Tyman PLC (LON:TYMN) said it expects full-year adjusted operating profit to be slightly above the top end of the current range of analysts’ expectations of GBP75mln.

Revenue for the second half to end December is expected to be broadly in line with last year, when it came in at GBP301mln, reflecting the continued strong recovery in the firm’s markets and better than its original expectations.

In the third quarter, group revenue rose 3% while in the two months to November 30 it was up 1%.

The supplier of engineered components and access solutions (locks) to the construction industry said there has been strong underlying demand in all three divisions, which is endeavouring to meet considering the industry-wide pressure on inventories and service levels, especially in North America.

Tyman said it has significant liquidity headroom and so it plans to repay the GBP2.3mln received under the UK Government’s Job Retention Scheme.

“This is a very good performance and reflects the impact of the new management team. We… are impressed how the company has performed through 2020,” analysts at Peel Hunt commented.

Shares rose 1% to 323.5p early on Tuesday

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