Tyman PLC AGM Statement (4411Y)
09 May 2019 - 4:00PM
UK Regulatory
TIDMTYMN
RNS Number : 4411Y
Tyman PLC
09 May 2019
Tyman plc
Annual General Meeting Trading Update
Tyman plc ("Tyman" or the "Company" or the "Group"), a leading
international supplier of engineered components to the door and
window industry, issues the following trading update for the four
months to 30 April 2019, ahead of the Group's Annual General
Meeting being held today at 10.30 a.m. at the offices of Pinsent
Mason, 30 Crown Place, Earl Street London EC2A 4ES.
Trading Update
The Board's profit expectations for the full year remain
unchanged. On a reported basis, Group revenue increased by 15%
compared with the corresponding period in 2018. On a
like-for-like(1) basis revenue for the four months ended 30 April
2019 was flat versus 2018. The difference principally reflects
contributions from the acquisitions completed in 2018 and currency
impact.
During the period, activity levels have generally been slightly
below the Board's expectations although the first four months of
the year typically see lower absolute levels than the rest of the
year. In particular, the US and Canadian residential construction
markets continued to be soft driven by the broader deceleration in
the housing sector. In the UK, in spite of the subdued residential
RMI backdrop, performance has held up well. In Europe and the Rest
of World, activity levels have been in line with expectations.
Summary and Outlook
Commenting on trading Jo Hallas, Chief Executive, said, "Despite
some market softness, the Board's profit expectations for the full
year remain unchanged. The savings from the Ashland integration are
being realised as anticipated. The physical moves of the North
American footprint rationalisation are now complete with the
associated savings being realised as expected. There has been some
customer disruption related to these moves but we have clear plans
in place to address this.
Since joining the Group at the beginning of March, I have
visited many of Tyman's facilities in North America and Europe and
I have been impressed with the quality of our products, our market
positions and our people. The Group's businesses have great
potential to deliver further value to customers and shareholders
and I am excited by the opportunities that I have seen to build on
these foundations."
(1) At constant currency and presenting the impact of
acquisitions and disposals on a comparable basis
9 May 2019
Enquiries
Tyman plc 020 7976 8000
Jo Hallas
Jason Ashton
James Brotherton
MHP 020 3128 8100
Guy Featherstone
Nessyah Hart
Forthcoming dates:
Dividend payment date 24 May 2019
Interim results announcement 25 July 2019
2019 Annual General Meeting Resolutions
As set out in the announcement dated 25 April 2019, resolution 6
of the Annual General Meeting (to reappoint James Brotherton as a
director of the Company) has been withdrawn and will not be put to
the meeting.
Following consultation with shareholders and advisory bodies, in
particular concerning the proposed removal of the borrowing limit
from the Articles, the Board has decided to withdraw Resolution 19
of the Annual General Meeting and no longer seeks shareholders'
approval for the proposal at this year's AGM. The existing Articles
shall continue in force.
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 4,200 people and operates facilities in
18 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 Tyman and the Group's products are
available at www.tymanplc.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGMCKFDKKBKBBPK
(END) Dow Jones Newswires
May 09, 2019 02:00 ET (06:00 GMT)
Tyman (LSE:TYMN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tyman (LSE:TYMN)
Historical Stock Chart
From Apr 2023 to Apr 2024