(Sharecast News) - Ventilation systems manufacturer Titon Holdings said on Monday that its full-year performance in the UK and Europe had surpassed internal expectations but noted that its South Korean business had weighed on the group as a whole.
Titon said its South Korean business had reported a further decline in statutory profitability in FY22/23, principally due to year-end taxation and other provision adjustments, which will increase the reported group pre-tax loss compared to prior expectations.
The AIM-listed group also noted that trading in the UK and Europe was in line with expectations during the first two months of the new trading year, with the firm currently expecting its businesses in the region to report an interim pre-tax loss due to the impact of a decline in new build activity in the construction market. However, Titon expects to return to profitability in the UK and Europe from Q2.
Titon Korea, on the other hand, was expected to remain loss-making in FY23/24 due to "continuing challenging conditions" in the region, with the group now taking steps to progress its plan to streamline its Korean corporate structure and operations.
As of 1145 GMT, Titon shares were untraded at 80.0p.
Reporting by Iain Gilbert at Sharecast.com
Titon (TON)