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 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.

26.91 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.

11.25 pence



"2017 saw a further year of profitable growth for the Group with increased contributions from the Bilco and Giesse acquisitions, and continued favourable exchange rates on translation.

Footprint projects in each of the divisions progressed well such that the Group has the safe, modern and flexible facilities necessary to support customers' needs, increase product quality and improve service levels.

Volumes in 2018 to date are in line with expectations across each of the divisions. North American markets remain positive and AmesburyTruth is confident that 2018 will see market share recovery, like for like sales growth and a return to margin expansion with the proposed acquisition of Ashland also bringing opportunities.

The UK market is likely to remain subdued in 2018; however, ERA will continue to focus on its self-help initiatives, profitable market share growth and new product introductions, particularly in the smart home.

European markets should continue their broad-based recovery and the SchlegelGiesse businesses in Latin America and the Middle East expect the positive trends of the second half will be sustained into 2018.

Tyman expects to see a further year of profitable growth in 2018."

Louis Eperjesi
Chief Executive Officer, on 7 March 2018