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7 Nov 2008 10:00
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Titon HoldingsΒ Plc (theΒ "Company")
Trading Update
The CompanyΒ wishes to updateΒ shareholders on trading for the year ended 30thΒ September 2008.
Revenues for the 4thΒ Quarter were 10.6% lower than for the corresponding period last year. This comparesΒ to theΒ 6.4% reductionΒ experiencedΒ in the 3rdΒ Quarter.Β
In response to the lower volumes,Β the CompanyΒ has made further reductions in staffing levels at an additional cost of Β£61,000 to that reported at the end ofΒ the 3rdΒ Quarter. The totalΒ exceptionalΒ cost of redundancies since the half year end is nowΒ Β£151,000Β which willΒ giveΒ rise to annual savings ofΒ approximatelyΒ Β£600,000.
These redundancy costs, along withΒ some Β£100,000 ofΒ start up costs associated with our Korean Joint VentureΒ and an exceptionally high bad debt charge for the year ofΒ approximatelyΒ Β£150,000Β will lead toΒ the Company reporting aΒ small net lossΒ for the full year ended 30 September 2008.
TheΒ Board has maintained a strict control over working capitalΒ during the year, whichΒ has resulted in anΒ improvement inΒ netΒ cash balances, whichΒ stood atΒ Β£2.5 millionΒ asΒ at 30 September 2008.Β The net asset position of theΒ CompanyΒ alsoΒ remains strong, atΒ Β£10.4 millionΒ asΒ atΒ 30 September 2008.Β
The preliminary results for the full year ended 30th September 2008 will be released to shareholders on 11th December 2008.
6 November 2008
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