Update: Progress in variable markets
H115 results moved ahead y-o-y with little help from Tyman’s underlyingmarkets. Conditions look to be improving generally going into the
seasonally important H2 trading period, though we have modestly reduced
our estimates based on H1 performance and updated FX assumptions. A
broad change programme is underway, providing an enhanced business
platform for further expansion. Some growth is priced into Tyman’s current
rating but the company is being positioned for more, in our view.
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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