3rd Apr 2020 09:52
(Alliance News) - Tyman PLC said Friday it has cancelled its final dividend of 8.35 pence per share and withdrawn all guidance on its future performance due to the growing Covid-19 pandemic.
Tyman - which supplies engineering components to the construction industry - said its trading performance in 2020 was in line with management expectations until the middle of March, when lockdown measures made a material hit on markets.
In response, Tyman has closed its facilities in the UK and Italy, and is continuing operations in North America but with a marked reduced in order intake.
The group has implemented other measures to cut costs and preserve cash, including the board and senior management taking a base salary reduction of 25% and 20% respectively, as well as cancel the 2020 management bonus scheme.
"Since the start of the crisis, we have taken decisive action to protect our employees, reduce costs and preserve cash. These actions combined with our headroom and operational flexibility give us confidence that we can manage through the uncertainties ahead. Tyman's inherent strengths including market-leading brands and deep customer relationships position the group to emerge well-placed for future growth once the current crisis recedes," said Chief Executive Officer Jo Hallas.
Shares in Tyman were down 1.5% at 147.60 pence on Friday in London.
By Dayo Laniyan; [email protected]
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