25th Jul 2018 10:00
LONDON (Alliance News) - Engineered components supplier Tyman PLC said Wednesday its profit for the six months to the end of June slumped, despite increasing revenue.
For the six months to June 30, the company posted pretax profit narrowed to GBP14.5 million compared to GBP17.8 million recorded the prior year.
Revenue increased 5.6% to GBP274.9 million from GBP260.4 million on last year, while operating profit was down to GBP19.9 million from GBP22.7 million. On an adjusted basis, operating profit increased to GBP38.2 million from GBP35.5 million year-on-year.
"Tyman had an encouraging first half to the financial year recording constant currency, like for like growth in both revenue and operating profit," the company said.
The FTSE 250 component increased its interim dividend per share to 3.75 pence from 3.50p last year.
Tyman said that it is trading in line with expectations, with current like-for-like order book "higher" than in the same period of 2017.
Tyman shares were trading up 2.6% at 339.00p each.
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