases
  (57) 
 42 
At the end of the year
  (15,213) 
  (16,029) 
Gross debt
(15,213)
(16,029)
Net funds
13,173
7,152 
27 Financial instruments
Capital risk management
The group manages its capital to ensure that it will be able to continue as a going concern while maximising the return to 
shareholders. The capital structure of the group consists of net funds, which are analysed in note 26, and equity comprising issued 
share capital, reserves and retained earnings as disclosed on the balance sheet.
The net funds to equity percentage is:
2025
£’000
2024
£’000
Net funds per note 26
 13,173 
 7,152 
Equity attributable to equity holders of the parent company
53,537
 46,185 
Net funds to equity percentage
24.6%
15.5%
71
Financials

Categories of financial instruments
The carrying values of each category of financial instrument, shown at amortised cost, are as follows:
2025
£’000
2024
£’000
Financial assets
Trade receivables and amounts due from related parties
12,536
14,825
Other debtors
633
266
Cash and cash equivalents
28,386
23,181
41,555
38,272
Financial liabilities
Trade payables and amounts due to related parties
 5,075 
 4,295 
Accruals and other creditors
 8,699 
 9,679 
Right-of-use lease obligations
 15,213 
 16,029 
28,987
30,003
Surplus of financial assets over financial liabilities
12,568
8,269
In addition to managing the capital structure to ensure the ability of the group to continue as a going concern, the group also 
manages its cash and cash equivalent balances in view on the credit rating of the institutions in which funds are held. The Standard & 
Poor credit ratings of the institutions by geographical region where cash and cash equivalents are held are detailed below:
Credit 
ratings
of financial 
institutions
Cash and 
cash
equivalent
Credit 
ratings
of financial 
institutions
Cash and 
cash
equivalent
UK
A+
18,291
A+
15,212
Europe
BBB to A+
9,645
BBB to A+
7,105
Middle East
BAA to A+
450
BAA to A+
864
28,386
23,181
The group monitors the credit ratings of counterparties regularly and at the reporting date does not expect any losses from non-
performance by the counterparties.
Financial risk management
The key risks that potentially impact on the group’s results are market risk, credit risk and liquidity and interest rate risks. The group’s 
exposure to each of these risks and the management of that exposure is discussed below. There has been no change in the period, or 
since the period end, to the type of financial risks faced by the group or to the management of those risks.
Market risk
The group’s activities expose it primarily to the financial risks of changes in interest rates. When appropriate, the group enters 
into derivative financial instruments to manage its exposure to interest rate risk, including interest rate caps / collars that limit the 
group’s exposure to fluctuations in any bank loans/ treasury deposits. Due to the lack of external financing and favourable rates being 
available on treasury deposits, the group does not hold any interest rate caps/ collars or any other derivative financial instrument as 
at 31 December 2025 (2024: £Nil), although this position is constantly under review.
A 1% increase in the average bank deposit rate for the period would have increased the net bank deposit interest receivable by 
£249,000 (2024: £214,000); a 1% decrease would have decreased it by a similar amount.
The group’s policy is not to hedge its international assets with respect to foreign currency balance sheet translation exposure, nor 
against foreign currency transactions. The group generally does not enter into forward exchange contracts and it does not use 
financial instruments for speculative purposes.
Currency risk
No entities within the group hold significant financial assets or financial liabilities in a currency that is different to their functional 
currency and therefore there is no material exposure to currency risk.
27 Financial instruments continued
72
Notes to the Accounts
For the year ended 31 December 2025 (continued)

