28th Jul 2020 11:35
(Alliance News) - Tyman PLC on Tuesday posted a double-digit revenue decline and decided against an interim dividend.
In the six months to June 30, revenue fell 16% year-on-year to GBP254.1 million from GBP301.9 million. Tyman - provider of equipment to the construction sector - posted a 34% pretax profit rise to GBP14.7 million from GBP11.0 million, however.
Administrative expenses were 31% lower this time round at GBP58.9 million.
"We have taken action to maintain a robust balance sheet, and we believe that the crisis has demonstrated the resilience of the Tyman business model. I am encouraged by the better than expected recovery since the easing of restrictions, although much uncertainty remains," Chief Executive Officer Jo Hallas said.
Tyman declared no interim dividend, after making a 3.9p payout a year ago.
"As significant uncertainty remains, the board is adopting a prudent approach to shareholder distributions and is not declaring an interim dividend payment. The board will determine the timing for the resumption of dividends once the ongoing impact of Covid-19 becomes clearer," Tyman said.
Shares were 4.7% higher at 180.00p each in London on Tuesday morning.
By Eric Cunha; [email protected]
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