(Alliance News) - Tyman PLC on Tuesday reported a fall in its half year revenue and pretax profit, reflecting the challenging market conditions.
Tyman, a London-based supplier of engineered fenestration components and access solutions to the construction industry, said pretax profit in its first half ended June 30 had fallen to GBP22.7 million from GBP37.4 million in the same period the year before.
Revenue was down to GBP329.9 million, from GBP360.0 million year-on-year.
"Tyman delivered a solid overall performance in the first half of 2023 against a strong comparative period and despite a continuation of the weak markets experienced in the fourth quarter of 2022," said Interim Chief Executive Officer Jason Ashton.
"The like-for-like decline reflected the impact of a significant reduction in volumes due to underlying demand softness and customer destocking, which more than offset the benefit from the carryover of pricing actions in recovering input cost inflation."
The company had a cash balance of GBP78.6 million at the end of June, down from GBP86.7 million in the first-half of the year before.
Gross net debt at the end of the period was GBP246.4 million, down from GBP268.7 million a year before. Net debt was reduced to GBP167.8 million, from GBP182.0 million.
Tyman declared an interim dividend of 4.2 pence per share for the period, unchanged from last year.
Tyman noted that the UK residential repair, maintenance & improvement market is expected to remain challenging for the remainder of this year, and that it therefore sought to focus on new product development, share gains, and enhancing its supply chain resilience.
"The agility of our business model and flexibility in our cost base will enable us to swiftly adapt to any potential changes in demand," said Interim CEO Ashton.
The company expects full-year adjusted operating profit at the top end of market expectations, citing company-compiled analyst consensus of GBP80.8 million, within a GBP77.6 million to GBP84.3 million range. It would still mark a decrease from GBP94.6 million in 2022, however.
Shares in Tyman PLC were up 2.0% at 290.80 pence in London on Tuesday morning.
By Will Neill, Alliance News reporter
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