Credit risk
Credit risk refers to the risk that a counterparty will default, defined as not paying within a given period, on its contractual obligations 
resulting in financial loss to the group. The group has adopted a policy of only dealing with creditworthy counterparties as a means 
of mitigating the risk of financial loss from defaults. Credit-worthiness is verified by independent rating agencies when available. The 
group’s exposure to and credit ratings of its counterparties are continuously monitored. Credit exposure is controlled by counterparty 
limits that are reviewed and approved by senior management on a regular basis.
Trade receivables consist of a large number of customers spread across diverse industries and geographical locations. A review of 
all bad debt history was carried out to evaluate whether this was indicative of any expected future credit exposures. These historical 
rates of credit loss were then looked at in the context of current and future factors affecting customer creditworthiness. Trade 
receivables are written off when there is considered to be little likelihood of recovery of the debt. The group’s lifetime expected credit 
loss percentage analysed by age category of debt is disclosed in note 18.
The group does not have any significant credit risk exposure to any single counterparty or connected counterparties at the reporting 
date where “significant” is defined as 5% of gross financial assets. The credit risk on liquid funds is limited because the counterparties 
are banks with high credit ratings assigned by international credit rating agencies.
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the group’s 
maximum exposure to credit risk.
Liquidity risk management
The group manages liquidity risk by maintaining adequate gross funds, which at 31 December 2025 amounted to £28,386,000  
(2024: £23,181,000), by continuously monitoring forecast and actual cash flows, by matching the maturity profiles of monetary assets 
and liabilities and by managing the funds held in deposit accounts to match when the group may need access to these funds.
In view of the significant levels of net funds available to the group of £13,173,000 (2024: £7,152,000), the directors believe that 
additional unutilised borrowing facilities are not required.
Liquidity and interest risk tables
The following table details the group’s remaining contractual maturity for its non-derivative financial liabilities. The table has been 
prepared based on the undiscounted contractual maturities of the financial instruments. The future finance charges represent the 
charges that will be charged to the income statement in future periods based on the current weighted average interest rates and have 
not been included within the carrying amount of the financial liability.
The following liquidity and interest risk tables include non-financial liabilities relating to current tax of £679,000 (2024: £471,000) and 
other tax and social security of £1,816,000 (2024: £1,891,000). These have been included in the maturity analysis provided as this is 
considered to be useful information for account users in regards to the timing of likely cash outflows.
Weighted
average
interest rate
Due within
3 months
Due 
3 months
to 1 year
Due
2–5 years
Due after
5 years
Total
At 31 December 2025
Non-interest bearing
N/A
 11,920 
 4,350 
–
–
 16,269 
Right-of-use lease obligation
6.0%
 926 
 2,779 
 9,046 
 7,579 
 20,330 
Total
 12,846 
 7,128 
 9,046 
 7,579 
 36,599 
Weighted
average
interest rate
Due within
3 months
Due 
3 months
to 1 year
Due
2–5 years
Due after
5 years
Total
At 31 December 2024
Non-interest bearing
N/A
 11,497 
 4,840 
 – 
 – 
 16,336 
Right-of-use lease obligation
6.0%
 851 
 2,553 
 8,884 
 9,683 
 21,971 
Total
 12,348 
 7,393 
 8,884 
 9,683 
 38,307 
27 Financial instruments continued
73
Financials

28 Operating lease arrangements
At the balance sheet date, the group had outstanding commitments for future minimum lease payments under non-cancellable 
operating leases, which fall due as follows:
Plant, machinery 
and equipment
2025
£’000 
2024
£’000 
Future minimum payments due:
Not later than one year
 345 
 248 
After one year but not more than five years
 922 
 703 
After more than five years
–
–
 1,267 
 951 
Plant, machinery and equipment leases represent short-term leases for motor vehicles, office and general equipment also with a 
duration of 12 months or less. In addition, any non-capital payments under operating leases, for example, maintenance costs on 
vehicles, have not been capitalised and continue to be treated as off-balance-sheet operating leases and the commitments included 
within the table above.
Leases with a duration of over 12 months have been included within right-to-use assets in accordance with IFRS 16; see note 13.
29 Related party transactions
Group
All transactions between the parent company and subsidiary companies and between subsidiary companies have been eliminated on 
preparation of the consolidated accounts.
Trading transactions
During the period, the group entered into the following transactions in the normal course of business with associated companies:
2025
£'000
2024
£'000
Sale of goods and services to associates within the London Security plc group
–
–
Purchase of goods and services from associates within the London Security plc group
 93 
 103 
Amount owed by the group to associates within the London Security plc group
–
–
Sales of goods and services to companies connected with Khansaheb Sykes LLC
 316 
 1,397 
Amounts owed to the group by companies connected with Khansaheb Sykes LLC
 46 
 580 
Purchase of goods and services from associates connected with Khansaheb Sykes LLC
 427 
 452 
Amounts owed by the group to companies connected with Khansaheb Sykes LLC
 364 
 364 
The group did not hold any security and there were no impairment charges in respect of any of the above transactions. 
London Security plc is associated through common control.
Khansaheb Sykes LLC, a company that is 49% owned by the group and 100% of the profits accrue to the group, trades in the normal 
course of business with its other shareholder and companies connected with that shareholder.
Transactions with key management personnel
Details of remuneration paid to directors and key management personnel are disclosed in note 9.
74
Notes to the Accounts
For the year ended 31 December 2025 (continued)

