(Alliance News) - Titon Holdings PLC on Monday said that its financial year trading in UK and Europe was better than it expected.
The Colchester, Essex-based maker of ventilation systems and window and door hardware said in the financial year ended September 30, trading surpassed its own expectations it set out in May.
However, profit made at its South Korean business deteriorated, citing year-end taxation and other provision adjustments. In financial 2022, South Korean's business had a pretax loss of GBP209,000, widened from a loss of GBP14,000 a year prior.
"Titon Korea is expected to remain loss-making in FY23/24 due to the continuing challenging
conditions in that market, and the group is taking steps to progress its plan to streamline the
Korean corporate structure and operations," the company said.
For financial 2022, Titon had reported a group pretax loss of GBP953,000, swung from a profit of GBP1.1 million a year prior.
Titon shares were flat at 80.00 pence per share on Monday afternoon in London.
By Tom Budszus, Alliance News slot editor
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Titon (TON)