Tyman results boost share price

AIM-listed construction supplies firm Tyman (LON:TYMN) saw its share price climb by 6.28% to 182.80p (as of 15:35 BST) after reporting a 34% rise in pre-tax profits for the six months ended 30th June. Revenues for the half year dropped by 16% but decisive cash protection measures were implemented.

CEO Jo Hallas commented: “COVID-19 had a significant impact on the Group in the period. I would like to thank our people who have done an exceptional job of managing through the intensity of the COVID-19 crisis, with diligent focus on safeguarding our colleagues and communities and servicing our customers. We have taken action to maintain a robust balance sheet and we believe that the crisis has demonstrated the resilience of the Tyman business model. I am encouraged by the better than expected recovery since the easing of restrictions, although much uncertainty remains.

“Despite the crisis, we have continued to strengthen our base and progress our strategic growth initiatives. Our demonstrated resilience and inherent strengths, including market-leading brands, innovation capabilities and deep customer relationships, continue to position the Group well to capitalise on opportunities arising as the global economy recovers and as we progressively emerge from a period of intense operational focus“.