REG - Tyman PLC - Trading Statement

TymanAnnouncement

17/11/2022 07:00

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RNS Number : 6909G  Tyman PLC  17 November 2022

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 2022 to
31 October 2022 ("the period").

Current trading and outlook

The Board expects full year adjusted operating profit to be in line with its
expectations. This reflects a successful response to the moderation in demand
that was highlighted at the time of the interim results and which has become
more pronounced as the year has progressed. The Group has continued to focus
on its strategic initiatives to gain market share and structurally improve
gross margin.

Group revenue increased by 16% to £614.3 million on a reported basis and by
9% on a like-for-like ("LFL") basis for the ten months to 31 October 2022
compared with the corresponding period in 2021. LFL growth reflects the
benefit of pricing actions implemented to recover cost inflation, partially
offset by lower volumes. As previously reported, in response to the war in
Ukraine, the Group discontinued business with Russia and Belarus from February
2022; these markets comprised 1% of 2021 Group revenue and contributed £3
million to Group adjusted operating profit in 2021.

The strength of the Group's value proposition has continued to deliver share
gains. In North America, net customer wins totalled US$7 million of annualised
revenue during the period. Share gains also continued in International, where
revenues from system houses grew by 22% compared to the corresponding period
of 2021, and in the UK, where there was further market penetration with
innovative commercial access solutions products.

Whilst there has been some easing in certain material costs and freight rates,
input prices remain elevated, accentuated by increases in global energy costs.
In addition, tight labour markets continue to put pressure on wage inflation.
These are being offset by the benefit of the rapid pricing actions taken
during 2021 and the first half of 2022.

During the second half, Tyman has progressed with its cost-saving initiatives
to structurally improve the cost base, including the exit of three
manufacturing facilities in the UK and Germany which will complete in early
2023 and deliver annualised benefits of £3 million.

Jo Hallas, Chief Executive Officer, commented:

"The Group has delivered a solid trading performance despite the challenging
market conditions. Our continued focus on taking market share and enhancing
our operational platform, together with our agility in implementing pricing
actions and cost reduction initiatives, leaves us well placed to navigate the
ongoing macroeconomic challenges.

We remain confident in the positive structural industry growth drivers across
the Group's markets. Building on our portfolio of differentiated products,
market-leading brands and deep customer relationships, our resilient business
model and strategic initiatives position Tyman well to capture these growth
opportunities when the current near-term housing market constraints
dissipate."

17 November 2022

 

Enquiries

Tyman plc (investor.relations@tymanplc.com
(mailto:investor.relations@tymanplc.com) , 0207 9768000)

Jo Hallas - Chief Executive Officer

Jason Ashton - Chief Financial Officer

Matt Jones - Head of Investor Relations

 

MHP Communications (tyman@mhpc.com (mailto:tyman@mhpc.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 4,300
people with facilities in 16 countries worldwide. Further information is
available at www.tymanplc.com (http://www.tymanplc.com/) .

 

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