4th Mar 2021 12:01
Tyman PLC - London-based supplier of door and window components to construction industry - 2020 pretax profit increases to GBP47.6 million from GBP24.8 million in 2019 due to "strong" recovery from damage caused by Covid-19 pandemic in second half of the year. 2020 revenue falls 7% to GBP572.8 million from GBP613.7 million in 2019, as a result of "increasingly" stringent lockdowns taking effect in Tyman's core markets. Declares "modest" final dividend declared of 4 pence per share, up 4% from 3.9p in 2019.
"After being significantly impacted in the first half of the year, the strength of demand recovery through the second half exceeded our expectations. We are cautiously optimistic that the momentum seen at the end of 2020 will continue through the first half of 2021. Beyond this there remains uncertainty over the ongoing impact of the pandemic on the macroeconomic environment. However, we are reassured by long-term structural industry growth drivers remaining favourable, and Tyman is well positioned to capitalise on a number of emerging trends as we exit the crisis," says Chief Executive Jo Hallas.
Current stock price: 346.68p
Year-to-date change: down 1.1%
By Zoe Wickens; [email protected]
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