30 Dividend payments
The directors declared and paid the following dividends during the 12 month periods ended 31 December 2025 and 31 December 2024:
2025
2024
pence per
share
Total 
dividend 
paid
£’000 
pence per
share
Total
dividend paid
‘£’000 
Final dividend for the 12 months ended 31 December 2024 paid to 
members on the register at 23 May 2025 on 20 June 2025
 14.00 
 5,860 
–
–
Interim dividend declared on 23 September 2025 and paid to 
shareholders on the register at 3 October 2025 on 31 October 2025
 11.90 
 4,981 
–
–
Final dividend for the 12 months ended 31 December 2023 paid to 
members on the register at 24 May 2024 on 21 June 2024
–
–
 14.00 
 5,860 
Interim dividend declared on 24 September 2024 and paid to 
shareholders on the register at 4 October 2024 on 1 November 2024
–
–
 11.90 
 4,981 
 25.90 
 10,841 
 25.90 
 10,841 
The above dividends were charged against reserves as shown in the consolidated statement of changes in equity of these financial 
statements.
The directors recommend the payment of a final dividend of 14.0p (2024: 14.0p) per ordinary share. If approved at the forthcoming 
Annual General Meeting, this dividend, which in total amounts to £5,860,000 (2024: £5,860,000), will be paid on 19 June 2026 to 
shareholders on the register at 22 May 2026.
31 Ultimate parent company
As at 11 May 2026, EOI Sykes Sarl, which is incorporated in Luxembourg, held 86.90% of the share capital of Andrews Sykes Group 
plc and is therefore the immediate parent company. The intermediate holding company is SK Participation Limited, a company 
incorporated in Jersey, and the ultimate holding company is the Tristar Corporation, a company incorporated in the Republic of 
Panama. The Tristar Corporation is held jointly, in equal proportions, by the Ariane Trust and the Eden Trust and controlled by the 
trustees of these trusts through a Trustees’ Committee. The directors therefore consider that the trustees of the Ariane and Eden 
Trusts are the ultimate controlling parties of Andrews Sykes Group plc.
The lowest level at which consolidated accounts are prepared is EOI Sykes Sarl and the highest level is SK Participation Limited.
75
Financials

31 December 2025
31 December 2024
Notes
£’000
£’000
£’000
£’000
Fixed assets
Investments
3
30,107
 30,157 
Current assets
Debtors
4
 230 
 661 
Cash at bank and in hand
 13,835 
 12,876 
 14,065 
 13,537 
Creditors: Amounts falling due within one year
5
  (7,104) 
  (6,584) 
Net current assets
6,961
 6,953 
Total assets less current liabilities being net assets
37,068
 37,110 
Capital and reserves
Share capital
 419 
 419 
Share premium
 
 13 
 13 
Profit and loss account
 34,264 
34,306
Capital redemption reserve
 
 161 
 161 
Other reserve
 
 2,211 
 2,211 
Shareholders' funds
37,068
37,110
The profit for the year dealt with in the accounts of the parent company was £10,799,000 (2024: £11,803,000).
These consolidated financial statements of Andrews Sykes Group plc, company number 00175912, were approved and authorised for 
issue by the Board of directors on 11 May 2026 and were signed on its behalf by:
JJ Murray
Executive Chairman
76
Parent Company Balance Sheet
At 31 December 2025

