Tyman PLC Trading Statement (3864S)
06 Noviembre 2019 - 1:00AM
UK Regulatory
TIDMTYMN
RNS Number : 3864S
Tyman PLC
06 November 2019
TYMAN PLC
Trading Update
Tyman PLC ("Tyman" or the "Group"), a leading international
supplier of engineered components and access solutions to the
construction industry, issues the following trading update for the
period from 1 July 2019 to date.
Current trading and outlook
Reported revenue and adjusted operating profit for the full year
are expected to be ahead of 2018 and in line with current market
expectations(1) . Leverage(2) at 31 December 2019 is expected to be
below 2.0x adjusted EBITDA.
This performance is despite our markets generally remaining
challenging, with European and UK markets having weakened since the
half year results on 25 July. North American markets continue to be
broadly flat with no clear signs yet of a return to higher activity
levels.
AmesburyTruth is making progress on resolving the operational
issues at the Statesville facility, with delivery performance to
our customers improving and no further material loss of customers
or business related to the US footprint project. We continue to
assess options for the re-instatement of supply of the legacy door
seal product. ERA has introduced further important new products
into the marketplace, building on the successful launches in the
first half of the year. SchlegelGiesse has made an encouraging
start to reducing its overall cost base in response to evolving
market conditions.
Jo Hallas, Chief Executive of Tyman, commented: "For the full
year we expect reported revenue and adjusted operating profit to be
ahead of 2018, assisted by contributions from last year's
acquisitions and the strength of the US dollar against sterling.
Whilst our main markets remain challenging, we are pleased with the
progress being made in our operational performance in North
America, with both customer service levels and productivity showing
an improving trend."
6 November 2019
(1) Tyman compiled analysts' forecasts show 2019 consensus
adjusted operating profit for continuing operations of GBP84.8 m
(post IFRS 16); this consensus can be found on the Group's web-site
here:
https://www.tymanplc.com/investor-relations/analysts-consensus
(2) Calculated in accordance with banking covenants, using the
prevailing GAAP at February 2018 (excluding the impact of IFRS
16)
Enquiries:
Tyman plc 020 7976 8000
Jo Hallas - Chief Executive Officer www.tymanplc.com
Jason Ashton - Chief Financial Officer
MHP Communications 020 3128 8100
Reg Hoare / Guy Featherstone / Nessyah Hart
Future dates
Tyman anticipates issuing its preliminary results announcement
in respect of the year ending 31 December 2019 on Thursday 5 March
2020.
Notes to editors
Tyman (TYMN: LSE) is a leading international supplier of
engineered components and access solutions to the construction
industry. The company designs and manufactures products that help
to improve the comfort, energy efficiency, security and design
aesthetics of residential homes and commercial buildings. Tyman's
portfolio of leading brands serve their markets through three
Divisions - AmesburyTruth, ERA and SchlegelGiesse. Headquartered in
London, the Group employs approximately 4,200 people with
facilities in 18 countries worldwide. Further information is
available at www.tymanplc.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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