Tyman Plc (LON:TYMN)
FY18 to date has been in line with management’s full-year expectations, building on the good financial progress delivered in FY17. We believe the competitive position in all three divisions continues to be enhanced via investment and, including post-year end acquisitions of Ashland Hardware and Zoo Hardware, we anticipate further profit growth in FY18 and beyond. There is little appreciation of overseas earnings exposure or the significant strategic strides taken in the current share price, in our view.
Meeting challenges, making progress
The renamed SchlegelGiesse delivered the best all-round divisional performance in FY17, in our view. While AmesburyTruth and ERA had more testing operational and market challenges, all three divisions made good strategic progress in enhancing their competitive positions during the year. Acquisition and FX translation had clear positive effects on reported results and group EPS and DPS rose by 6% and 7% respectively in the year. Net debt ended FY17 down y-o-y at £163m after taking into account significant investment activity. The acquisitions of Ashland Hardware (in the USA) and Zoo Hardware (in the UK) completed after the period end.
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