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Tyman PLC on Tuesday lifted its interim payout, as profit rose due to pricing action to offset inflation.
The London-based supplier of door and window components posted a pretax profit of £37.4 million for the first half of 2022, up 9.0% versus £34.3 million a year before.
This was was on revenue growth of 15% to £360.0 million from £312.5 million.
Tyman explained that this largely reflected the benefit of pricing actions implemented to recover input cost inflation.
Further, underlying demand in most markets started the year ‘strongly’, before consumers came under pressure from ‘significant’ cost-of-living increases and rising interest rates in May.
The FTSE 250 firm declared 4.2 pence dividend, up 5.0% from 4.0p a year before.
Tyman expects its full year adjusted operating profit to be in line with expectations.
The company added that it is confident in its ability to deliver on its medium-term targets ‘in a more normalised market environment’.
‘We will continue to focus on taking market share and enhancing our operational platform to improve productivity and working capital management. Notwithstanding a more challenging market in the second half, our flexible cost base will allow us to adapt to potential changes in demand, and full year adjusted operating profit is expected to be in line with market expectations excluding the benefit of foreign exchange,’ Chief Executive Jo Hallas said.
Shares in Tyman were trading 2.4% lower at 269.00 pence each on Tuesday morning in London.
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