TYMAN PLC
Annual General Meeting Trading Update
Tyman plc ("Tyman" or the "Group"),
a leading international supplier of engineered fenestration
components and access solutions to the construction industry,
provides an update on trading for the period from 1 January 2024 to
30 April 2024 ("the period"), ahead of the Group's Annual General
Meeting being held today at 10.30 a.m. at the offices of Latham
& Watkins, 99 Bishopsgate, London, EC2M 3XF.
Current trading
Group revenue for the period
decreased by 5% to £205 million on a reported basis, and by 4% on a
like-for-like ("LFL") basis. The decrease in LFL revenue reflects,
as expected, a continuation of the challenging market conditions
experienced throughout 2023, during what is a seasonally less
important period.
Tyman's financial performance
continues to benefit from a contribution from Lawrence Industries,
as well as the impact of previously announced self-help measures.
The Group is continuing to progress its strategic initiatives,
including activities to grow market share, the roll-out of the new
ERP system across North America, and preparation for the
consolidation of two sites into one in Owatonna.
Pending transaction with Quanex
The transaction with Quanex
announced on 22 April 2024 is currently expected to become
effective during the second half of 2024, subject to shareholder
approval, regulatory approvals, and other customary conditions to
the implementation of the transaction. Additional information on
the pending transaction is available on Tyman's website at
www.tymanplc.com/investor-relations/recommended-offer-for-tyman-by-quanex.
Rutger Helbing, Chief Executive Officer,
commented:
"The Group continues to perform well against a subdued market
backdrop and, whilst leading indicators for our major markets
continue to signal a challenging near-term market outlook, the
Board continues to expect the Group to make progress in
2024.
The structural growth drivers for the Group remain attractive
and our market-leading brands and differentiated portfolio of
products leave Tyman well placed for the longer term. Our focus
remains on taking market share and implementing our self-help
measures whilst investing in the business for the
future."
16
May 2024
Enquiries
Tyman plc (investor.relations@tymanplc.com,
0207 9768000)
Rutger Helbing - Chief Executive
Officer
Jason Ashton - Chief Financial
Officer
Matt Jones - Head of Investor
Relations
MHP (tyman@mhpgroup.com,
07801 894 577)
Reg Hoare / Rachel
Farrington
Notes to editors
Tyman (TYMN: LSE) is a leading
international supplier of engineered fenestration components and
access solutions to the construction industry. The company designs
and manufactures products that enhance the comfort, sustainability,
security, safety and aesthetics of residential homes and commercial
buildings. Tyman's portfolio of leading brands serve their markets
through three divisions: Tyman North America, Tyman UK and Ireland
and Tyman International. Headquartered in London, the Group employs
approximately 3,600 people with facilities in 15 countries
worldwide. Further information is available at
www.tymanplc.com.