Tyman sees annual results topping estimates

Tyman said it expected annual results to slightly exceed analysts' top estimate after strong demand fuelled a jump in first-half profit.

Pretax profit for the six months to the end of June more than doubled to £34.3m from £14.7m a year earlier as like-for-like revenue rose 32% to £312.5m. Adjusted operating profit rose 60% to £47.8m and by 20% from two years earlier.

The supplier of window and door products said households were spending more time at home during the pandemic and were either adapting their homes or moving home, supported in the UK by the stamp duty holiday that mostly ended in June.

Tyman said it achieved the results despite rising costs and shortages of labour and raw materials but that these trends would affect annual results. The company announced an interim dividend of 4p a share after paying no dividend a year earlier.

Tyman shares fell 1.6% to 443p at 09:46 BST. The shares have gained 26% so far in 2021.

Jo Hallas, Tyman's chief executive, said: "We are optimistic that the momentum seen in the first half will continue through the remainder of the year. However, raw material and labour availability as well as input cost inflation continue to be headwinds. Consequently, we expect full-year adjusted operating profit will be slightly above the top end of the current range of analyst expectations."

Tyman said analysts' forecasts ranged from £88.6m to £90.7m. The company said it would increase prices where necessary to recover higher costs, which are likely to affect results for the rest of the year.