25 Jul 2013 15:00
Titon Holdings Plc (the "Company" or the "Group")
Interim Management Statement
Titon, the UK based ventilation and hardware manufacturer, today releases its Interim Management Statement in respect of the period 1 April 2013 to 30 June 2013, as required by the UK Listing Authority's Disclosure and Transparency rules.
Group turnover for the 3 month period is 17% higher than in the corresponding period last year due largely to strong performance from our South Korean subsidiary where sales volumes have more than doubled.
By contrast, market conditions within our key UK markets remain difficult with reduced levels of affordable housing programmes and with a lack of consumer confidence impacting upon domestic window and door replacement. UK sales for the period were unchanged on the corresponding period of 2012.
The reductions in our cost base that were made last year helped us to return the Group to profit in the first half year and we are pleased that this trend has continued in the third Quarter.
Cash balances at the end of June 2013 were £1.7 million (June 2012: £1.7 million).
25 July 2013
Titon (TON)