Tyman PLC Annual General Meeting Trading and COVID-19 Update (4021N)
20 Mayo 2020 - 1:00AM
UK Regulatory
TIDMTYMN
RNS Number : 4021N
Tyman PLC
20 May 2020
TYMAN PLC
Annual General Meeting Trading and COVID-19 Update
Tyman plc ("Tyman" or the "Group"), a leading international
supplier of engineered components and access solutions to the
construction industry, is today providing a further update on the
business impact of COVID-19 to coincide with the Annual General
Meeting being held later today.
Trading and COVID impact
The Group's priority continues to be ensuring the health and
safety of our employees, their families and our communities. We
have implemented enhanced hygiene, social distancing and other best
practice measures across the Group.
Following changes in government guidance, our facilities in
Italy re-opened in the middle of April and our UK operations have
progressively restarted in May. Our sites in North America are
still operating with the exception of our two facilities in Juarez,
Mexico. Shift patterns have been adjusted to observe social
distancing measures and reflect the lower order intake.
On a reported basis, Group revenue declined by 12% for the four
months to 30 April 2020 compared with the corresponding period in
2019, with a decline of 39% in April. Trading was in line with our
expectations until the middle of March. Since then, government
lockdowns have severely disrupted construction and renovation
activity across Europe, including the UK. In the US, construction
has been regarded as an essential industry and activity has largely
continued but with a marked reduction in demand.
Given the ongoing levels of uncertainty at this time, the Group
is unable to resume guidance which was withdrawn on 3 April
2020.
Balance sheet and liquidity
The Group has a good level of liquidity headroom. At 30 April
2020, net debt excluding leases was GBP172 million and net debt to
EBITDA ratio on a covenant basis was 1.8x (31 December 2019: 1.7x)
compared with the covenant limit of 3.0x. The Group has a cash
balance of GBP132 million as at 30 April 2020 representing an
increase of GBP11 million since 31st March 2020. As previously
reported, the majority of our revolving credit facility of GBP240
million has been drawn down, with GBP13 million remaining undrawn
as at 30 April 2020.
The Group continues to focus on the optimisation of cashflow
through disciplined management of cost, working capital and capital
expenditure. As part of these measures and as announced on 3 April
2020, the Group has withdrawn the final dividend for the FY19
financial year. We have undertaken a number of other cost
containment and cash preservation measures including progressing
the self-help initiatives announced in March and utilising
government support schemes where available. We continue to monitor
the situation closely given the fluidity of the crisis.
Board
As previously announced, progress is being made recruiting a new
chair; this process is inevitably affected by the social distancing
measures but we hope to appoint a successor in the coming
months.
Jo Hallas, CEO, commented:
"We are pleased to be carefully and safely reopening our
operations in Italy and the UK, although this remains against a
background of significantly lower demand globally. We have
maintained good liquidity and a strong focus on cost and cash
management.
We believe that the actions we are taking, coupled with our
inherent strengths, will allow us to emerge from the crisis in an
even stronger position as the economy recovers."
20 May 2020
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 / Rachel Mann / Ailsa Prestige
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 serve their markets through
three divisions: North America (AmesburyTruth), UK and Ireland
(ERA) and International (SchlegelGiesse). Headquartered in London,
the Group employs approximately 3,900 people with facilities in 18
countries worldwide. Further information is available at
www.tymanplc.com .
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