Tyman PLC AGM Trading Update (9360E)
May 12 2017 - 1:00AM
UK Regulatory
TIDMTYMN
RNS Number : 9360E
Tyman PLC
12 May 2017
Tyman plc
Annual General Meeting Trading Update
Trading to date in line with expectations
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
2017 to date, ahead of the Group's Annual General Meeting being
held today at 10.30 a.m. at the offices of Pinsent Masons in
London.
Trading Update
Trading to date has been in line with the Board's expectations
and provides the Group with a solid start to the year; noting that
this period typically sees lower seasonal levels of activity in our
principal Northern Hemisphere end-markets.
On a reported basis, Revenue for the four months ended 30 April
2017 increased by approximately 31 per cent. compared with the
corresponding period in 2016. On a constant currency, like for like
basis, Revenue in the period was in line with 2016, the difference
principally reflecting the contributions from acquired businesses
and the sustained year on year strength of the US Dollar when
compared against international currencies.
Input costs continue to increase in the majority of the Group's
markets with the impact on profitability being proactively managed
through a combination of effective purchasing, price management and
cost reduction programmes.
Integration activities remain on track across the Group with
good progress continuing to be made in delivering the committed
2017 synergy benefits.
AmesburyTruth
AmesburyTruth has seen an encouraging start to the year; with
like for like orders and Revenue broadly in line with the strong
performance seen in the first four months of 2016. Bilco's Revenue
is slightly behind 2016 due to phasing of residential orders
however there are some good commercial prospects starting to come
through. The Canadian market appears to be somewhat stronger in
2017 than in recent years and the North American footprint
consolidation project continues to progress on schedule.
ERA
ERA's Revenue was ahead of the equivalent period in 2016 with
pricing actions more than offsetting slight volume decreases. The
UK residential RMI market remains relatively subdued and the
Division's focus remains on profitable expansion of market
share.
The integration of Bilco UK with Howe Green is proceeding
according to plan.
Schlegel International
Schlegel International has seen continued encouraging
performance in the year to date from both seal and hardware
businesses in Continental Europe. Revenue in the Middle East is
somewhat behind 2016 due to distributor destocking; however this
trend is expected to reverse across the balance of the year.
China and Asia Pacific trading to date is in line with 2016;
Latin American markets remain relatively subdued.
Financial Position
The Group's financial position remains unchanged from the year
end; other than the normal seasonal increase in working
capital.
Half Year Results Announcement
Tyman will issue its half year results for the six months ending
30 June 2017 on Tuesday 25 July 2017.
Louis Eperjesi, Chief Executive of Tyman, commented:
"We have made a solid start to 2017, consistent with our
expectations for the year as a whole.
"North American markets remain stable and AmesburyTruth has
traded in line with what was a strong 2016 comparator period. We
are cautiously optimistic about the prospects for the US and
Canadian markets in 2017 as we enter the construction season.
"The UK RMI market is expected to remain relatively subdued
across the balance of the year given levels of housing transactions
and pressure on real incomes; however we continue to target
profitable share growth. The gradual recovery in EMEAI continues
and we are confident in the prospects for the enlarged Schlegel
International Division.
"The Group remains well positioned for further progress in the
remainder of the year."
12 May 2017
Enquiries
Tyman plc 020 7976 8000
Louis Eperjesi
James Brotherton
MHP 020 3128 8100
Reg Hoare
Jamie Ricketts
Nessyah Hart
Key dates
Ex-final dividend date 20 April 2017
Final dividend record 21 April 2017
date
Final dividend payment 19 May 2017
date
Half Year Results Announcement 25 July 2017
Autumn trading update 7 November 2017
Notes to editors
Tyman plc is a leading international supplier of engineered
components to the door and window industry. The Group's three
Divisions - AmesburyTruth, ERA and Schlegel International - are
market leaders in their respective geographies.
The Group employs over 3,500 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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