Shares in building components supplier Tyman (TYMN) climbed 8% to a 10-year high of 458p after the company lifted its earnings guidance due to trading this year which it said was ‘strongly ahead of expectations’.
The firm said the positive trading momentum seen in the final quarter of 2020 had continued into 2021 across all three of its divisions, meaning full year operating earnings would be ‘above the top end of the current range of analyst expectations’ of £80 million to £85 million.
STRONG HOUSING MARKETS
Group revenues in the four months to the end of April were up 31% on a like-for-like basis on the same period last year, and up 14% like-for-like on the same period in 2019 which is more directly comparable.
All three divisions – North America, UK and Ireland, and International – are experiencing an acceleration in order growth thanks to strong residential construction and buoyant repair, maintenance and improvement or RMI markets, especially in the US and UK.
US single family housing starts are up 20% in the first quarter, while the UK March…