8th Mar 2016 09:19
LONDON (Alliance News) - Windows and doors components supplier Tyman PLC on Tuesday delivered higher pretax profit and revenue for 2015 and said it has struck a deal to buy an Italian aluminium windows and doors hardware manufacturer.
Tyman's pretax profit for the year to the end of December rose 31% to GBP15.6 million from GBP11.9 million in 2014, helped by significant margin progression in the year and despite a challenging repair, maintenance and improvement market in the UK. The group's underlying operating margin improved to 18.3% from 16.5%.
Revenue rose to GBP353.4 million from GBP350.9 million, up 0.7% and helped by new product launches and a good performance from the AmesburyTruth door seals business, which benefited from a strong US market. Tyman said trading in 2016 had started in line with its expectations.
The company will pay a final dividend of 6.09 pence per share, up from 6.00p, taking its total dividend up to 8.75p, from 8.0p in 2014.
"2016 has started in line with our expectations across each of the divisions. Although we expect that the majority of our markets will remain challenging, we will continue to deploy our self help strategy to enhance our operating efficiency and improve our cost base," said Louis Eperjesi, Tyman's chief executive.
Tyman also said it has struck a EUR78.9 million deal to acquire Giesse, an Italy-based aluminium doors and windows products maker. Tyman said the acquisition will add another hardware category to its offering and boost its international division, Schlegel.
Tyman said the deal will allow it to enter a number of markets for the first time, including Argentina, France, Greece, India, Portugal, Turkey and the United Arab Emirates.
Tyman expects to generate annual synergies of EUR4.0 million by 2018 from the deal and said the acquisition will significantly strengthen both its current business model and its growth plans.
Tyman shares were up 1.2% to 285.50p on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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