Tyman Q1 underlying demand 'strongly' ahead of expectations

Engineered components supplier Tyman said on Thursday that positive trading momentum seen in the fourth quarter had continued into 2021, with underlying demand in all three divisions strongly ahead of expectations.

Tyman stated it now expects full-year adjusted operating profits to be above the top end of the current range of analysts' expectations, with group revenues increasing 23% to £208.0m on a reported basis and 31% on a like-for-like basis through the four months ended 30 April.

Order intake continued at pace in North America, driven by "buoyant" repair, maintenance and improvement activity and "strong" residential construction demand, with first-quarter US single-family housing starts 20% higher year-on-year.

Chief executive Jo Hallas said: "Trading across all Tyman's divisions has exceeded our expectations, with a significant bounce back from the pandemic coupled with strong underlying market fundamentals.

"We are optimistic about Tyman's prospects for the remainder of the year, and believe that our strategic initiatives and self-help measures continue to position the business well for growth, building on our portfolio of differentiated products, market-leading brands and deep customer relationships."

As of 1015 BST, Tyman shares were up 7.16% at 456.50p.