Tyman Plc (LON: TYMN) have released their trading update for investors and shareholders, with reported improving performance in financial 2019 despite tough market conditions, alluding to Brexit complications.
The tough market conditions have seen the UK manufacturing sector shrink, looking its weakest since 2009 which Tyman referenced for the slips earlier in the year.
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, which will suffice shareholders.
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.
Tyman also reported about North American operations, which remained broadly flat with no clear indication as to when markets would return to higher activity.
“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.
The FTSE All Share (INDEXFTSE: ASX) listed company said that European and UK markets had weakened its performance since half year results were published.
Tyman is one of many British firms that have alluded to tough market conditions being a dampener on business.
The British industry has seen many firms struggle such as Dunelm (LON: DNLM), and Links of London.
Whilst firms such as Tyman fight to stay afloat in these testing waters, some firms have sunk following crisis’ business performance.
Giants such as Thomas Cook (LON:TCG) and more recently Mothercare (LON: MTC) have joined a long list of British firm departures from the high street.
Shares of Tyman have jumped 8.96% since the announcement, and shares are currently trading at 225p per share. 6/11/19 13:39BST.
