TYR -4.35%: Another poor session for TYR today after dropping ~15% yesterday, the main issue stemming from their trading update yesterday afternoon that sighted year to date gross profit of $38m versus current consensus expectations of $159m for the full year i.e. they are not likely to get anywhere near FY22 consensus hence the readjustment in the market. We own the stock in our emerging companies portfolio, we’ve held it through thick and thin in recent times and were under the distinct impression that the business was accelerating again after the terminal issues, however it seems that rising transaction volumes are not being reflected in higher profitability. We do like the longer term growth story of TYR, and will likely hold it through this blip however it was a clunky announcement yesterday.
MM is now neutral TYR
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