30 Jul 2009 11:00

Titon Holdings Plc ("Titon" or the "Company" or the ''Group'')
Ā
Interim Management StatementĀ
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.
TheĀ deterioration in construction market activity, as referred to in the Company's Interim resultsĀ announcement on 14 May 2009, hasĀ continued into the 3rdĀ Quarter. Total RevenuesĀ forĀ the 3 month period wereĀ 12.4% lower thanĀ theĀ corresponding period last year,Ā but have benefitedĀ from higher overseas sales largely due to the growth of TitonĀ Korea.Ā UKĀ RevenuesĀ for the quarterĀ were 18.3% lower than theĀ same period lastĀ year.
We continueĀ to takeĀ appropriateĀ measures to ensure that we have the right cost baseĀ for the GroupĀ going forward.Ā Although this is impacting onĀ financial performance in the short term, itĀ willĀ provide the opportunityĀ to deliverĀ profitableĀ growthĀ whenĀ market conditions improve.Ā
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 areĀ someĀ early signsĀ ofĀ stabilisationĀ in certain of ourĀ UKĀ and EuropeanĀ marketsĀ althoughĀ it is too early to say whether this will be sustained.
30 July 2009
Follow the stocks