LONDON (ShareCast) - (Sharecast News) - Building products outfit Tyman has witnessed a "strong performance" so far this year, with revenue and profits being driven by its recent acquisitions of Ashland and Zoo Hardware.
Tyman told investors on Wednesday that it expects both revenue and underlying operating profits for 2018 to come in ahead of its previous full-year figures.

The company posted revenues of £522.7m last year and underlying operating profits of £76.8m.

The AIM-listed firm said its performance had been boosted by its acquisitions of US-based businesses Ashland and Zoo Hardware earlier in the year but noted that "less favourable" exchange rates, and "relatively significant" input cost inflation had also adversely impacted its results.

Tyman's AmesburyTruth unit expects like-for-like revenues to rise year-on-year, with operating profit anticipated to be flat due to some higher costs in the US.

In the UK and Ireland, Tyman has seen "slightly" firmer markets since June and now expects the UK residential market to stay subdued going into 2019.

According to management, the market outlook in both North America and Continental Europe is still "generally" positive, and that it expects further progress in 2019.

Chief executive Louis Eperjesi, said: "For the full year we expect to report revenue, underlying operating profit and free cash flow ahead of 2017, assisted by contributions from the acquisitions of Ashland, Zoo Hardware, Profab and Reguitti; each of which are integrating well into the group."

As of 0950 GMT, Tyman shares had grown 3.77% to 284.85p.

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