Tyman Plc announce an interim dividend of 4.2 pence per share will be paid on 8 September 2023 to shareholders on the register at close of business on 4 August 2023.
Other financial highlights include:
• Solid first half performance despite the challenging market backdrop and against a strong comparative period
• Expect full year adjusted operating profit at the top end of market expectations
• Revenue decline reflected significant reduction in volumes partially offset by the carryover benefit of pricing actions
• Adjusted operating profit decline primarily reflected negative operating leverage from significant reduction in volumes
• Increase in North America LFL adjusted operating margin of 70bps to 15.0%, with pricing carryover benefits more than offsetting input cost inflation
• 100% adjusted operating cash conversion, reflecting a £16 million reduction in inventory since the year end
• Further progress on strategic initiatives, including sustainability roadmap
• Completed acquisition of Lawrence Industries shortly after period end, expanding market-leading portfolio of hardware for the North American market; proportion of adjusted operating profits generated in North America now more than 70% on a proforma basis
