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Tyman PLC - London-based supplier of door and window components - Expects full-year adjusted operating profit to be in line with expectations, reflecting a "successful response to the moderation in demand". Revenue increases by 16% to £614.3 million for the ten months that ended on October 31, compared with the corresponding period in 2021.
Chief Executive Officer Jo Hallas says: "The group has delivered a solid trading performance despite the challenging market conditions. We remain confident in the positive structural industry growth drivers across the group's markets. Building on our portfolio of differentiated products, market-leading brands and deep customer relationships, our resilient business model and strategic initiatives position Tyman well to capture these growth opportunities when the current near-term housing market constraints dissipate."
Back in July, Tyman reported pretax profit for the six months that ended June 30 was around £34.3 million, more than doubled year-on-year from $14.7 million. Adjusted pretax profit was £43.4 million, a 76% increase from £24.7 million a year ago and a 25% increase from £34.7 million in 2019.
Market expectations for adjusted pretax profit in all of 2022 are £94.5 million, according to Davy Research, with Davy itself expecting £93.5 million.
Current stock price: 211.00 pence, up 1.9% on Thursday morning in London
12-month change: down 47%
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