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Annual Results

Tyman lifts FY profit with growth helped by deals, forex

08 March 2017 09:28

Tyman has improved its FY pretax profit to £29.4m, up 89% from the prior year's £15.6m, in a year of growth assisted by contributions from strategic acquisitions and favourable foreign-exchange rates.

Dividend per share was 10.5p a share, up 20% from 8.75p.

CEO Louis Eperjesi said 2016 was a further year of profitable growth for Tyman assisted by the completion of strategic acquisitions and the benefit of favourable exchange rates, underpinned by strong cash generation.

"The continued improvement in margins by the Divisions is evidence of the quality of our businesses and their leading market positions," he said.

The acquisitions of Giesse and Bilco filled two significant gaps in Tyman's product portfolio, bringing the group a high-quality hardware brand for European markets and a meaningful presence in US commercial for the first time.

"On a smaller scale, the acquisition of Response has extended our electronic access capabilities in the UK," Eperjesi said.

"Progress on integration has been rapid and as a result both Bilco and Giesse will deliver their targeted synergy objectives by the end of 2017 - significantly ahead of schedule."

He added that 2017 had started in line with the company's expectations across each of the divisions.

"We expect that US residential and commercial markets will be stronger this year than they were in 2016.

"We expect to see a continuation of the gradual recovery in European markets however UK markets are likely to remain variable given lower levels of housing transactions and probable declines in real incomes."

Eperjesi said he expected that input costs would increase in the majority of its markets in 2017, and would look to manage input cost inflation where it arises through effective purchasing, price management and cost reduction programmes.

"Our self help initiatives across each of our Divisions, together with good visibility of synergy opportunities, means Tyman is well positioned for further progress in 2017."

At 9:28am: (LON:TYMN) Tyman share price was +25.75p at 305.75p

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