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(Alliance News) - Tyman PLC on Thursday reported profit fell by over 30%, in a year the industrial equipment firm described as one of "stabilisation".
Revenue for the year rose 4% to GBP613.7 million, but on a like-for-like basis the figure declined by 2%. This fall, Tyman said, reflects challenging end-markets and the loss of customers in North America.
Tyman's pretax profit fell 36% to GBP24.8 million, but the adjusted figure fell just 2% to GBP71.0 million.
North America, which makes up over half of Tyman's revenue, delivered a 3% fall in like-for-like revenue to GBP386.0 million. UK & Ireland revenue fell 1% like-for-like to GBP107.2 million, with International revenue up 1% like-for-like to GBP120.5 million.
"While revenue and adjusted operating profit increased following the successful acquisitions in 2018, performance was impacted by challenging markets and the operational and customer disruption which was identified in North America in the first half. I'm encouraged by the progress made to date in resolving these issues," said Chief Executive Jo Hallas.
Hallas joined London-based Tyman as chief executive during 2019, in April.
Looking ahead, Tyman expects "limited" revenue growth, but is looking to expand margins.
"The situation regarding coronavirus is rapidly evolving and may create headwinds for our business in 2020. Whilst the short-term challenges in North America have led to a disappointing performance in 2019, the business has a solid platform for growth derived from our market-leading brands, extensive portfolio, deep customer relationships, domain expertise and geographic reach," Hallas added.
"There is still much to do in 2020 to resolve the issues in North America, but the progress made in the second half of the year is encouraging."
Shares in Tyman were 2.9% higher on Thursday in London at 251.00 pence each.
By George Collard; georgecollard@alliancenews.com
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