Interim Results

Titon Holdings PLC
11 May 2000


                      TITON HOLDINGS PLC
                     Chairman's Statement
                               
FINANCIAL RESULTS

I am pleased to announce a further improvement in Group results
for the six months ending 31 March 2000.

Sales  were  up  by 3.1% at £7,497,000 (1999:  £7,269,000)  and
Operating  Profit was up by 14.0% at £849,000 (1999: £745,000).
Interest  receivable  fell from £167,000 in  1999  to  £103,000
leaving  net  profit before tax 4.4% higher at £952,000  (1999:
£912,000).  Basic earnings per share have increased by 5.1%  to
5.96p (1999: 5.67p), and the Directors have declared an interim
dividend of 2.3p per Ordinary Share (1999: 2.2p).

Capital  expenditure  has  been high  for  the  six  months  at
£813,000 (1999: £424,000) resulting in a reduction in net  cash
balances from £3,669,000 at the year end to £3,135,000  at  the
half  year.   Some £700,000 of the capital spend  has  been  on
increasing production capability.

COMMENTARY

Building  on the achievements of the previous two years,  I  am
pleased  to announce another record turnover for a first  half.
Progress  has  been underpinned by an active home market  where
sales  of  Titon ventilators and window fittings remain  strong
despite  increasing  competition.  Our new  'Select'  range  of
window  fittings  is  receiving  favourable  reaction  in   the
marketplace and will be officially launched at the 'Interbuild'
exhibition at the end of May.

I  am  particularly pleased to record a 20% improvement in  our
export sales during the six month period.  We will continue  to
invest  in products and in staff to sustain the improvement  in
our  existing export markets.  We will also continue to explore
new areas of opportunity.

Our  sales growth is being supported by a further extension  to
our  manufacturing facilities at our main factory  premises  in
Haverhill.   Providing  a  further 1,500  square  metres,  this
development will enable us to rationalise and improve operating
efficiency, as well as provide increased production  capability
for  future growth. We moved into this extension at the end  of
March.

The  company  reorganisation is now beginning to show  positive
benefits,  with all levels of management and employees  showing
great commitment in providing the improved service demanded  by
customers, both at home and abroad.  The Board wishes to  thank
all employees for their continued efforts and support.

PROSPECTS

We  are  encouraged  by the market penetration  that  is  being
achieved  with our own manufactured products in the UK  and  by
the  increase  in export sales.  The effect of the  new  window
fittings  range  and  of  factory  space  rationalisation  will
benefit  us  in the second half and we are confident  that  the
improvement in results can be sustained.

                                                  John Anderson
                                   Chairman and Chief Executive
                                                    11 May 2000

                    PROFIT AND LOSS ACCOUNT
               For the Six Months Ended 31.03.00
                               
                               
                                      Six         Six     Year to
                                  Months      Months
                                       to          to     30.9.99
                                 31.3.00     31.3.99
                                 (Unaudited) (Unaudited) (Audited)
                                    £'000       £'000       £'000
                                                                 
Turnover                           7,497       7,269      14,461
                                                                 
Operating Profit                     849         745       1,765
                                                                 
Interest receivable                  103         167         260
                                                                 
Profit on ordinary activities                                   
before
taxation                             952         912       2,025
                                                                 
Taxation                           (295)       (287)       (647)
                                                                 
                                                                 
Profit attributable to               657         625        1378
shareholders
                                                                 
Dividend payable                   (253)       (242)       (716)
                                                                 
                                                                 
Retained Profit                      404         383         662
                                                                 
                                                                 
Basic earnings per share           5.96p       5.67p      12.51p
Diluted earnings per share         5.94p       5.66p      12.48p
                                                                 
Ordinary dividend per share         2.3p        2.2p        6.5p


                                                                 
                         BALANCE SHEET
                          at 31.03.00


                               31.3.00     31.3.99    30.9.9
                                                           9
                              (Unaudited) (Unaudited) (Audited)
                                 £'000       £'000     £'000
                                                      
                 FIXED ASSETS                         
              Tangible assets    3,617       3,173     3,138
                                                      
               CURRENT ASSETS                         
                       Stocks    2,104       2,052     2,046
                      Debtors    3,551       3,628     3,146
     Cash at bank and in hand    3,326       4,055     3,816
                                                      
                                 8,981       9,735     9,008
                                                      
                    CREDITORS                         
   Amounts falling due within    2,822       3,815     2,774
                     one year
                                                      
                                                      
           NET CURRENT ASSETS    6,159       5,920     6,234
                                                      
                 TOTAL ASSETS                         
     LESS CURRENT LIABILITIES    9,776       9,093     9,372
                                                      
                                                      
         CAPITAL AND RESERVES                         
      Called up share capital    1,102       1,102     1,102
                Share premium      803         803       803
      Profit and loss account    7,871       7,188     7,467
                                                      
   Equity shareholders' funds    9,776       9,093     9,372



                      CASH FLOW STATEMENT
                 For Six Months Ended 31.03.00



                                    Six         Six     Year
                                 Months      Months       to
                                     to          to   30.9.9
                                31.3.00     31.3.99        9
                             (Unaudited) (Unaudited)(Audited)
                                  £'000       £'000    £'000
                                                            
         NET CASH INFLOW FROM       733         980    2,190
         OPERATING ACTIVITIES                               
                                                            
        RETURN ON INVESTMENTS                               
            Interest received       103         163      260
                                                            
                     TAXATION                               
           UK Corporation tax      (83)        (50)   (1,005)
                                                            
          CAPITAL EXPENDITURE                               
   Purchase of tangible fixed     (834)       (431)    (759)
                       assets
Sale of tangible fixed assets        21           7        7
                                                            
                                   (60)         669      693
                                                            
                                                            
        EQUITY DIVIDENDS PAID     (474)     (1,939)   (2,181)
                                                            
          CASH OUTFLOW BEFORE                               
      USE OF LIQUID RESOURCES     (534)     (1,270)   (1,488)
                                                            
         MANAGEMENT OF LIQUID                               
                    RESOURCES                               
Disposal of treasury deposits       463       1,250    1,487
                                                            
             DECREASE IN CASH      (71)        (20)      (1)


                                                                 
NOTES:                                                    
                                                                 
  1. Basic  earnings  per share has been calculated  by  dividing
    the  Profit  attributable to shareholders  by  the  weighted
    average  number  of  ordinary shares  in  issue  during  the
    period,  being  11,017,200 (Year ended  30  September  1999:
    11,017,200;  Six  months ended 31 March  1999:  11,017,200).
    Diluted  earnings per share has been calculated by  dividing
    the  Profit  attributable to shareholders  by  the  weighted
    average number of dilutive potential ordinary shares  during
    the  period, being 11,069,817 (Year ended 30 September 1999:
    11,041,040; Six months ended 31 March 1999: 11,040,189).
     
     
                                                          
  2. The  actual  results for the year ended 30th September  1999
    are  an  abridged  version  of the Company's  1999  accounts
    which have been filed with the Registrar of Companies.   The
    Report   of   the   Auditors  on  the  1999   accounts   was
    unqualified.  The results for the six months ended 31  March
    2000  have  been  prepared on a basis  consistent  with  the
    accounting  polices  set out in the statutory  accounts  for
    the year ended 30 September 1999.
     
                                                          
  3. The  interim dividend will be payable on 3 July 2000 to  the
    shareholders on the register on 9 June 2000.
    The ex dividend date is 5 June 2000.
                                                          
  4. This  statement is being sent to shareholders  and  will  be
    available from the Company's registered office
    at  International House, Peartree Road, Stanway, Colchester,
    Essex CO3 5JX.