Tyman sees FY results at top end despite profit fall

by | Jul 25, 2023

(Sharecast News) – Windows and doors components maker Tyman on Tuesday said it expected full-year adjusted operating profit at top end of market expectations despite a fall in interim profits driven by a “significant” reduction in volumes.
Adjusted operating profit fell 22% to £38.7m for the six months to June 30. Revenue declined 8% to £330m as volume declines were offset by higher prices.

“The agility of our teams in managing cost and reducing inventory, together with the success of the prior year pricing actions in offsetting cost inflation, has limited the decline in adjusted operating profit despite a significant reduction in volumes,” said interim chief executive Jason Ashton.

“As we move into the second half, the impact of customer destocking is expected to subside, production levels will normalise with market demand, and commodity cost inflation is expected to ease further.”

“Profitability is expected to continue to benefit from prior year pricing actions, whilst the benefits of previously announced structural cost-saving initiatives will be realised in the second half.”

Reporting by Frank Prenesti for Sharecast.com

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!