17th Nov 2022 11:25
Tyman PLC - London-based supplier of door and window components - Expects full-year adjusted operating profit to be in line with expectations, reflecting a "successful response to the moderation in demand". Revenue increases by 16% to GBP614.3 million for the ten months that ended on October 31, compared with the corresponding period in 2021.
Chief Executive Officer Jo Hallas says: "The group has delivered a solid trading performance despite the challenging market conditions. We remain confident in the positive structural industry growth drivers across the group's markets. Building on our portfolio of differentiated products, market-leading brands and deep customer relationships, our resilient business model and strategic initiatives position Tyman well to capture these growth opportunities when the current near-term housing market constraints dissipate."
Back in July, Tyman reported pretax profit for the six months that ended June 30 was around GBP34.3 million, more than doubled year-on-year from USD14.7 million. Adjusted pretax profit was GBP43.4 million, a 76% increase from GBP24.7 million a year ago and a 25% increase from GBP34.7 million in 2019.
Market expectations for adjusted pretax profit in all of 2022 are GBP94.5 million, according to Davy Research, with Davy itself expecting GBP93.5 million.
Current stock price: 211.00 pence, up 1.9% on Thursday morning in London
12-month change: down 47%
By Xindi Wei; [email protected]
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