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Tyman upgrades earnings expectations; still eyeing 'modest' final dividend
StockMarketWire.com
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Component supplier to the construction sector Tyman said it expected its annual adjusted earnings to be 'slightly above' the top end of current analysts' forecasts amid a recent bounce back in sales.
Revenue for the 11 months through November was down 9% year-on-year to £526 million, but revenue in the months of October and November was down just 1%, while like-for-like revenue in those two months was up 1%.
'The trading momentum seen in the third quarter has continued to exceed expectations into the fourth quarter, with strong underlying demand being experienced in all three divisions,' Tyman said.
'We are engaging very closely with our customers and suppliers to meet these elevated levels of demand, given industry-wide pressure on inventories and service levels especially in North America.'
Tyman said it continued to be of the view that if momentum was maintained into 2021, consideration would be given to the appropriateness of a 'modest' final dividend for 2020.
At 8:01am: (LON:TYMN) Tyman PLC share price was 0p at 295p
Story provided by StockMarketWire.com
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