Update: FY16 starts in line with expectations
An AGM update indicated that year to date trading has been in line with management expectations. Regional trends and outlooks also appear to be consistent with those outlined at the time of the FY15 results in March and estimates are unchanged. The rating is consistent with a mid-cycle position, but we believe that Tyman offers an extended earnings growth profile derived from internal initiatives that are underway.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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