Wyko shares fall as sales suffer a market squeeze

Positive full-year results from Wyko last week were marred by a downbeat assessment of first-quarter trading, prompting a 12% drop in the value of its shares. The engineering and distribution firm announced a 44% increase in pre-tax profits to £11.7m, with sales up by 25%. This is the fifth successive year that the company has […]

Positive full-year results from Wyko last week were marred by a downbeat assessment of first-quarter trading, prompting a 12% drop in the value of its shares. The engineering and distribution firm announced a 44% increase in pre-tax profits to £11.7m, with sales up by 25%.

This is the fifth successive year that the company has substantially increased returns since chief executive Richard Johnson and finance director Geoff Winters joined from IMI.

However, the company admitted underlying sales were down 3% amid toughening market conditions and warned the year ahead would be equally difficult.