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30 Jul 2009 11:00
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Titon Holdings Plc ("Titon" or the "Company" or the ''Group'')
Β
Interim Management StatementΒ
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.
TheΒ deterioration in construction market activity, as referred to in the Company's Interim resultsΒ announcement on 14 May 2009, hasΒ continued into the 3rdΒ Quarter. Total RevenuesΒ forΒ the 3 month period wereΒ 12.4% lower thanΒ theΒ corresponding period last year,Β but have benefitedΒ from higher overseas sales largely due to the growth of TitonΒ Korea.Β UKΒ RevenuesΒ for the quarterΒ were 18.3% lower than theΒ same period lastΒ year.
We continueΒ to takeΒ appropriateΒ measures to ensure that we have the right cost baseΒ for the GroupΒ going forward.Β Although this is impacting onΒ financial performance in the short term, itΒ willΒ provide the opportunityΒ to deliverΒ profitableΒ growthΒ whenΒ market conditions improve.Β
Cash control remains a key focus for management andΒ following the payment of the interim Dividend at the end of June,Β the Group'sΒ cash balancesΒ were Β£2.4 million.
There areΒ someΒ early signsΒ ofΒ stabilisationΒ in certain of ourΒ UKΒ and EuropeanΒ marketsΒ althoughΒ it is too early to say whether this will be sustained.
30 July 2009
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