15th May 2015 07:01
LONDON (Alliance News) - Tyman PLC on Friday said trading has been in line in the first four months of 2015, with an encouraging start to the year in its AmesburyTruth unit but more sluggish trading in its ERA business.
The company, which supplies door and window components, said revenue for the four months to the end of April was up by 6.3%, boosted significantly by the strength of the dollar against other international currencies. On a constant currency basis, revenue was up 1.3%. Dropthrough in the period has been encouraging, the company said, with operating profit higher year-on-year.
Tyman's US-based AmesburyTruth has seen an encouraging start to the year, with revenue higher year-on-year in the period on the back of a good performance in the US market, which offset slower trading in the Canadian market.
Its ERA unit has seen a slower start to the year against 2014, however, in line with Tyman's expectations due to weaker demand levels in the UK. The group also said revenue from its Schlegel International business has been broadly flat on the year.
"We have had an encouraging first four months to the year, consistent with our expectations for 2015 as a whole, and we continue to improve our manufacturing efficiency, develop our product offering and evaluate acquisition opportunities," said Tyman Chief Executive Louis Eperjesi.
"North American markets overall remain strong and our key customers are optimistic about the prospects for both new build and repair and remodelling. The UK market is expected to return to growth in the second half of the year when we also have a number of new products scheduled to come to market. European markets remain soft, however we continue to make progress in our other geographies," Eperjesi added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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