Tyman has seen an impressive start to its year with like-for-like sales up sharply, driven by strength in North America. Consensus operating profit forecasts are now likely to move materially higher (c.7%) as a result. While the demand environment is strong, that better outturn owes much to management’s efforts to streamline the business and improve operational efficiency. Those efforts still have further to run which, combined with the positive US outlook, makes for a strong investment case. The group will update on that progress at its Capital Markets Day on May 20th.
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