Last checked at 30 Jul 2009 11:00
Titon Holdings Plc ("Titon" or the "Company" or the ''Group'')
Interim Management Statement
Titon Holdings Plc today provides its interim management statement in respect of the period 1 April 2009 to 30 June 2009, as required by the UK Listing Authority's Disclosure and Transparency rules.
The deterioration in construction market activity, as referred to in the Company's Interim results announcement on 14 May 2009, has continued into the 3rd Quarter. Total Revenues for the 3 month period were 12.4% lower than the corresponding period last year, but have benefited from higher overseas sales largely due to the growth of Titon Korea. UK Revenues for the quarter were 18.3% lower than the same period last year.
We continue to take appropriate measures to ensure that we have the right cost base for the Group going forward. Although this is impacting on financial performance in the short term, it will provide the opportunity to deliver profitable growth when market conditions improve.
Cash control remains a key focus for management and following the payment of the interim Dividend at the end of June, the Group's cash balances were £2.4 million.
There are some early signs of stabilisation in certain of our UK and European markets although it is too early to say whether this will be sustained.
30 July 2009