29th Jul 2014 08:52
LONDON (Alliance News) - Tyman PLC said Tuesday that it swung to a pretax profit in its first-half, boosted by a good performance in its UK and North America divisions, which has positioned the company to deliver on its full-year expectations.
In its interim results for the six months to June 30, 2014, the international supplier of building products to the door and window industry said revenue in its first-half rose 35% to GBP167.0 million from GBP123.7 million last year.
Tyman swung to a pretax profit of GBP5.0 million in the first-half from a GBP1.4 million loss last year.
The company has also upped its interim dividend by 33% to 2.0 pence from the 1.5 pence paid in the first-half of 2013.
Tyman said it has seen a good performance in its UK business during the period, with strong momentum and margin progression in its Grouphomesafe business and a solid half-year performance in North America for the Amesbury Truth business with "continued delivery of integration benefits and synergies," said Tyman.
In its largest divisions, Amesbury Truth revenues rose to GBP101.7 million from the GBP63.5 million recorded for the comparable six months in 2013. Grouphomesafe recorded revenues of GBP45.9 million, up on the GBP41.5 million last year.
Higher order books in its two largest businesses as of the end of the half-year leaves the group well placed for progress in its second-half, said the company. Tyman said that for the full-year it expects to see mid-single digit growth in the North American market, where Amesbury Truth remains well positioned to grow ahead of the market as it continues to execute its self help initiatives and to take market share.
The building products supplier also expects continued growth in the UK market across the remainder of the year as the underlying economy strengthens and consumer confidence improves. Grouphomesafe is well placed to take advantage of this backdrop, said Tyman, "we expect to see further growth and margin progression within Grouphomesafe in the second half, albeit at more modest levels than were seen in the first half."
The company's Schlegal International business recorded revenue of GBP19.4 million, up from the GBP18.7 million reported in the first-half of 2013.
Buoyed by its first-half results, Tyman looks ahead with confidence, "We have had an encouraging first half, with good progress made on a number of fronts, including the integration of the North American salesforces, new product introductions in Grouphomesafe and the acquisition of Vedasil in Brazil," said Chief Executive Louis Eperjesi.
The company said its first-half performance, current order book levels and continued delivery of "targeted synergy benefits" has positioned it to deliver on its expectations for the full-year, which remain unchanged despite the material strengthening of sterling against international currencies.
Shares in Tyman were trading 0.70% higher at 286.00 pence per share Tuesday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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