10th Mar 2015 09:39
LONDON (Alliance News) - Tyman PLC on Tuesday reported a huge rise in pretax profit for 2014 on the back of better revenue and said it would hike its dividend by a third.
The company, which supplies components for the door and window industry, said its pretax profit for the year was GBP11.9 million, substantially higher than the GBP0.8 million reported a year earlier.
Revenue rose to GBP350.9 million from GBP298.1 million, boosted by a strong performance from its AmesburyTruth door seals business, which benefited from improving market conditions in the US. The company's Grouphomesafe door and window security components business, which has been rebranded as ERA, also performed well in 2014.
Tyman has recommended a final dividend of 6 pence per share, up from 4.5 pence a year earlier, bringing its total dividend payout to 8 pence per share, up 33% year-on-year.
"2014 has seen another year of good operational and financial progress for Tyman with continued top line growth and margin expansion in our two largest divisions - AmesburyTruth and ERA," said Tyman Chief Executive Louis Eperjesi.
"2015 has started with order book levels ahead of 2014 and in line with our expectations across each of the divisions. We continue to improve our manufacturing efficiency and cost base and expect to see further growth in our key end markets of the UK and North America, enhanced by a number of new products that will come to market this year in each of the divisions," Eperjesi added.
Shares in Tyman were up 1.3% to 322.58 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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