13th May 2016 06:53
LONDON (Alliance News) - Tyman PLC on Friday said its performance in the first four months of 2016 had been consistent with its expectations for 2016 as a whole, with North American markets driving growth.
The supplier of door and window components said trading had been in line with expectations in 2016 to date, but noted that the first four months of the year typically see lower seasonal levels of activity in the Northern Hemisphere markets.
On a reported basis, Tyman said revenue for the four months ended April 30 was 14% ahead of the same period the previous year and on a constant currency, like-for-like basis, revenue was up 5.0%. This, it said, reflects the consolidation of the first two months of Giesse's trading and the year on year strength of the US Dollar when compared against international currencies.
Tyman in March announced it struck a EUR78.9 million deal to acquire Giesse, an Italy-based aluminium doors and windows products maker.
Tyman said its Northern America division, AmewsburyTruth, had seen an "encouraging" start to the year, with both orders and revenue ahead of the same period a year earlier.
"The US market has performed more strongly than the Canadian market which, as expected, is slightly down year on year," Tyman said, although noted that trading in both the US and Canadian markets looks to continue on similar lines for the remainder of 2016.
Tyman said its UK and Ireland division, which operates as ERA, had traded broadly in line with 2015, but the company said it expects the UK market to remain subdued over the year as a whole, and its focus in the UK continues to be on "profitable expansion" of its market share.
Schlegel, the company's international division excluding Northern America and the UK and Ireland, traded ahead of the previous year, due to "an encouraging performance from Giesse in its first two months of ownership".
"We have had an encouraging first four months to the year, consistent with our expectations for 2016 as a whole. North American markets remain robust with new build lead indicators improving and our key customers reporting improved prospects for repair and remodelling as we enter the construction season," said Chief Executive Louis Eperjesi.
"The UK market is expected to remain relatively subdued in 2016; however we continue to target profitable share growth. European markets are slowly improving; and we are pleased with the initial progress made with the integrations of Giesse and Response Electronics into the group," Eperjesi added.
By Hannah Boland; [email protected]; @Hannaheboland
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