Share 
capital
£’000
Share
premium
account
£’000
Profit and
loss account
£’000
Capital
redemption
reserve
£’000
Other
reserve
£’000
Attributable to
equity holders
of the company
£’000
Balance at 31 December 2023
 419 
 13 
 33,344 
161
2,211
36,148
Profit for the year
–
–
 11,803
–
–
 11,803
Dividends paid*
–
–
  (10,841)
–
–
  (10,841)
Total of transactions  
with shareholders
–
–
  (10,841)
–
–
  (10,841)
Balance at 31 December 2024
 419 
 13 
 34,306 
161
2,211
37,110
Profit for the year
–
–
 10,799
–
–
 10,799
Dividends paid*
–
–
  (10,841)
–
–
  (10,841)
Total of transactions  
with shareholders
–
–
  (10,841)
–
–
  (10,841)
Balance at 31 December 2025
 419 
 13 
 34,264 
161
2,211
37,068
*	 See note 30 for further details.
Share premium account
The share premium account balance includes the proceeds that were above the nominal value from issuance of the company’s equity 
share capital comprising 1p shares.
Profit and loss account
Profit and loss include the accumulated profits and losses arising from the profit and loss attributable to equity shareholders, less 
distributions to shareholders.
Capital redemption reserve
The capital redemption reserve has arisen on the cancellation of previously issued shares and represents the nominal value of those 
shares cancelled.
Other reserve
The other reserve represents a non-distributable reserve, which arose following the historic receipt of dividends paid out of internally 
generated profits within the group and are therefore not considered payable outside the group to its shareholders.
77
Financials
Parent Company Statement of  
Changes in Equity
For the year ended 31 December 2025

1 Material accounting policies
Basis of preparation
These separate financial statements of Andrews Sykes Group plc (the “company”) have been prepared under the historical cost 
convention and in accordance with Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006. 
Reduced disclosure framework
Advantage has been taken of paragraph 1.12 of FRS 102 and the company has applied the reduced disclosure framework as permitted 
by that paragraph. Accordingly, these individual company financial statements:
	
●
do not contain a cash flow statement as otherwise required by section 7 of FRS 102;
	
●
do not disclose key management remuneration as otherwise required by section 33 of FRS 102; and
	
●
do not include the disclosures otherwise required by sections 11 and 12 of FRS 102 for other financial instruments.
The company proposes to continue to adopt the reduced disclosure framework of FRS 102 in its next financial statements.
Exemptions taken in the preparation of these financial statements on transition to FRS 102
The effective date of transition to FRS 102 was 1 January 2014. In accordance with paragraph 35.10 of FRS 102, in 2015 the company 
elected to take advantage of the following exemptions that were available on transition:
	
●
Section 19 of FRS 102 was not applied retrospectively to business combinations that occurred before the date of transition to FRS 
102; and
	
●
Investments in subsidiaries are stated at cost less impairment provisions and not at fair value.
Company profit and loss account
As permitted by section 408 of the Companies Act 2006, the company has elected not to present its own profit and loss account for 
the period.
Principal accounting policies
The principal accounting policies, which have all been applied consistently throughout the current and preceding accounting periods, 
are summarised below.
Going concern
These financial statements have been prepared on the fundamental assumption that the company is a going concern and will continue 
to trade for at least 12 months following the date of approval of the financial statements.
Further information explaining why the directors believe that the group as a whole is a going concern is given in note 1 of the group 
accounting policies.
Investments
Investments in subsidiary undertakings are stated at cost less provision for impairment. Cost is defined as the aggregate of:
(a)	the cash consideration;
(b)	the nominal value of shares issued as consideration where section 612 of the Companies Act 2006 applies;
(c)	the market value of the company’s shares on the date they were issued where Section 612 does not apply;
(d)	the fair value of any other consideration; and
(e)	costs of acquisition.
Investments are assessed for indicators of impairment at each balance sheet date. If there is such an indication the recoverable 
amount of the investment is compared to the carrying amount of the investment. If the recoverable amount of the investment is 
estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is 
recognised in the profit and loss account. 
If an impairment loss is subsequently reversed, the carrying amount of the investment is increased to the revised estimate of its 
recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have 
been determined had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit 
and loss account.
78
Notes to the Company Accounts
For the 12 months ended 31 December 2025

