Interim Management Statement

RNS Number : 8580S

Tyman PLC

13 November 2013

 



Tyman plc ("Tyman" or "the Group")

Interim Management Statement

Tyman, the leading supplier of components to the door and window industry, issues the following Interim Management Statement, for the period from 1 July to 12 November 2013.

Current trading and outlook

Trading in the period was in line with expectations as communicated in our Half Yearly Report at the end of August.  This period included an initial contribution from Truth Hardware ("Truth") that was acquired on 3 July 2013.

Based on trading and market conditions, we remain confident that the Group will deliver full year results in line with current expectations and that Tyman is well positioned for 2014.

Amesbury and Truth

In the United States, revenues and the order book have continued to grow across the summer months and into the autumn.  Good momentum in order intake for both Amesbury and Truth, combined with positive market sentiment in the United States, supports our expectation of continued growth in the fourth quarter and into 2014.  

While the Canadian market remains behind 2012, the rate of decline has eased over the summer months and we expect the Canadian market will be broadly neutral in 2014 compared with 2013.

Integration initiatives between the two businesses have seen good progress made in the areas of footprint, product rationalisation, sourcing and routes to market.  We will report in greater detail on these initiatives at the time of our full year results in March 2014.

Grouphomesafe

Grouphomesafe saw a strong third quarter performance against an improving market backdrop for both OEM and distribution customers.  Revenues and order intake have continued to grow into the fourth quarter and we expect the UK market will demonstrate further growth in 2014.

Schlegel International

As expected, trading conditions for Schlegel International have remained challenging throughout Continental Europe, with the exception of Italy where we have made good progress and taken further market share.  While we do not expect European markets to recover fully in 2014, we expect the trading backdrop should be less adverse than 2013.

In other markets, our Brazilian and Australian businesses continue to make good progress, from both market and share perspectives.

Financial position

The Group retains a strong and flexible balance sheet with good cash generation in the year to date.  

Louis Eperjesi, Chief Executive of Tyman, commented:

"The third quarter has continued the trends of the first half with improved order intake in the USA and UK partially offset by more difficult trading in Canada and parts of Europe.  We continue to be encouraged by the progress being made integrating Truth and the potential benefits remain in line with our expectations.  Overall, we remain optimistic about the Group's performance and outlook."

13 November 2013

Enquiries:
Tyman plc	020 7976 8000
Louis Eperjesi
James Brotherton
MHP Communications	020 3128 8100
Reg Hoare
Jamie Ricketts
Nick Hayns

Conference Call Details

A conference call with Louis Eperjesi and James Brotherton for analysts and investors will be held at 08.30 GMT today, Wednesday 13 November 2013.

UK Toll Number: 020 3139 4830
UK Toll-Free Number: 0808 237 0030
PIN: 50209279#

A replay of the call will be available on the following number:

UK Toll Number: 020 3426 2807
UK Toll-Free Number: 0808 237 0026
Pin Code: 643685#

Future Dates

Tyman will issue its preliminary results announcement in respect of the year ending 31 December 2013 on Tuesday 11 March 2014.

Notes to editors:

Tyman plc

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

The Group employs over 2,500 people and operates facilities in 13 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.

 

END

 

 

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