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26 Jan 2011 15:00
Titon Holdings Plc
Interim Management Statement
Titon Holdings Plc ("Titon" or the "Group") the UK Ventilation Systems and Hardware manufacturer today publishes its Interim Management Statement for the period 1 October 2010 to date as required by the UK Listing Authority's Disclosure and Transparency Rules.
Total Group revenues for the quarter to 31 December 2010 were 3% ahead of the same period last year, with revenues in the UK 1% higher and revenues in the rest of the world 12% higher.
The very severe UK weather experienced during December has had a detrimental impact on UK construction activity and, consequently, on our sales and profitability during that month. This lower level of activity has continued into January.
Net Cash balances of £3.0 million at the end of December 2010 were relatively unchanged from the September 2010 financial year end of £3.1 million.
As 74% of the Group's revenues are earned in the UK, it is the prevailing conditions within this market that will largely determine our performance over the rest of the financial year. Even after allowing for the adverse weather, the pace of recovery appears to be slower than anticipated. To counteract this, we continue to target the opportunities we have to improve our trading position.
26 January 2011
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