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities 
such as loans from banks and group undertakings and loans to group undertakings.
Debt instruments (other than those wholly repayable or receivable within one year), including loans, are initially measured at present 
value of the future cash flows and subsequently at amortised cost using the effective interest method. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence 
of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive 
income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying 
amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has 
a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under 
the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying 
amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for 
the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle 
the liability simultaneously.
Deferred tax
Deferred tax is provided in full on timing differences that result in an obligation to pay more tax, or a right to pay less tax, at a future 
date, at rates expected to apply when they crystallise based on current tax law enacted or substantively enacted. Timing differences 
arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are 
included in financial statements. Deferred tax is not provided on unremitted earnings where there is no binding commitment to remit 
these earnings. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. 
Deferred tax assets and liabilities are not discounted.
Current tax
Current tax payable and recoverable is based on the taxable profit or loss for the year using tax rates enacted or substantively 
enacted at the reporting date. Taxable profit differs from the profit as reported in the profit and loss account as it is adjusted for both 
items that will never be taxable or deductible and temporary timing differences.
Related party transactions
Under the provisions of FRS 102 paragraph 33.1A, the company has not disclosed details of intra-group transactions with wholly owned 
subsidiary companies. 
79
Financials
Notes to the Company Accounts
For the year ended 31 December 2025 (continued)

2 Employee information
The Company has no employees other then the directors. 
Directors’ emoluments
Directors’ emoluments for the current and prior financial year were as follows:
2025
2024
Director
Emoluments
£’000
Pension
£’000
Total
£’000
Emoluments
£’000
Pension
£’000
Total
£’000
AJ Kitchingman
 42 
–
 42 
 42 
–
 42 
MC Leon
 20 
–
 20 
 20 
–
 20 
JJ Murray
 42 
–
 42 
 44 
–
 44 
JP Murray
 20 
–
 20 
 20 
–
 20 
 124 
–
 124 
 126 
 - 
 126 
CD Webb was remunerated through Andrews Sykes Hire Limited and received no employment benefits directly from the company.
No directors were granted or exercised share options during either the current or prior financial periods.
For key management personnel purposes, £11,000 (2024: £9,000) of NI contributions should be included in the above totals.
No directors, in either the current or prior year, had any pension contributions or were members of either a defined contribution or 
defined benefit pension scheme.
In the current and prior year no director had an accrued annual pension under the defined benefit scheme. No contributions were paid 
during the current or prior period into the defined benefit scheme.
3 Fixed asset investments
Subsidiary
undertakings
shares
£’000 
Cost
At the beginning and end of the period
 39,796 
Disposal
  (50) 
At the end of the period
 39,746 
Provisions
At the beginning and end of the period
9,639
Net book Value
At 31 December 2025
30,107
At 31 December 2024
30,157
During the year Andrews Air Conditioning and Refrigeration Limited undertook a share capital reduction which reduced the 
investment cost in that subsidiary.
Directly owned by Andrews Sykes Group plc: 
Andrews Sykes Hire Limited  
Andrews Air Conditioning and Refrigeration Limited* 
A.S. Group Management Limited* (intermediate holding company) 
Andrews Sykes International Limited* (intermediate holding company) 
Andrews Sykes Properties Limited* (property holding company) 
Heat for Hire (Scotland) Limited (Scotland; dormant) 
Sykes Pumps Limited (dormant)
80
Notes to the Company Accounts
For the year ended 31 December 2025 (continued)

