(Sharecast News) - Window and door components supplier Tyman reported a 5% decrease in group revenue for the period from 1 January to 30 April on Thursday, to £205m, reflecting a 4% decline on a like-for-like basis.
The FTSE 250 company, which was holding its annual general meeting, said the decrease aligned with ongoing challenging market conditions, especially during a typically less significant season.
Despite the decline, Tyman said Lawrence Industries and the impact of previously-implemented self-help measures boosted its financial performance by contributions.
It said it remained focussed on its strategic initiatives, including expanding market share, deploying a new ERP system across North America, and consolidating two sites into one in Owatonna.
"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," said chief executive officer Rutger Helbing.
"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."
Tyman also noted that its pending transaction with Quanex, announced on 22 April, was set to become effective in the second half of the year.
It remained contingent on shareholder and regulatory approvals, along with other customary conditions.
At 0803 BST, Tyman shares were down 0.26% at 381.5p.
Reporting by Josh White for Sharecast.com.
Tyman (TYMN)