5th Mar 2019 10:14
LONDON (Alliance News) - Tyman PLC on Tuesday said revenue and profit both rose by 13% in 2018, thanks to newly acquired businesses.
The supplier of engineered components to the door and window industry posted pretax profit of GBP38.9 million for 2018, up from GBP34.5 million reported a year ago, on a revenue that grew to GBP591.5 million from GBP522.7 million.
On a constant currency basis, revenue increased by 3%.
Tyman noted that revenue and profit growth was assisted by contributions from four acquisitions made in 2018.
On a divisional basis, the AmesburyTruth reported revenue ahead of last year despite challenging US new build market conditions.
The ERA unit reported a significantly improved performance, with further growth from Zoo Hardware, which includes sales of door handles, knobs, locks and hinges.
In the SchlegelGiesse division delivered strong revenue growth, enhanced by the acquisition of Reguitti, which sells door handles and accessories.
The company declared a dividend of 12.00p per share, up 7% from 11.25p paid the year before.
"Tyman made further progress in 2018 in developing its people, enhancing its product offering, expanding its manufacturing and distribution capabilities as well as focussing on its customers in order to improve market positions across each of the divisions," said Chief Executive Louis Eperjesi.
"Despite current market uncertainties, the group remains well positioned to build on the progress made over the last nine years and to deliver sustainable profitable growth going forward," added Eperjesi.
Tyman shares were trading 2.5% higher on Tuesday at 246.50p each.
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