Door and window components supplier Tyman PLC (LON:TYMN) says its recent acquisition, Giesse, is already having a positive impact on the group’s day-to-day trading.
The company acquired the Bologna-based hardware manufacturer in March for an enterprise value (equity plus its debt) of €78.9 mln, and says it has already made a significant contribution to the group’s international arm, Schlegel International.
The group as a whole reported a 14% increase in revenue for the first four months of 2016 compared with the same period last year, a figure helped by the strength of the US dollar.
“We’ve had an encouraging first four months to the year, consistent with our expectations for 2016 as a whole,” said Louis Eperjesi, chief executive.
Tyman says its North America division, AmnesburyTruth, is trading better in the first four months of this year than the corresponding period of 2015, while its UK and Ireland division, ERA, has seen a “modest” increase in sales compared with last year.
Shares were up 4.5p to 278.5p shortly after the market open.