Interim Management Statement

RNS Number : 5004I

Titon Holdings PLC

25 July 2012

 



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 2012 to 30 June 2012, as required by the UK Listing Authority's Disclosure and Transparency rules.

Activity levels within the Group's key UK markets of housing provision and window manufacturing have deteriorated further leading to UK revenues for the 3 months being 12% lower than the corresponding period last year. This, combined with further pressure on margins, has resulted in the Group making an operating loss during the period.

Revenues from overseas activities for the 3 month period were slightly higher than in the same period last year.

There is still a great amount of uncertainty and lack of confidence within the majority of the markets in which the Group operates and we anticipate that this will continue for the foreseeable future. Whilst we are putting into place steps for the longer term restructuring of the business, we remain cautious about the overall short-term outlook.

In response to the prevailing market conditions and operating losses we have recently made 12 redundancies within the UK business and plan to make further significant cost savings over the remainder of the year.

Cash balances at the end of June 2012 were £1.7 million (June 2011: £2.3 million).

25 July 2012

 

END

 

 

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