Adjustment of Statement of Financial Position

RNS Number : 3440T

Titon Holdings PLC

19 March 2019

 

Tuesday 19^th March 2019

Titon Holdings Plc

("Titon" or the "Company")

Adjustment of Consolidated Statement of Financial Position

Titon, a leading manufacturer and supplier of ventilation systems and window and door hardware, today provides a clarification of its Financial Statements as reflected in its last Annual Report and Financial Statements published in December 2018.

Titon Korea

The Company noted in February 2019 that the trading performance in Titon Korea for the year ending 30 September 2019 was expected to be below market forecasts at that time. On investigating this reduction the Company has identified that certain costs associated with products sold in earlier accounting periods up to and including the year ended 30 September 2018 had not been fully taken into account in those periods. Similarly, gross profits on these products had not been correctly recorded. This was due to the incorrect accounting apportionment of costs and revenues between first and second fix installations of products manufactured by Titon Korea and sold by Browntech Sales, our associate company. As a result, the total equity attributable to equity holders of the Company as at 30 September 2018 in the Consolidated Statement of Financial Position will be reduced by approximately £1.1m from the figure shown in the 2018 Annual Report. The correct accounting treatment will be reflected in the 2019 Interim Statement and in the 2019 Annual Report and Financial Statements.

The accounting adjustments detailed above have no effect on the profile of historic or anticipated future operating cash flows and they are expected to have a marginally positive effect on consolidated operating profit in 2019.

Current year trading for the Titon Group remains in line with management expectations.

For further information please contact:

Titon Holdings plc Keith Ritchie	Tel: [phone]
Shore Capital Dru Danford Edward Mansfield Daniel Bush	Tel: [phone]

ENDS

 

END

 

 

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