Tyman PLC on Thursday said higher costs hurt its full-year profit, while a reduction in volumes resulted in reduced revenue.

The London-based supplier of window and door components to the construction industry said pretax profit plunged 19% to £50.0 million in 2023 from £61.4 million the year before.

This was partly driven by selling, general and administrative expenses growing by 4.0% to £157.1 million from £151.1 million a year prior. In addition, finance costs were up 32% to £13.6 million from £10.3 million a year ago.

Revenue fell 8.1% to £657.6 million from £715.5 million in 2022 due to a ‘significant reduction in volumes’, Tyman said, due to ‘underlying demand softness and customer destocking.’

Tyman maintained its full-year dividend per share at 13.7 pence.

Looking ahead, the firm said its priorities remain on capturing share growth opportunities through expansion.

Commenting on Tyman’s results, Chief Executive Officer Rutger Helbing said: ‘The structural growth drivers for the group remain attractive, although leading indicators for our major markets are currently signalling a challenging market outlook for 2024. However, given our self-help measures and a full-year contribution from Lawrence, the board expects the group to make progress in 2024.’

Shares in Tyman fell 4.2% to 282.50 pence each in London on Thursday morning.

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