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Tyman reopens facilities in UK and Italy, sees revenues drop in April

By Iain Gilbert

Date: Wednesday 20 May 2020

Tyman reopens facilities in UK and Italy, sees revenues drop in April

(Sharecast News) - Engineered components supplier Tyman has reopened its facilities in Italy and the UK following recent changes in government guidance and amid a decline in revenues.
Tyman said its Italian sites re-opened in the middle of April and its UK operations progressively restarted in May. The group also noted sites in North America were still operating, with the exception of its two facilities in Juarez, Mexico.

As far as trading was concerned, Tyman said group revenues declined 12% in the four months ended 30 April, driven by a 39% drop in April alone, but said its performance was in line with expectations until Covid-19 lockdowns took their toll in mid-March.

The AIM-listed group also cautioned that given the ongoing levels of uncertainty at this time, it was still unable to resume guidance, which was withdrawn on 3 April.

Chief executive Jo Hallas said: "We are pleased to be carefully and safely reopening our operations in Italy and the UK, although this remains against a background of significantly lower demand globally.

"We believe that the actions we are taking, coupled with our inherent strengths, will allow us to emerge from the crisis in an even stronger position as the economy recovers."

As of 1000 BST, Tyman shares had dipped 0.24% to 169.60p.

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