Investment case

The Group’s business model is built around its customers, the products sold to them and the service provided to them.


Tyman’s strategy is to create shareholder value through being a leading international supplier of engineered components to the door and window industry. 

Business model and strategy

What we do

The Group is focused on the design, manufacturing and sourcing of high quality engineered window and door components and providing industry-leading customer service.

Tyman aims to be the market leader in each of the segments that the divisions serve and the Group’s differentiated offering provides customers with a clear "one-stop" solution across a diverse range of hardware, seals and complex extrusions.

The Group manufactures and sources components from sites across the Americas, the UK and Ireland, Continental Europe, Australasia and Asia and the distribution reach of the Group means that Tyman’s products are to be found in homes and buildings all over the world. 

Our divisions

Measuring performance

Tyman measures performance and success through a number of financial and operating KPIs, which are measured, reported on and challenged at all levels of the Group’s business. The most significant KPIs are reported externally to stakeholders through the Annual Report.

Like for like revenue growth

Year on year revenue growth from continuing operations measured on a constant currency like for like basis.



Underlying operating margin

Underlying operating profit from continuing operations as a percentage of revenue from continuing operations.



Underlying basic earnings per share

Underlying profit after taxation divided by the basic weighted average number of ordinary shares in issue during the year, excluding those held as treasury shares.

27.68 pence


On time, in full delivery rate

Proportion of customer orders that are delivered in full within the customer required time slot.




Underlying net debt divided by adjusted EBITDA both calculated at average exchange rates.



Return on capital employed

The LTM underlying operating profit as a percentage of the LTM average capital employed.



Return on controllable capital employed

The LTM underlying operating profit as a percentage of the LTM average controllable capital employed.



Operating cash conversion

Operational cash flow divided by underlying operating profit.



Return on acquisition investment

Underlying operating profit including synergies generated by an acquisition divided by the total cost of the acquisition.

Dividend growth

Year on year growth in total dividends.

12.00 pence



"Tyman made further progress in 2018 developing its people, enhancing its product offering, expanding its manufacturing and distribution capabilities as well as focussing on its customers in order to improve market positions across each of the Divisions.

The physical moves of plant and machinery into new facilities in AmesburyTruth and ERA are now complete.  AmesburyTruth's focus now moves to ensuring that each of the North American centres of excellence deliver the expected returns from the footprint project.  ERA's strong second half performance illustrates the opportunities the new i54 facility gives to the Division.

Volumes in 2019 to date are in line with our expectations across each of the Divisions with promising order books.  AmesburyTruth is planning for volume growth in US residential and commercial and its profitability will benefit from the increased synergies generated by the integration of Ashland together with the footprint project and pricing initiatives.

The UK market is likely to remain subdued in 2019; however ERA will continue to focus on further share gains, new product introductions with an emphasis on smartware, realising synergies from the acquisitions of Profab and Zoo along with management of costs and overheads.

SchlegelGiesse expects to take further market share, driven by ongoing investment in innovation, expansion of the product range and "all in one" cross selling activity.

Despite current market uncertainties, the Group remains well positioned to build on the progress made over the last nine years and to deliver sustainable profitable growth going forward."

Louis Eperjesi
Chief Executive Officer, on 5 March 2019