Tyman sees 'challenging' markets as profits fall 19%

Door and window parts maker Tyman said it expected a “challenging” market outlook this year as the building sector continued to struggle amid high interest rates and inflation, reflected in a 19% fall in 2023 profits.

Revenues fell 8% to £657.6m after a “significant” reduction in volumes partially offset by the carryover benefit of pricing actions and share gains , Tyman said on Thursday. Pre-tax profit for the full-year came in at £75m.

“The structural growth drivers for the group remain attractive, although leading indicators for our major markets are currently signalling a challenging market outlook for 2024,” said chief executive Jason Ashton.

Reporting by Frank Prenesti for Sharecast.com