Market conditions were pretty much as expected in H117 though the enlarged Schlegel International performed particularly well in the period. Tyman Plc (LON:TYMN) continues to make progress on a number of fronts; broadly positive market outlooks supplemented by an agenda of operational improvements provide an attractive combination, in our view. We have raised earnings forecasts again and expect positive momentum to be sustained.
Strong Schlegel performance
H117 results showed underlying progress compared to the prior year with Schlegel International in particular delivering good gains. On the same basis, AmesburyTruth was slightly ahead and ERA experienced cost headwinds. Overseas operations also benefited from favourable translation following sterling weakness. All regions saw positive year-on-year acquisition effects, leaving reported revenue and EBIT both well up versus the prior year. This was also apparent at the PBT, EPS and DPS levels, with the latter increasing by 17%.
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