Tyman - Solid end to a challenging year
Tyman’s latest update indicates that trading has remained solid with full-year revenues and EBIT likely to be slightly above consensus. Like-for-like group revenue in the first two months of Q4 was +1% (following on from +3% in Q3). This brings the year-to-date equivalent up to -8%, which is slightly better than half of the rate of decline seen at the interim stage (including the main COVID-19 impact in Q2). Our estimates are modestly increased for this year and unchanged subsequently on an underlying basis before updating for slightly adverse current FX rates.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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