AGM Trading Update

RNS Number : 1187Y

Tyman PLC

13 May 2016

 

Tyman plc

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 2016 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.

Summary

Trading has been in line with the Board's expectations; noting that the first four months of the year 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 2016 increased by approximately 14.0 per cent. compared with the corresponding period in 2015.  On a constant currency, like for like basis, Revenue increased by approximately 5.0 per cent., the difference principally reflecting the consolidation of the first two months of Giesse's trading and the year on year strength of the US Dollar when compared against international currencies.

AmesburyTruth

AmesburyTruth has seen an encouraging start to 2016 with orders and Revenue in the four months to April running ahead of 2015.  The US market has performed more strongly than the Canadian market which, as expected, is slightly down year on year.  

We expect that trading in both the US and Canadian markets will continue on similar lines for the remainder of 2016.

The North American footprint project continues to progress on schedule.

ERA

ERA has traded broadly in line with 2015 in the period with modestly improved sales into the distribution sector and the integration of Response Electronics progressing to plan.  Across the year as a whole we expect the UK market to remain relatively subdued and our focus in the UK continues to be on profitable expansion of our market share.

Schlegel International

Schlegel International has traded ahead of 2015, principally due to an encouraging performance from Giesse in its first two months of ownership. 

In hardware, Giesse has seen sales growth in most of its key end markets and integration initiatives are progressing to plan.

In seals, mainland Western European markets have continued the modest recovery that began in 2015.  Brazilian seal markets remain difficult; however our Australasian businesses have seen a pick up in trading in recent weeks.

Financial Position of Tyman

The Group's financial position remains strong.  Other than the normal seasonal increase in working capital, the principal change to the Group's financial position since December 2015 was the acquisition of Giesse for an enterprise value of €78.9 million.

Half Year Results Announcement

Tyman will issue its half year results for the six months ending 30 June 2016 on Tuesday 26 July 2016.

Louis Eperjesi, Chief Executive of Tyman, commented:

"We have had an encouraging first four months to the year, consistent with our expectations for 2016 as a whole. 

"North American markets remain robust with new build lead indicators improving and our key customers reporting improved prospects for repair and remodelling as we enter the construction season.

"The UK market is expected to remain relatively subdued in 2016; however we continue to target profitable share growth.  European markets are slowly improving; and we are pleased with the initial progress made with the integrations of Giesse and Response Electronics into the Group."

13 May 2016

Enquiries
Tyman plc	020 7976 8000
Louis Eperjesi
James Brotherton
MHP	020 3128 8100
Reg Hoare
Jamie Ricketts
Tom Horsman

Key dates
Ex-final dividend date	21 April 2016
Final dividend record date	22 April 2016
Annual General Meeting	13 May 2016
Final dividend payment date	20 May 2016
Half Year Results Announcement	26 July 2016

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 (incorporating Response Electronics) and Schlegel International (incorporating Giesse) - are market leaders in their respective geographies.

Following the acquisitions of Giesse and Response Electronics, the Group employs over 3,300 people and operates facilities in 19 countries worldwide. Tyman is listed on the London Stock Exchange under the ticker TYMN.

Further information on the Group and the Group's products are available at the Group's website - www.tymanplc.com.  A list of definitions and a glossary of terms is contained in the Group's Report and Accounts at the Group website.

 

END

 

 

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