Tyman - Strong end to FY20, positive start to FY21
Tyman successfully navigated a major trading shock from COVID-19 across multiple geographies in FY20, ultimately delivering only a modest earnings reduction. A stronger balance sheet and good trading momentum in the early part of FY21 are positives for investors and our estimates are modestly increased after allowing for FX headwinds. Tyman entered FY21 in a position of strength and, as market pandemic effects recede, strategy and underlying business performance should come more to the fore.Tyman is the holding company of the Tyman group of companies, which is engaged as a supplier of engineered components to the door and window industry. Co. operates in three divisions: North American, which operates as AmesburyTruth, a manufacturer of window and door hardware components, extrusions and sealing systems; U.K. and Ireland, which operates as Era, a designer, developer, manufacturer and distributor of solutions for the residential building and home improvement markets; and Schlegel International, which comprises sealing and extrusion businesses outside North America, together with Giesse, Co.'s Italy-based manufacturer of hardware products for aluminum doors and windows.
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