LONDON (ShareCast) - (Sharecast News) - Tyman said on Thursday that business in 2019 was weaker than expected as US and Canadian housebuilding slowed.
The maker of parts for windows and doors said it was sticking to its guidance for annual profit despite the slow start to the year. The company said it was dealing with customer disruption in North America caused by a reorganisation.

Group revenue rose 15% in the four months to the end of April, helped by acquisitions. Excluding acquisitions, disposals and currency swings, revenue was unchanged from a year earlier.

The company said: "Activity levels have generally been slightly below the board's expectations although the first four months of the year typically see lower absolute levels than the rest of the year. In particular, the US and Canadian residential construction markets continued to be soft, driven by the broader deceleration in the housing sector."

Tyman shares fell 6.1% to 239.5p at 1105 BST.

Performance held up well in the UK despite a weak wider market while in Europe and other markets activity has been in line with expectations, Tyman said.

Jo Hallas, who joined as chief executive at the beginning of March, said cost savings from the 2018 purchase of Ashland Hardware were on track. A reorganisation of the North American business is complete and cost savings are coming in as expected.

"There has been some customer disruption related to these moves but we have clear plans in place to address this," he said.

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