Tyman lifts H1 profit, optimistic on US growth prospects

Engineered-components supplier Tyman has issued an improved first-half pre-tax profit and said it remains optimistic about growth prospects in the US for the second six months of the year.

The company booked a pre-tax profit of £7.8m, from £7.7m a year earlier, which was accompanied with a proposed interim dividend of 3p a share, from 2.66p.

Revenue improved to £201.0m, from £175.4m. Net debt rose to £143.5m, from £104.1m.

Chief executive Louis Eperjesi noted the achievement of two strategic goals -- the acquisition of a high-quality hardware brand in Europe and an increase in future exposure to the North American commercial market.

"The Group delivered a strong trading performance in the first half with encouraging growth in North America, continued improvement in Europe and the Middle East -- assisted by the initial contribution from Giesse -- and a solid performance in the UK," Eperjesi said.

"We remain optimistic about the prospects for growth in the US in both Residential and Commercial markets for the second half of the year," he said in a statement.

While there was a less than certain outlook for the UK and European markets after the former's non-binding Brexit vote to quit the European Union, Tyman was well positioned to progress.