REG - Tyman PLC - Trading Statement

TymanAnnouncement

16/11/2023 07:00

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RNS Number : 5981T  Tyman PLC  16 November 2023

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 2023 to
31 October 2023 ("the period").

Current trading and outlook

The Board expects full year adjusted operating profit to be in line with
market expectations*, despite continued challenging market conditions.

Group revenue decreased by 9% to £557.0 million on a reported basis and by
10% on a like-for-like ("LFL") basis for the ten months to 31 October 2023
compared with the corresponding period in 2022. The decrease in LFL revenue
reflects continued weakness in volumes, which more than offset the benefit of
the carryover of prior year pricing actions. The agility of our teams in
managing cost, together with the reversal of the pricing lag, has limited the
decline in adjusted operating profit.

Notably, the North American division is making solid progress expanding its
operating margin. The division is also benefitting from the acquisition of
Lawrence Industries which was acquired in July; the integration is progressing
well, and the business is performing in line with our expectations at the time
of acquisition.

During the second half, Tyman has progressed with its previously announced
initiatives to structurally improve the cost base whilst also implementing
further measures, including the announcement of the closure of its loss-making
business in China. The Group will continue to review its cost base to ensure
it has the flexibility to swiftly adapt to any potential changes in demand.

The Group's cash generation remains strong, reflecting a significant reduction
in inventory in the period, and leverage is expected to be in the middle of
the target range of 1.0-1.5x by year end.

Jason Ashton, Interim Chief Executive Officer, commented:

"The Group has delivered a solid trading performance despite the challenging
market conditions and, consequently, we expect full year adjusted operating
profit to be in line with market expectations*.

We remain confident in the positive structural industry growth drivers across
the Group's markets, most notably in the US, as highlighted in our recent
capital markets event. Our continued focus on taking market share and
enhancing our operational platform ensures that Tyman is well positioned for
growth when the US housing market backdrop improves, building on our portfolio
of highly engineered, differentiated products, market-leading brands, deep
customer relationships and sustainability credentials."

16 November 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) , 07801 894577)

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 serves its markets
through three divisions: Tyman North America, Tyman UK and Ireland and Tyman
International. Headquartered in London, the Group employs approximately 3,400
people with facilities in 16 countries worldwide. Further information is
available at www.tymanplc.com (http://www.tymanplc.com/) .

*Company compiled analyst consensus of £83.6 million, with a range of £82.8
million - £84.3 million. Details can be found at:
https://www.tymanplc.com/investor-relations/analysts-consensus
(https://www.tymanplc.com/investor-relations/analysts-consensus) .

 

 

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