AGM Trading Update
18/05/2023 07:00
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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
£215 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
(mailto: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 (mailto: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 (http://www.tymanplc.com/) .
*Company-compiled analyst consensus for 2023 full year adjusted operating
profit is £81.3m, with a range of £77.8m to £84.3m. Analyst consensus can
be found at: https://www.tymanplc.com/investor-relations/analysts-consensus
(https://www.tymanplc.com/investor-relations/analysts-consensus) .
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