Tyman PLC Trading Statement (5981T)
16 Noviembre 2023 - 1:00AM
UK Regulatory
TIDMTYMN
RNS Number : 5981T
Tyman PLC
16 November 2023
TYMAN PLC
Trading Update
Tyman plc ("Tyman" or the "Group"), a leading international
supplier of engineered fenestration components and access solutions
to the construction industry, provides an update on trading for the
period from 1 January 2023 to 31 October 2023 ("the period").
Current trading and outlook
The Board expects full year adjusted operating profit to be in
line with market expectations*, despite continued challenging
market conditions.
Group revenue decreased by 9% to GBP557.0 million on a reported
basis and by 10% on a like-for-like ("LFL") basis for the ten
months to 31 October 2023 compared with the corresponding period in
2022. The decrease in LFL revenue reflects continued weakness in
volumes, which more than offset the benefit of the carryover of
prior year pricing actions. The agility of our teams in managing
cost, together with the reversal of the pricing lag, has limited
the decline in adjusted operating profit.
Notably, the North American division is making solid progress
expanding its operating margin. The division is also benefitting
from the acquisition of Lawrence Industries which was acquired in
July; the integration is progressing well, and the business is
performing in line with our expectations at the time of
acquisition.
During the second half, Tyman has progressed with its previously
announced initiatives to structurally improve the cost base whilst
also implementing further measures, including the announcement of
the closure of its loss-making business in China. The Group will
continue to review its cost base to ensure it has the flexibility
to swiftly adapt to any potential changes in demand.
The Group's cash generation remains strong, reflecting a
significant reduction in inventory in the period, and leverage is
expected to be in the middle of the target range of 1.0-1.5x by
year end.
Jason Ashton, Interim Chief Executive Officer, commented:
"The Group has delivered a solid trading performance despite the
challenging market conditions and, consequently, we expect full
year adjusted operating profit to be in line with market
expectations*.
We remain confident in the positive structural industry growth
drivers across the Group's markets, most notably in the US, as
highlighted in our recent capital markets event. Our continued
focus on taking market share and enhancing our operational platform
ensures that Tyman is well positioned for growth when the US
housing market backdrop improves, building on our portfolio of
highly engineered, differentiated products, market-leading brands,
deep customer relationships and sustainability credentials."
16 November 2023
Enquiries
Tyman plc ( investor.relations@tymanplc.com , 0207 9768000)
Jason Ashton - Interim Chief Executive Officer
Juliette Lowes - Interim Chief Financial Officer
Matt Jones - Head of Investor Relations
MHP ( tyman@mhpgroup.com , 07801 894577)
Reg Hoare / Rachel Farrington / Matthew Taylor
Notes to editors
Tyman (TYMN: LSE) is a leading international supplier of
engineered fenestration components and access solutions to the
construction industry. The company designs and manufactures
products that enhance the comfort, sustainability, security, safety
and aesthetics of residential homes and commercial buildings.
Tyman's portfolio of leading brands serves its markets through
three divisions: Tyman North America, Tyman UK and Ireland and
Tyman International. Headquartered in London, the Group employs
approximately 3,400 people with facilities in 16 countries
worldwide. Further information is available at www.tymanplc.com
.
*Company compiled analyst consensus of GBP83.6 million, with a
range of GBP82.8 million - GBP84.3 million. Details can be found
at: https://www.tymanplc.com/investor-relations/analysts-consensus
.
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END
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