March 8 (Reuters) - UK door and window component supplier Tyman Plc reported a 29.5 percent rise in full-year revenue and said it expects the US residential and commercial markets to be stronger in 2017.
Tyman shares rose as much as 10 percent to 308 pence, hitting its highest in more than one and half years in morning trade.
The company, which raised its dividend by 20 percent to 10.50 pence, also said 2017 had “started positively” and was in line with expectations across all businesses.
However, the company warned that recovery in European markets would be “gradual” and that UK markets are likely to “remain variable” given lower levels of housing transactions and probable declines in real incomes.
Tyman said in November that demand softened around the time of the country’s vote to leave the European Union and that it expected its markets in Britain and Ireland to be flat at best in 2017.
Tyman bought Italian rival Giesse in March last year, to expand its international business by entering Argentina, France, Greece, India, Portugal, Turkey and other markets.
The company also bought U.S.-based Bilco in June to strengthen its commercial and residential business in the region.
Tyman said on Wednesday that it expects the Bilco and Giesse acquisitions to deliver their synergy objectives by the end of 2017 - “significantly ahead of schedule”.
Underlying operating profit rose 35.8 percent to 69.8 million pounds for the year ended Dec.31.
Revenue rose to 457.6 million pounds from 353.4 million pounds, helped by acquisitions and favourable currency impact. (Reporting by Rahul B and Arathy S Nair in Bengaluru; Editing by Sunil Nair)