Tyman PLC AGM Trading Update (7961Z)
May 18 2023 - 2:00AM
UK Regulatory
TIDMTYMN
RNS Number : 7961Z
Tyman PLC
18 May 2023
TYMAN PLC
Annual General Meeting 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 30 April 2023 ("the period"), ahead
of the Group's Annual General Meeting being held today at 10.30
a.m. at the offices of Latham & Watkins, 99 Bishopsgate,
London, EC2M 3XF.
Current trading and outlook
The Board expects full year adjusted operating profit to be in
line with market expectations*, against a continued challenging
demand environment. This reflects the Group's agility, its flexible
cost base, the success of its pricing actions in offsetting cost
inflation, and the continued implementation of its strategic
initiatives to gain market share and structurally improve gross
margin. The Board expects to revert to a greater weighting of
profit generation in the second half of the year, as was usual
pre-COVID; this is in contrast with 2022, when the first half of
the year benefitted from a continuation of the strong post-COVID
rebound in market activity.
Group revenue for the four-month period to 30 April 2023
decreased by 8% to GBP215 million on a reported basis and by 13% on
a like-for-like ("LFL") basis, when compared to a strong
comparative period last year. The decrease in LFL revenue reflects,
as expected, a continuation of the weakness in volumes experienced
in the fourth quarter of 2022, which more than offset the benefit
of the carryover of prior-year pricing actions in recovering cost
inflation (including the reversal of the pricing lag in North
America).
Following the announcement of 6 April 2023, the Group has
commenced its search for a new Chief Executive Officer. Following
the interim appointment of Jason Ashton and Juliette Lowes to the
respective roles of Chief Executive Officer and Chief Financial
Officer, the management team is focussed on delivering the Group's
financial targets and strategic priorities.
Jason Ashton, Interim Chief Executive Officer, commented:
"The Group has delivered a solid overall performance against a
strong comparative period and despite the subdued market backdrop.
Our focus on taking market share, managing our cost base and
reducing inventory, together with the benefit of prior-year pricing
actions, leaves us well placed to navigate the ongoing
macroeconomic challenges. We therefore continue to expect to
deliver full year adjusted operating profit in line with market
expectations*.
Tyman remains well placed for growth when the housing market
backdrop improves, building on our portfolio of differentiated
products, market-leading brands, deep customer relationships and
sustainability credentials."
Tyman will announce results for the six months ending 30 June
2023 on Tuesday 25 July 2023.
18 May 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 , 020 3128 8613)
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 serve their markets through
three divisions: Tyman North America, Tyman UK and Ireland and
Tyman International. Headquartered in London, the Group employs
approximately 3,700 people with facilities in 16 countries
worldwide. Further information is available at www.tymanplc.com
.
*Company-compiled analyst consensus for 2023 full year adjusted
operating profit is GBP81.3m, with a range of GBP77.8m to GBP84.3m.
Analyst consensus can be found at:
https://www.tymanplc.com/investor-relations/analysts-consensus
.
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