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Tyman PLC - London-based supplier of engineered fenestration components and access solutions to the construction industry - Expects full year adjusted operating profit to be in line with market expectations of £83.6 million, with a range of £82.8 million and £84.3 million. However, this would be a drop from Tyman’s adjusted operating profit of £94.6 million in 2022. Adds that revenue fell 9.3% to £557.0 million in the ten months to October 31, from £614.3 million in the corresponding period a year ago. Says like-for-like revenue fell 10%. Adds that in the second half of the year, it has made progress in improving its cost base. Interim Chief Executive Officer Jason Ashton says: ‘We remain confident in the positive structural industry growth drivers across the group’s markets, most notably in the US, as highlighted in our recent capital markets event. Our continued focus on taking market share and enhancing our operational platform ensures that Tyman is well positioned for growth when the US housing market backdrop improves, building on our portfolio of highly engineered, differentiated products, market-leading brands, deep customer relationships and sustainability credentials.’ Current stock price: 274.50 pence, down 1.1% 12-month change: up 33% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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