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Tyman PLC on Thursday said it expects full-year profit in line with market forecasts despite geopolitical tensions hampering volume growth.
Shares in the London-based door and window components supplier were trading 5.8% lower at 261.00 pence in London on Thursday.
The company said its performance so far in 2022 has been robust against an ‘exceptionally strong’ comparative period.
With underlying demand and the order book remaining ‘strong’, the company expects full-year adjusted operating profit to be in line with company-compiled market expectations of £93.9 million.
Tyman said that revenue increased to £233 million in the four months to the end of April, up 10% on a like-for-like basis from 2021. The growth in the period largely reflected the benefit of pricing actions implemented to recover cost inflation.
However, volume growth continued to be constrained by supply chain issues. Tyman noted a number of challenges, including geopolitical tensions amid the war in Ukraine and rising commodity prices. In particular, Tyman said it had stopped all sales to Russia and Belarus from February; these markets accounted for 1% of revenue in 2021.
The company said the order book at April was ‘significantly’ ahead of a year before.
Chief Executive Officer 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.’
‘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,’ she added.
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