Indirectly owned by Andrews Sykes Group plc:~ 
Andrews Sykes B.V. (Netherlands) 
Andrews Sykes BVBA (Belgium) 
Andrews Sykes Climat Location SA (Switzerland) 
Andrews Sykes Climat Location SAS (France) 
Andrews Sykes Luxembourg SARL (Luxembourg) 
AS Holding B.V. (Netherlands; intermediate holding company) 
Klimamieten AS GmbH (Germany) 
Khansaheb Sykes LLC (49%; United Arab Emirates) 
Nolo Climat S.R.L. (Italy) 
Andrews Sykes Hire Saudi Limited* (intermediate holding company) 
Andrews Sykes Hire Saudi Limited (Saudi Arabia)
*	 Denotes that the directors have taken advantage of the exemption available under section 479A of the Companies Act 2006 relating to the requirement for the 
audit of the individual accounts for the companies annotated as Andrews Sykes Group plc has provided these companies with a parental guarantee.
Unless otherwise indicated, all are incorporated in England and Wales with a registered address of Unit 601, Axcess 10 Business 
Park, Bentley Road South, Wednesbury, WV10 8LQ. Their principal activity is the hire, sales, service and / or installation of specialist 
environmental control products mainly in the country of incorporation.
The registered office address of Heat for Hire (Scotland) Limited is West Mains Industrial Estate, Grangemouth, Stirlingshire, Scotland, 
FK3 8YE.
The registered office address of AS Holding B.V. and Andrews Sykes B.V. is Marconistraat 32, Bleiswijk 2665 JE, The Netherlands.
The registered office address of Khansaheb Sykes LLC is P.O. Box 1848, Industrial Area 10, Geeco Signal, Sharjah 1848, United Arab 
Emirates.
The registered office address of Andrews Sykes BVBA is Industrialaan 35, Groot Bijgaarden, Dilbeek 1702, Belgium.
The registered office address of Nolo Climat S.R.L. is 27 Via Giulini, Parabiago 20015, Italy.
The registered office address of Andrews Sykes Climat Location SAS is 330 Rue Claude Chappe, 60530, Ecruis, France.
The registered office address of Andrews Sykes Climat Location SA is Chemin de la Louve 15, 1196 Gland, Switzerland.
The registered office address of Andrews Sykes Luxembourg SARL is 18 Route de Capellen, Holzem 8279, Luxembourg.
The registered office address of Klimamieten AS GmbH is Europaallee 123, 50226, Nord Rhein Westfalen, Germany.
The registered office address of Andrews Sykes Saudi Limited is 2628 Najem Al Deem Al Ayyubi, 7333 Al Suwaidi District, 12795, 
Riyadh, Kingdom of Saudi Arabia.
The group holds 100% of the ordinary share capital of all of the above, unless otherwise stated. 100% of the profits of Khansaheb 
Sykes LLC accrue to the group.
The movement in provisions relates to adjustments to the net carrying value of investments in non-trading subsidiaries to underlying 
net asset value.
4 Debtors
2025
£’000
2024
£’000
Amounts due from group undertakings
 79 
 549 
Other debtors
 95 
 51 
Prepayments
 56 
 61 
 230 
 661 
All inter-company loans are due on demand. Interest is charged on all inter-company loans at commercial rates of interest. No 
provisions are considered necessary against amounts owed by group undertakings.
81
Financials

5 Creditors
Amounts due within one year
2025
£’000
2024
£’000
Amounts due to group undertakings
 6,378 
 5,859 
Trade creditors
 102 
 100 
Accruals and deferred income
 624 
 625 
 7,104 
 6,584 
All inter-company loans are repayable on demand and, accordingly, have been classified within current liabilities. Interest is charged 
on all inter-company loans at commercial rates of interest.
The company did not have any undrawn committed borrowing facilities at either period end.
6 Financial instruments
The group’s policies, objectives and exposure in respect of capital and financial (encompassing market, credit and liquidity) risk 
management are set out in note 27 to the consolidated financial statements and these are also applicable to the company. The 
company did not hold any derivative financial instruments at either 31 December 2025 or 31 December 2024.
7 Share capital
2025
£’000
2024
£’000
Allotted, called up and fully paid 
41,858,744 (2024: 41,858,744) ordinary shares of one pence each
 419 
 419 
During the year, the company purchased and cancelled nil (2024: nil) ordinary shares of 1p each. 
Following the current and previous year end no further shares have been purchased or cancelled. As at 11 May 2026 there were 
41,858,744 ordinary shares in issue.
No share options were exercised, granted, forfeited or expired during either the current or preceding financial period. There were no 
outstanding share options at the end of either the current or preceding financial period.
82
Notes to the Company Accounts
For the year ended 31 December 2025 (continued)

