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Titon Holdings PLC - Colchester, Essex-based ventilation systems and window & door hardware supplier - Posts net revenue of GBP12.1 million for the six months ended on March 31, up 5.2% from GBP11.5 million the year before. Says this is due to stronger trading in the UK and Europe, which is slightly ahead of its expectations. Pretax loss, however, widens to GBP449,000 from GBP250,000, as administrative expenses rise to GBP2.7 million from GBP2.5 million the year before. Earnings before interests, tax, depreciation and amortisation is down 36% to GBP180,000 from GBP280,000.
Declares interim dividend of 0.5 pence per share, down 67% from 1.5p a year prior. Looking ahead, says it remains committed to achieving all of its business imperatives for the rest of the year. However, it expects full-year results to be "lower than expected" due to weak trading in South Korea.
Non-Executive Chair Keith Ritchie says: "The trading performance of the group over the six months period to March 31 generated good levels of sales in our main UK and European markets for our products. Trading in South Korea remained difficult as the construction market saw projects delayed, and losses were higher than we expected."
Current stock price: 74.25 pence each, down 15% on Friday morning in London
12-month change: down 4.2%
By Xindi Wei, Alliance News reporter
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