Tyman (TYMN) revealed flat underlying revenue for the first four months of the year as weakness in the US and Canadian housing markets led to a decline in construction activity. After acquisitions made since this time last year, revenue for the door and window component manufacturer was up 15 per cent.
Rationalising the North American distribution operations had resulted in some customer disruption, newly-appointed chief executive Jo Hallas said, although cost savings have been realised. Slowing markets and operational inefficiencies squeezed operating margins for North American division AmesburyTruth – which generated three-quarters of underlying operating profit – last year.
Despite a subdued repair, maintenance and improvement market, the UK performance has held up, management said.
