(Alliance News) - Tyman PLC on Thursday reported a strong start to 2021, with revenue growth for the first four months fostering confidence that profit for the year as a whole will exceed market expectations.
For the four months ended April 30, revenue grew 23% year-on-year to GBP208 million in a reported basis, while like-for-like basis revenue growth was 31%, compared to the same period in 2020 which was affected by Covid-19 related shutdowns and reduced demand.
The London-based supplier of door and window components said order intake remained at pace in North America, due to strong repair, maintenance & improvement activity, and a rise in construction demand, reflected by first quarter US single family housing starts being 20% higher than a year prior.
Looking ahead, Tyman expects full year adjusted operating profit to come in above the top end of analyst expectations, which currently ranges from GBP80.5 million to GBP85.0 million.
"Trading across all Tyman's divisions has exceeded our expectations, with a significant bounce back from the pandemic coupled with strong underlying market fundamentals. Our employees continue to show exceptional resilience and agility in responding to customer requirements. Additionally, we are expanding capacity to support further demand. We are optimistic about Tyman's prospects for the remainder of the year," said Chief Executive Officer Jo Hallas.
Shares in Tyman were 7.6% higher at 458.25 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Tyman (TYMN)