6th Nov 2019 08:45
(Alliance News) - Tyman PLC on Wednesday reported an improved performance in its current financial year despite "challenging" market conditions.
The engineered components supplier said revenue and adjusted operating profit for the full year are expected to be ahead of 2018 and in line with current market expectations. The improved performance was helped by contributions from last year's acquisitions and the strength of the dollar against sterling.
Tyman highlighted that the growth was achieved despite its markets remaining "challenging", with European and UK markets having weakened further since the end of July.
Meanwhile, the London-headquartered company said North American markets continue to be broadly flat with no clear signs yet of a return to higher activity levels.
"Whilst our main markets remain challenging, we are pleased with the progress being made in our operational performance in North America, with both customer service levels and productivity showing an improving trend," said Chief Executive Jo Hallas.
By division, Tyman said AmesburyTruth is making progress on resolving the operational issues at the Statesville facility, with delivery performance to its customers improving and no further material loss of customers or business related to the US footprint project.
ERA has introduced further important new products into the marketplace, Tyman said, building on the launches in the first half of the year.
Finally, SchlegelGiesse has made an "encouraging" start to reducing its overall cost base in response to evolving market conditions, the company said.
Tyman shares were up 5.1% in London on Wednesday at 217.00 pence each.
By Evelina Grecenko; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Tyman