Tyman warns full year profit will miss expectations

The London-listed company said its underlying profit for 2015 will be ahead on a year-on-year basis but will miss consensus forecasts, as revenue at constant currency has been flat compared with last year due to the subdued demand the company highlighted in the first half.

Unfavourable conditions have continued in the second six months of the year and the mid-year order book level has not been sustained, Tyman said, adding it encountered a particularly difficult environment in its North American markets.

The company indicated its Canadian markets were hit by a significant weakening in the local currency, while the situation was similarly uninspiring closer to home, with the UK and Ireland markets suffering from further weakening in the summer.

"The period since the half year has seen continued subdued markets across the majority of our geographies however, despite little volume growth, our profitability and cashflow have continued to expand, demonstrating the resilience of our self help model," said group chief executive Louis Eperjesi.

The company added it expects challenging conditions to persist into 2016 but it remained upbeat about its medium-term prospects for each of its divisions.

Tyman shares were down 6.37% to 242.50p at 1527 GMT on Tuesday.