Andrews Sykes Group

ASY.L

Rental & Leasing Services · Industrials

Price

597.50 GBp

+0.00 (+0.00%)

Market Cap

£250.1M

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Exceptional

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Andrews Sykes Group is a UK-based company that rents out specialist equipment to businesses and organizations that need it temporarily. Its core products include portable heaters, air conditioning units, pumps, and dehumidifiers. Customers range from construction firms and factories to hospitals and event organizers — essentially any business that needs climate control or water management equipment fast.

The company earns money by charging rental fees for its equipment, which creates a steady, recurring stream of income without customers needing to buy expensive machinery outright. Andrews Sykes operates mainly in the UK, Belgium, France, the Netherlands, and the Middle East, and generates around £100 million in annual revenue. Its competitive edge comes from owning a large, ready-to-deploy fleet and offering rapid response times, which are hard for smaller rivals to match. The main risk is that demand for temporary heating and cooling is heavily tied to weather patterns and construction activity, meaning revenue can fluctuate with the seasons and the broader economy.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+8.7% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

£0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

90.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£28M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Andrews Sykes Group is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.7% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 42.2M (2021) → 41.9M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

65.2%

Premium pricing power — 65.2% gross margin

Profit after running costs

Operating Margin

34.9%

Excellent — 34.9% operating margin

Return on the money invested

ROCE

42.6%

Exceptional — 42.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+0.7%

Nearly flat sales (+0.7% YoY)

Profit growth

EPS YoY

+7.5%

Modest earnings growth (+7.5% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

131%

Turns 131% of profit into real cash

Spare cash per sale

FCF Margin

21.4%

Converts sales into free cash efficiently (21.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

22.51x

Comfortably covers interest (22.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.9x

Attractive valuation — P/E 13.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

4.50%

Healthy income — 4.50% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-59.5%

Dividend cut (-59.5% YoY) — warning sign

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