Last checked at 6 May 2021 07:00
TYMAN PLC
Trading Update
Tyman plc ("Tyman" or the "Group"), a leading international supplier of engineered components and access solutions to the construction industry, provides an update on trading for the period from 1 January 2021 to 30 April 2021.
Current trading and outlook
The positive trading momentum seen in Q4 2020 has continued into 2021, with underlying demand in all three divisions strongly ahead of expectations. The Group now expects that full year adjusted operating profit will be above the top end of the current range of analysts' expectations1.
Group revenue increased by 23% to £208 million on a reported basis and by 31% on a like-for-like (LFL) basis for the four months to 30 April 2021 compared with the corresponding period in 2020, which was impacted by operational shutdowns and reduced demand due to COVID-19. Compared to the corresponding period in 2019, LFL revenue was 14% higher.
LFL revenue growth for the 4 months to 30 April | 2021 vs 2020 | 2021 vs 2019 |
North America | +23% | +16% |
UK & Ireland | +41% | +9% |
International | +48% | +10% |
Group | +31% | +14% |
Order intake continues at pace in North America, driven by buoyant RMI activity and strong residential construction demand with Q1 2021 US single family housing starts 20% higher than Q1 2020. The UK has continued to see a very strong recovery in residential markets. The IHS Markit/Construction PMI for March was 61.7, the highest level since September 2014. The International division has seen growth across all its major geographies, particularly in continental Europe.
We are working closely with our customers and suppliers, as well as seeking to increase capacity, in order to mitigate any service level pressures, shortage of commodities and increases in overall input costs as a result of this heightened demand.
Capital Markets Day
We continue to progress our strategic initiatives and an update will be provided at the Capital Markets Day on 20 May 2021.
Jo Hallas, Chief Executive Officer, commented:
"Trading across all Tyman's divisions has exceeded our expectations, with a significant bounce back from the pandemic coupled with strong underlying market fundamentals. Our employees continue to show exceptional resilience and agility in responding to customer requirements. Additionally, we are expanding capacity to support further demand. We are optimistic about Tyman's prospects for the remainder of the year, and believe that our strategic initiatives and self-help measures continue to position the business well for growth, building on our portfolio of differentiated products, market-leading brands and deep customer relationships."
1 Analyst consensus forecasts can be found at: https://www.tymanplc.com/investor-relations/analysts-consensus
6 May 2021
Enquiries
Tyman plc | 020 7976 8000 |
Jo Hallas - Chief Executive Officer | www.tymanplc.com |
Jason Ashton - Chief Financial Officer | |
MHP Communications | 020 3128 8613 |
Reg Hoare / Rachel Farrington / Ailsa Prestige | tyman@mhpc.com |
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 (AmesburyTruth), Tyman UK & Ireland (ERA) and Tyman International (SchlegelGiesse). Headquartered in London, the Group employs approximately 4,300 people with facilities in 16 countries worldwide. Further information is available at www.tymanplc.com.