Interim Management Statement

RNS Number : 8538W

Titon Holdings PLC

01 February 2013

 



Titon Holdings Plc

Interim Management Statement

Titon Holdings Plc ("Titon" or the "Group"), the UK ventilation systems and window and door hardware manufacturer, today publishes its Interim Management Statement for the period 1 October 2012 to date as required by the UK Listing Authority's Disclosure and Transparency Rules.

Total Group revenues for the quarter to 31 December 2012 were 1% higher than for the corresponding period last year, with sales in the UK down by 11% and sales in the rest of the world up by 43%.

The level of UK sales in the quarter has been disappointing and conditions within our key markets of house building and window manufacturing remain difficult and margins remain under pressure through greater levels of competition. We are not anticipating a rapid improvement in our UK market in 2013.

Outside of the UK sales have risen significantly at our South Korean subsidiary where the housing market has been strong and we have focused more on the private housing sector.

Titon also announces that it has agreed a settlement of its litigation against Nuaire Limited. Nuaire has agreed to cease the sale and marketing of one of its ventilation products and to pay Titon a cash sum in February 2013 to settle the proceedings.

Net Cash balances at 31 December 2012 were £1.78 million compared to £1.84 million at the 30 September 2012 year end.

31 January 2013

 

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