17th Nov 2021 09:46
(Alliance News) - Tyman PLC on Wednesday said revenue has risen so far in 2021, though it warned profit will fall short of market expectations.
The supplier of door and window components for the construction industry said revenue in the 10 months to October 31 rose 12% yearly to GBP529 million. On a like-for-like basis, it rose 19% from the Covid-19-hit prior year, and is up 8% from 2019 levels, so before the onset of the pandemic.
London-based Tyman said: "The positive trading momentum has continued into the second half of 2021, with the International division performing particularly strongly."
International revenue jumped by a third yearly on a like-for-like basis, topping the UK & Ireland's 22% rise and North America's 14% hike.
However, Tyman cautioned on "global supply chain challenges", labour and material availability and also freight disruption.
"The group now expects that full year adjusted operating profit will be marginally below consensus," Tyman explained.
Consensus stands at GBP91.5 million. Adjusted operating profit was GBP80.3 million in 2020, down from GBP85.4 million in 2019.
Tyman shares were trading 1.7% lower at 398.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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