Half Year 2023 Tyman PLC Earnings Call Transcript
Good morning, and welcome, everyone. I hope you're all well. Thank you for joining, Juliette, and myself today for Tyman's Half-Year 2023 Results Webcast. As usual, we'll take you through a short presentation, after which there'll be time for Q&A.
So if we turn to the highlights on Slide 3. Overall, trading in the first half was solid despite the challenging market backdrop in all of our key markets and against a strong comparative. Like-for-like revenue declined, reflecting the significant reduction in volumes that we've experienced since the fourth quarter of 2022 due to both, underlying demand softness and customer destocking, which more than offset the benefit from prior year pricing actions.
Turning to operating profit. The carryover of prior year pricing, together with some easing in input cost inflation and the agility we showed to flex our cost base was not enough to offset the impact from the significant reductions in volume at the group level. And adjusted operating profit and margin fell in the first half. However, in
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