12th Nov 2014 10:45
LONDON (Alliance News) - Tyman PLC on Wednesday said it is on track to meet its expectations for the year despite taking a hit from the strength of sterling, with solid performances in its Amesbury Truth and Grouphomesafe arms which have been partly offset by poor market conditions for the Schlegel International unit in Europe.
The company, which provides components to the door and window industry, said its Amesbury Truth weather sales business has seen revenue in the second half to date increase, with strong order intake and customer demand backing its expectations for continued growth in the fourth quarter and into 2015.
The Grouphomesafe security components unit saw a strong performance in the period on the back of improving market conditions, Tyman said, with a boost from new product launches. Revenue and order intake has continued to grow into the fourth quarter, it said, and is set for further growth in 2015.
But in the Schegel International building products arm, performance has been hit by continued weakness in the European market. The Brazilian market has returned to growth, while Australia saw strong trading in the period, it said. It expects the division to break even for the full year, excluding a writedown on its European industrial products arm of around EUR3 million.
Tyman shares were up 0.7% to 282.00 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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