8th Dec 2020 11:01
(Alliance News) - Tyman PLC on Tuesday said business momentum from the third quarter of the year has continued into the fourth.
Tyman is a London-based supplier of door and window components to the construction industry.
Tyman said the trading momentum seen in the third quarter of the year has "continued to exceed expectations" into the fourth quarter.
"We are engaging very closely with our customers and suppliers to meet these elevated levels of demand, given industry-wide pressure on inventories and service levels especially in North America," Tyman said.
On a like-for-like basis versus 2019, group revenue has increased 1% in October and November, slightly slowing from an increase of 3% over the third quarter of the year.
In the 11 months to November 30, revenue was still down 8% year-on-year to GBP526 million. Revenue for the 2019 financial year was at GBP613.7 million.
Tyman said it expects second half revenue to be broadly in line with the second half of 2019. It expects 2020 adjusted operating profit to be slightly about the top end of analyst expectations.
Amid the improved results, Tyman said it is considering a "the appropriateness of a modest final dividend for 2020".
"I am incredibly proud of our employees who continue to show tremendous flexibility and resilience in navigating the pandemic and responding dynamically to our customers' requirements. While the outlook into 2021 remains uncertain, we are reassured by the robust performance of Tyman's businesses and the strength of structural industry growth drivers, particularly in the US. Our strategic initiatives continue to position the business well for future growth, building on our portfolio of differentiated products, market-leading brands and deep customer relationships," Chief Executive Jo Hallas.
Tyman shares were up 1.1% to 324.50 pence each in London on Tuesday morning.
By Greg Roxburgh; [email protected]
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