Lupus Capital changed its name in February to Tyman (TYMN), a word derived from the old English word 'to turn' and that is exactly what has happened to company's fortunes following a now complete root and branch restructuring. The cost of this is still being borne though, with headline profits for 2012 wiped out by a string of exceptional items relating to the restructuring, as well as accelerated amortisation of intangible assets. But adding these all back left underlying profits up 3.6 per cent at £23m.
Crucially though, as a leading supplier of door and window components, Tyman has a significant exposure to US housing construction, a sector that at last is showing signs of a sustained recovery. On a like-for-like basis the group’s US Amesbury operation reported a 5 per cent rise in turnover at £118.6m and underlying operating profits up 1.8 per cent to £11.6m. And this was after taking into account one-off charges associated with starting up an operation in Atlanta and other adjustments. Taking these into account left underlying operating margins up from 10.2 per cent to 11 per cent.
In the UK, grouphomesafe boosted underlying profits by 10 per cent to £8.97m, achieved through taking a bigger market share and including a contribution from Fab & Fix acquired during the year, but trading in the European Schlegel operation was tough, with underlying profits down 24.6 per cent at £2.5m.
