(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