March 8 UK door and window component supplier
Tyman Plc reported a 29.5 percent rise in full-year
revenue and said it expects the US residential and commercial
markets to be stronger in 2017.
Tyman shares rose as much as 10 percent to 308 pence,
hitting its highest in more than one and half years in morning
The company, which raised its dividend by 20 percent to
10.50 pence, also said 2017 had "started positively" and was in
line with expectations across all businesses.
However, the company warned that recovery in European
markets would be "gradual" and that UK markets are likely to
"remain variable" given lower levels of housing transactions and
probable declines in real incomes.
Tyman said in November that demand softened around the time
of the country's vote to leave the European Union and that it
expected its markets in Britain and Ireland to be flat at best
Tyman bought Italian rival Giesse in March last year, to
expand its international business by entering Argentina, France,
Greece, India, Portugal, Turkey and other markets.
The company also bought U.S.-based Bilco in June to
strengthen its commercial and residential business in the
Tyman said on Wednesday that it expects the Bilco and Giesse
acquisitions to deliver their synergy objectives by the end of
2017 - "significantly ahead of schedule".
Underlying operating profit rose 35.8 percent to 69.8
million pounds for the year ended Dec.31.
Revenue rose to 457.6 million pounds from 353.4 million
pounds, helped by acquisitions and favourable currency impact.
(Reporting by Rahul B and Arathy S Nair in Bengaluru; Editing
by Sunil Nair)