April 2022
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Tyman PLC is a building materials manufacturer that develops hardware components for doors and windows used in residential and commercial building environments. The company operates through
three segments:
AmesburyTruth manufactures windows and door hardware component, extrusions and sealing systems.
ERA
provides mechanical security hardware, decorative hardware, weather seals and electronic security systems including wireless alarms, CCTV and video.
SchlegelGiesse produces weatherproof seals, compact balances and reinforcers, full suite of window and door hardware, including high security locks and electronic access controls.
After 3 years of
consistent and
impressive revenue growth, Tyman released a
strong set of results at the beginning of March 2022. The company saw its share price rise by about
4% to
375p, but that positive sentiment faded and the price has since fallen to
320p. According to our metrics, the company is now
undervalued based on its financials.
In March, the company reported: - A
17% increase in revenue to
£635.7 million
vs £572.8 million in 2020
- Adjusted operating profit of £90 million vs £80.3 million result in 2020
- Pre-tax profit of
£64 million compared to its £47.6 million figure in 2020
- A 17% increase in revenue to £635.7 million vs £572.8 million in 2020
- Adjusted operating profit of £90 million vs £80.3 million result in 2020
- Pre-tax profit of £64 million compared to its £47.6 million figure in 2020
The home products company said an
increase in market share and
strengthening demand helped boost
revenue. Tyman commented that it had achieved its
excellent performance goals despite industry-wide
challenges to its supply chain, alongside labour restrictions and input cost inflation.
CEO Jo Hallas said:
“The Group’s performance was robust, with
strong market momentum and share gains delivering growth in spite of well-publicised supply chain challenges, labour constraints and input cost inflation.”
“We expect underlying demand in 2022 to remain
strong, driven by favourable housing market fundamentals, albeit set against rising macroeconomic and geopolitical pressures.”
“We continue to take actions as necessary to
mitigate ongoing industry-wide supply chain challenges and cost inflation.”
“The Group is well positioned for
growth in 2022 and beyond, benefiting from long-term structural industry growth drivers, our strategic initiatives and building on our portfolio of differentiated products, market-leading brands and deep customer relationships."
Furthermore, investors buying before the end of April will also see a
record dividend
per share of
12.9p vs 4p in 2020.
