Tyman PLC AGM Trading Update (5891N)

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

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May 10, 2018 02:01 ET (06:01 GMT)