Tyman's restructuring opens door to higher annual profits

Tyman, supplier of door and window components, reported a rise in 2012 revenues following improved performance in North America.

Tyman, supplier of door and window components, reported a rise in 2012 revenues following improved performance in North America.

Revenues grew 5.8% year-on-year from £216.3m to £228.8m as the company underwent a major restructuring and changed its name from Lupus Capital to Tyman to reflect the building services it provides.

During the year the company disposed of its less profitable businesses, including its Composite Door and Gall Thomson arms while acquiring Unique Balance and Fab & Fix.

Underlying operating profit rose 3.6% to £23m and underlying earnings per share grew 16.9% to 10.45p.

The company raised its dividend 28.6% to 4.5p per share, compared to 3.5p in 2011.

"[Last year] saw the completion of a fundamental reshaping of Tyman along with creditable operational progress against a difficult market backdrop," said the companys Chief Executive, Louis Eperjesi.

"Looking ahead, the housing market in North America appears more robust today than at any point in the past five years and the actions we took last year have positioned our UK and international businesses for challenging markets in 2013 and beyond.

"We are committed to our well defined plans to invest in our businesses, take market share, deliver margin improvement, increase returns on capital and drive earnings for shareholders. We remain optimistic that the group will make further progress in 2013."

Shares increased 1.84% to 186.50p at 13:43 Tuesday.

RD

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