8 Related party transactions
Transactions between the company and its wholly owned subsidiaries, which are related parties, are not disclosed in this note in 
accordance with paragraph 33.1A of FRS 102.
During the period, the company entered into the following transactions in the normal course of business with associated companies:
2025
£’000
2024
£’000
Purchase of goods and services from associates within the London Security plc group
93
103
The company did not hold any security and there were no impairment charges in respect of any of the above transactions.
London Security plc is associated through common control. 
9 Ultimate parent company
As at 11 May 2026, EOI Sykes Sarl, which is incorporated in Luxembourg, held 86.90% of the share capital of Andrews Sykes Group 
plc and is therefore the immediate parent company. The intermediate holding company is SK Participation Limited, a company 
incorporated in Jersey, and the ultimate holding company is the Tristar Corporation, a company incorporated in the Republic of 
Panama. The Tristar Corporation is held jointly, in equal proportions, by the Ariane Trust and the Eden Trust and controlled by the 
trustees of these trusts through a Trustees’ Committee. The directors therefore consider that the trustees of the Ariane and Eden 
Trusts are the ultimate controlling parties of Andrews Sykes Group plc.
The lowest level at which consolidated accounts are prepared is EOI Sykes Sarl and the highest level is SK Participation Limited.
83
Financials

2025
£’000
2024
£’000
2023
£’000
2022
£’000
2021
£’000
Revenue 
 76,500
 75,942 
 78,747 
 83,007 
 75,219 
Operating profit from continuing operations 
 23,457
 23,187 
 22,737 
 21,530 
 20,074 
Interest charge on right-of-use leases 
  (1,013) 
  (1,015) 
  (759) 
  (577) 
  (530) 
Inter-company foreign exchange (losses)/gains 
 27 
  (45) 
 28 
 242 
  (25) 
Net interest credit/(charge) excluding inter-company 
foreign exchange and right-of-use lease interest 
 956 
 1,060 
 1,590 
 356 
  (20) 
Profit before taxation 
 23,427 
 23,187 
 23,596 
 21,551 
 19,499 
Taxation 
  (5,342) 
  (6,389) 
  (5,838) 
  (4,531) 
  (3,959) 
Profit for the financial period 
 18,085 
 16,798 
 17,758 
 17,020 
 15,540 
Dividends per share paid in the year 
 25.90p 
 25.90p 
 85.30p 
 41.00p 
 23.40p 
Dividends paid during the year 
 10,841 
 10,841 
 35,743 
 17,292 
 9,869 
Basic earnings per share from continuing operations 
 43.20p 
 40.13p 
 42.24p 
 40.36p 
 36.85p 
Proposed ordinary final dividend per share 
 14.00p 
 14.00p 
 14.00p 
 14.00p 
 12.50p 
84
Five Year History

The production of this report supports the work of the 
Woodland Trust, the UK’s leading woodland conservation 
charity. Each tree planted will grow into a vital carbon store, 
helping to reduce environmental impact as well as creating 
natural havens for wildlife and people.
85
Financials

Copyright © Andrews Sykes Group plc 2024. Other brand and product names are trademarks or registered trademarks of their respective companies.
Unit 601, Axcess 10 Business Park,  
Bentley Road South, Wednesbury, WS10 8LQ
Tel: 01902 328700
E-mail: info@andrews-sykes.com
www.andrews-sykes.com