* Full-year underlying operating profit rises 41 pct
* Group revenue rises 30 pct to 298.1 mln stg
* Says to pay final dividend 4.50 pence per share
* Sees continued growth in 2014
March 11 Tyman Plc, a maker of window
and door hardware, said full-year underlying operating profit
rose 41 percent, driven by a rebound in construction in Britain
and North America.
The company, which also makes high-security locks and seals
for windows and doors for residential and commercial markets,
said it expected continued growth this year.
Shares in Tyman rose as much as 4.1 percent in early trading
on Tuesday on the London Stock Exchange.
Underlying operating profit for the year ended Dec. 31 rose
to 32.3 million pounds ($53.7 million) from 23.0 million pounds
a year earlier. Group revenue rose 30 percent to 298.1 million
"We are encouraged by these figures as they show good
operational leverage in the old U.S. businesses, and an
excellent first six months of Truth," Liberum analysts said in a
Tyman, which operates in North America through its Amesbury
and Truth Hardware divisions, said revenue from Amesbury, its
door and window seals manufacturing unit, rose 12 percent to
132.4 million pounds.
Revenue from Truth Hardware - which Tyman acquired from
Melrose Industries Plc for about $200 million last July
- rose 5 percent to 42.9 million pounds for the six months under
Tyman said it expected a further recovery in the new-build
market in the United States this year and continued improvement
in repair and remodelling.
Revenue from Tyman's British division Grouphomesafe, which
makes door handles and locks, rose 17 percent to 86.0 million
pounds. The company said new-build activity in Britain rose
about 23 percent.
Construction in Britain grew at an annualised rate of more
than 10 percent between April and September, according to
official data, contributing to strong growth in the broader
Canaccord Genuity analyst Harry Philips said he expected
Tyman's North American businesses to grow by 10 percent in 2014,
and the British market to grow at a mid-single digit rate
through to 2016.
Philips raised his price target on the stock to 350 pence
from 325 pence.
Tyman also forecast strong results in Brazil. It acquired
Vedasil Brasil, a maker of pile weatherseals, last month to
strengthen its footprint in South America.
Tyman, which also makes head cleaning pads for ink-jet
printers for ATM machines, reported a pretax profit from
continuing operations of 794,000 pounds, compared with a pretax
loss of 25.8 million pounds a year earlier.
The company also recommended a final dividend of 4.50 pence
per share, taking full-year dividend to 6.00 pence.
Shares in Tyman were trading up 3.8 percent at 274.25 pence
at 0954 GMT on the London Stock Exchange. The stock was shifted
to London's main market from the Alternate Investment Market
after buying Truth Hardware in July.