Group operating segment amendments

RNS Number : 5075O

Tyman PLC

09 February 2016

 

Tyman plc

Notice of Final Results - Group operating segment amendments

Tyman plc ("Tyman" or the "Group"), a leading international supplier of engineered components to the door and window industry, announces planned changes to its disclosure of Group operating segments. 

Following the closure of the Group's Barcelona pile weather-strip manufacturing facility announced in 2015, the Board of Tyman (the "Board") has reviewed the appropriateness of the disclosure of the Group's operating segments in the Group's results' announcements and reports.  With effect from publication of Tyman's results for the year ended 31 December 2015, the operating segmental analysis disclosure will reflect the Group's current organisational structure. 

Under the revised segmental analysis, ERA will comprise the Group's UK and Ireland hardware business; together with Ventrolla.  Schlegel International will comprise all of the Group's other businesses outside North America including the two UK seal manufacturing plants previously reported as part of ERA.  This change reflects the Group's day to day operational and management structure in 2015, with the Schlegel International management team being responsible for each of Tyman's sealing businesses outside North America.  No changes are proposed to the AmesburyTruth segmental disclosure.

In addition, Tyman has implemented a revised methodology for the allocation of certain functional costs incurred centrally to the Group's operating segments.  Historically, all centrally incurred costs were allocated pro rata to each Tyman division ("Division") broadly on the basis of their proportional contribution to Group Revenue.  Going forward, centrally incurred costs which are directly attributable to a Division will be allocated or recharged to that Division and all other centrally incurred costs and eliminations will be disclosed in aggregate as a separate line item in the segmental analysis. 

The Board believes that the revised operating segmental analysis and disclosure of central costs will allow analysts and investors a better understanding of the relative contribution of each of the Divisions to the Group as well as more accurately reflect the day to day operational structure of Tyman.

Group earnings and earnings per share are unaffected by these revisions.  The operating segments will be presented on the revised basis in the 2015 full year results, with the 2014 comparatives restated. 

A full reconciliation of the disclosure for each full and half year results from the Interim 2013 results to the Interim 2015 results (inclusive) has been published on the Group's website at www.tymanplc.com.  This reconciliation is unaudited although the 2013 and 2014 full year results have been extracted from the relevant audited report and accounts (under the former segmental analysis) both of which received unqualified audit reports.

Tyman will announce its results for the year ended 31 December 2015 on Tuesday 8 March 2016.

9 February 2016

Enquiries:
Tyman plc	020 7976 8000
James Brotherton - Chief Financial Officer	www.tymanplc.com
MHP Communications	020 3128 8100
Reg Hoare
Jamie Ricketts
Tom Horsman

Notes to editors

Tyman plc is a leading international supplier of components to the door and window industry.  The Group's three Divisions - AmesburyTruth, ERA and Schlegel International - are market leaders in their respective geographies.

The Group employs over 2,900 people and operates facilities in 12 countries worldwide.  Tyman is listed on the London Stock Exchange under the ticker TYMN.

Further information on the Group and the Group's products is available at www.tymanplc.com.

 

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