LONDON (ShareCast) - (Sharecast News) - Engineered components supplier Tyman said on Thursday that its performance in the first four months of the year had been "robust" and that it now expects full-year adjusted operating profits to be in line with current market expectations.
Tyman stated like-for-like group revenues had increased 10% year-on-year to £233.0m against an "exceptionally strong" comparative period, largely reflecting the benefit of pricing actions implemented to recover cost inflation. Group reported revenues increased 12% over the period, reflecting the favourable impact of the weakening of the Sterling against the US dollar.

Although the FTSE 250-listed firm acknowledged that volume growth continued to be constrained by industrywide supply chain issues and labour shortages, it also stated that these issues were "progressively improving".

Tyman also highlighted that it had stopped all sales to Russia and Belarus in February as a result of Moscow's invasion of neighbouring Ukraine but said these markets had only accounted for 1% of total group revenues in 2021.

Chief executive Jo Hallas said: "The group's trading performance has been robust against an exceptionally strong comparative period, in spite of ongoing supply chain and inflationary pressures, and the impact of withdrawing sales to Russia.

"Our order books are strong and we expect underlying market demand to remain resilient for the rest of the year. Notwithstanding ongoing macroeconomic and geopolitical uncertainty, housing market fundamentals remain positive. These factors, combined with our strategic initiatives, underpin our confidence in meeting market expectations for the full year and position the Group well to deliver further profitable growth."

As of 0825 BST, Tyman shares were down 1.44% at 273.0p.



Reporting by Iain Gilbert at Sharecast.com

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