Tyman tips to meet market expectations for adjusted operating profit

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(Alliance News) – Tyman PLC on Thursday said it expects to meet market expectations for adjusted operating profit for 2023, which means a decline from 2022, as the company cited a backdrop of suppressed market.

The London-based supplier of engineered fenestration components and access solutions for the construction industry said that for adjusted operating profit, it expects to meet market expectations, which it said were a consensus of GBP81. 3 million, in a range of GBP77.8 million. for GBP84.3 million. This is a drop of at least 11% from GBP94.6 million in 2022.

Tyman said revenue in the first months of 2023 fell by 8% to GBP215 million on a reported basis and by 13% on a like-for-like basis.

“The decrease in LFL revenue reflects, as expected, a continuation of the weakness in volumes experienced in the fourth quarter of 2022, which more than compensated for the benefit of the transfer of price actions of the year of ‘ earlier in the recovery of cost inflation,” the company said. .

Interim CEO Jason Ashton said: “The group delivered a solid overall performance against a strong comparative period and despite the subdued market backdrop. Our focus on taking market share, managing the cost base our and reduce inventory, along with the previous benefit. -year price actions, leave us in a good position to navigate the ongoing macroeconomic challenges. We therefore continue to expect to deliver a full year adjusted operating profit in compliance with market expectations.

Tyman remains well-positioned for growth when the housing market backdrop improves, building on our differentiated product portfolio, market-leading brands, deep customer relationships and sustainability credentials .”

Tyman shares were 0.6% higher at 255.50 pence each in London on Thursday morning.

By Tom Budszus, Alliance News reporter

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