Last checked at 25 Jan 2012 14:00
Titon Holdings Plc
Interim Management Statement
Titon Holdings Plc ("Titon" or the "Group"), the UK ventilation systems and window and door hardware manufacturer, today publishes its Interim Management Statement for the period 1 October 2011 to date as required by the UK Listing Authority's Disclosure and Transparency Rules.
Total Group revenues for the quarter to 31 December 2011 were 1% lower than for the corresponding period last year, with sales in the UK 3% higher and sales in the rest of the world down 13%.
As reported at the time, UK construction activity was adversely affected by the very severe weather during December 2010. This has not been the case this year and is a factor in the slightly improved UK sales levels. Despite this, conditions within our key markets of house building and window manufacturing remain extremely difficult and margins remain under pressure through greater levels of competition. It is of some encouragement that a number of UK house builders have recently reported improved results, which is a necessary starting point for a potential increase in confidence across the sector.
Outside of the UK sales have fallen across most of the markets in which we operate, including at our South Korean subsidiary where project delays have resulted in a 13% reduction in output.
Net Cash balances at the 31 December 2011 were £2.4 million compared to £2.8 million at the 30 September 2011 year end.
25 January 2012