Tyman makes 'solid' start to year

International supplier of engineered components to the door and window industry, Tyman, updated the market on its trading for the period from 1 January to date on Friday, as its investors gathered in London for the company’s annual general meeting.

The AIM-traded firm said trading to date had been in line with the board's expectations, providing the group with a solid start to the year.

Noting that, the board said the period typically sees lower seasonal levels of activity in its principal Northern Hemisphere end-markets.

On a reported basis, revenue for the four months ended 30 April increased by approximately 31% year-on-year, while on a constant currency, like for like basis, revenue in the period was in line with 2016.

Tyman said the difference mainly reflected the contributions from acquired businesses and the sustained year-on-year strength of the US dollar when compared against international currencies.

Input costs continued to increase in the majority of the group's markets, the board said, with the impact on profitability being “proactively managed” through a combination of effective purchasing, price management and cost reduction programmes.

Integration activities remained on track across the group, with “good progress” continuing to be made in delivering the board’s committed 2017 synergy benefits.

“We have made a solid start to 2017, consistent with our expectations for the year as a whole,” said chief executive Louis Eperjesi.

"North American markets remain stable and AmesburyTruth has traded in line with what was a strong 2016 comparator period.

“We are cautiously optimistic about the prospects for the US and Canadian markets in 2017 as we enter the construction season.”

Eperjesi said the UK RMI market was expected to remain “relatively subdued” across the balance of the year, given levels of housing transactions and pressure on real incomes, although the company continued to target profitable share growth.

“The gradual recovery in EMEAI continues and we are confident in the prospects for the enlarged Schlegel International Division.

“The group remains well positioned for further progress in the remainder of the year.”