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30 Jan 2009 10:00
Titon Holdings Plc
Interim Management Statement
Titon Holdings Plc ('Titon' or 'the Group') the UK ventilation systems and hardware manufacturer publishes its Interim Management Statement for the period 1 October 2008 to date as required by the UK Listing Authority's Disclosure and Transparency rules.
As anticipated, the market slowdown experienced towards the end of the last financial year has worsened, resulting in overall revenues for the 3 months to 31 December 2008 to be 17.1% lower than the corresponding period of 2007.
Whilst the cost control and working capital management programmes have delivered expected results, the further declines in market volumes will require additional cost saving measures to be introduced. Cash balances at the end of December were £2.38 million.
The Group continues to focus on strengthening its presence in the mechanical ventilation market and will be exhibiting a range of new products at the Ecobuild Exhibition in March.
30 January 2009
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