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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 subdued market backdrop. The London-based supplier of engineered fenestration components and access solutions to the construction industry said that for adjusted operating profit, it expects to meet market expectations, which it said were a consensus of £81.3 million, within a range of £77.8 million to £84.3 million. This is a decline of at least 11% from £94.6 million in 2022. Tyman said that revenue in the first for months of 2023 fell by 8% to £215 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 offset the benefit of the carryover of prior-year pricing actions in recovering cost inflation,’ the company said. Interim Chief Executive Officer Jason Ashton said: ‘The group has delivered a solid overall performance against a strong comparative period and despite the subdued market backdrop. Our focus on taking market share, managing our cost base and reducing inventory, together with the benefit of prior-year pricing actions, leaves us well placed to navigate the ongoing macroeconomic challenges. We therefore continue to expect to deliver full year adjusted operating profit in line with market expectations. Tyman remains well placed for growth when the housing market backdrop improves, building on our portfolio of differentiated products, 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. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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