Tyman PLC AGM Trading Update (5891N)
10 May 2018 - 4:01PM
UK Regulatory
TIDMTYMN
RNS Number : 5891N
Tyman PLC
10 May 2018
TYMAN PLC
("Tyman" or the "Group" or the "Company")
2018 ANNUAL GENERAL MEETING TRADING UPDATE
Tyman plc ("Tyman" or the "Group"), a leading international
supplier of engineered components to the door and window industry,
issues the following trading update for the period from 1 January
2018 to date, ahead of the Group's Annual General Meeting being
held at 10.30 a.m. today at the offices of ERA, Valiant Way,
Wolverhampton, West Midlands, WV9 5GB.
Trading Update
The Group has started 2018 in line with expectations for the
year as a whole, noting that the first four months of the year
typically sees lower absolute levels of activity in Tyman's key
Northern Hemisphere end-markets.
On a constant currency, like for like basis, Revenue for the
four months ended 30 April 2018 was 3.7 per cent. ahead of 2017. On
a reported basis, Revenue increased by approximately 1.0 per cent.
compared with the corresponding period in 2017. The difference
principally reflects the strengthening of sterling relative to
international currencies.
Input costs, particularly for metals, remain volatile and each
Division continues to monitor input pricing closely.
AmesburyTruth
AmesburyTruth has seen an encouraging start to the year; with
like for like US Dollar orders and Revenue ahead of 2017 in the
year to date. Bilco has maintained its good momentum into 2018 and
has a number of strong commercial prospects. Trading in Canada
remains positive.
The integration of Ashland is on schedule and the business has
traded ahead of 2017 in the six week period since acquisition. The
North American footprint consolidation project continues to make
progress, with the site moves going as planned.
ERA
ERA's like for like Revenue is slightly behind the equivalent
period in 2017, reflecting the subdued UK residential RMI market,
and the Division is experiencing sustained higher input costs from
the Far East which it is seeking to recover through price. Bilco
and Howe Green continue to trade ahead of 2017 and have encouraging
order books.
SchlegelGiesse
SchlegelGiesse's like for like Revenue is slightly behind 2017
due to phasing of orders in the year to date. Order intake in EMEAI
continues to build ahead of Revenue.
Trading in Latin America has continued to improve, sustaining
the momentum seen in H2 2017. China and Asia Pacific trading to
date is in line with 2017; with Australia behind the prior year,
reflecting market conditions.
Financial Position
The Group's financial position at the end of April was unchanged
from the year end; other than the normal seasonal increase in
working capital and the increase in indebtedness arising as a
consequence of the Ashland acquisition.
Half Year Results Announcement
Tyman will issue its half year results for the six months ending
30 June 2018 on Wednesday 25 July 2018.
Louis Eperjesi, Chief Executive of Tyman, commented:
"The Group has made an encouraging start to 2018, consistent
with our expectations for the year as a whole. North American
markets continue to expand and AmesburyTruth has traded ahead of
2017 in the period; with Ashland making a promising start under our
ownership.
"The UK RMI market remains slow and input costs have continued
to increase; however the prospects for our UK light infrastructure
businesses are positive. SchlegelGiesse has an improving order book
in EMEAI and expects a further year of growth in most markets.
"Input costs are likely to remain volatile and the Group will be
disciplined in its approach to input cost recovery across each
Division.
"Overall, Tyman expects to see a further year of profitable
growth in 2018."
10 May 2018
Enquiries:
Tyman plc 020 7976 8000
Louis Eperjesi
James Brotherton
MHP 020 3128 8100
Reg Hoare
Nessyah Hart
Forthcoming dates:
Dividend payment date 18 May 2018
Interim results announcement 25 July 2018
Autumn trading update 7 November 2018
Notes to editors
Tyman is a leading international supplier of engineered
components to the door and window industry. The Group's three
Divisions - AmesburyTruth, ERA and SchlegelGiesse - are market
leaders in their respective geographies.
The Group employs over 4,000 people and operates facilities in
19 countries worldwide.
Tyman is listed on the London Stock Exchange under the ticker
TYMN.
A glossary of defined terms is contained in the Group's Annual
Report. Further information on the Group and the Group's products
are available at www.tymanplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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