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(Alliance News) - Titon Holdings PLC on Thursday saw its full-year revenue grow slightly as a "weak" South Korean housing market hindered its performance.
Shares in Titon fell 13% to 78.00 pence each in London on Thursday morning.
The Colchester, Essex-based maker of ventilation systems and window and door hardware saw an uptick of 1.1% to GBP22.3 million in revenue for the financial year ended September 30, from GBP22.1 million a year ago.
Revenue growth was affected by a "weak" South Korean housing market, which saw revenues from the region fall by 18% as a result.
Pretax loss narrowed to GBP839,000 from GBP953,000 the year before. This resulted from administrative expenses dropping 2.2% to GBP4.5 million from GBP4.6 million the previous year.
Titon maintained its final dividend flat year-on-year at 0.5 pence per share, but cut its total dividend in half to 1.0p from 2.0p a year ago.
Loking ahead, Titon said it remains confident in the medium and long-term prospects of the company. However, it said it does not expect that trading in South Korea will materially improve in 2024, but is working to streamline the corporate structure and operations to reduce costs.
Chief Financial Officer Carolyn Isom said: "At the beginning of the year, we reported that we had identified several business imperatives that we would focus on in the UK, and I am pleased that we have made significant progress in most areas. We have revised the business imperatives for the coming year, and we are now starting our strategic planning process, aiming to have a 3-5-year strategy by the end of FY24.
"We have a strong balance sheet, talented employees and a good range and pipeline of products that give us confidence in our future."
By Sabrina Penty, Alliance News reporter
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