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28 Jan 2010 07:00
Titon Holdings Plc
Interim Management Statement
Titon Holdings Plc ('Titon' or 'the Group') the UK Ventilation Systems and Hardware manufacturer publishes its Interim Management Statement for the period 1 October 2009 to date as required by the UK Listing Authority's Disclosure and Transparency rules.
The upturn in UK construction activity that was experienced in the fourth quarter of the last financial year has stalled somewhat, resulting in UK sales for the 3 months to 31 December 2009 being 2.2% down on the same period of the previous year. Growth in overseas markets, notably via our South Korean 'Joint Venture' has led to total Group turnover being 9.0% higher for the 3 month period.
Cash balances at the end of December 2009 were relatively unchanged from the financial year end at £3.0 million.
The pace of recovery in the UK construction market will to a large extent influence Group performance over the remainder of the year and we await with optimism the resurgence of activity that is being predicted by many house builders.
27 January 2010
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