Interim Results

Titon Holdings PLC
10 May 2001


                              TITON HOLDINGS PLC

                             CHAIRMAN'S STATEMENT


FINANCIAL RESULTS

Group sales for the six months were 4.3% lower at £7,175,000 (2000: £
7,497,000), resulting in a 10.3% reduction in profit before taxation to £
854,000 (2000: £952,000). Basic earnings per share were 5.25p (2000: 5.96p),
and the Directors have declared an interim dividend of 2.3p (2000: 2.3p).

Following the completion of the factory extension last year, capital
expenditure for this six months has been relatively low at £332,000 (2000: £
834,000). This reduced spend has contributed to the £216,000 improvement in
net cash over the period.



COMMENTARY

Market conditions within the UK building products sector remain extremely
competitive and this, combined with the severe winter weather, has stalled the
gradual improvement in sales and profits that we have experienced over the
past two years. Sales of our own in house products and those that we buy from
other manufacturers are both down, demonstrating the weakness of the market
generally.

Despite the overall setback in our growth plans, we are encouraged that
certain areas of operation have continued to show progress. In particular we
have continued to expand the successful 'Select' range of window handles, and
we are pleased to report that through the ongoing automation of the assembly
process of these products, we have enhanced our production capabilities to
meet future growth.

Sales of ventilation units remain strong but it has been evident that
individual customer demand, due to the prevailing conditions, has been weaker
across most of our customer base. Despite this, sales of our 'Select' range of
slot ventilators and our 'Maxiglaze' range of glazed-in ventilators have both
increased through greater market penetration.

Our sales and administrative teams, supported by improving manufacturing
facilities and a very capable work force, continue to provide an excellent
service with quality products for our customers.



PROSPECTS

It has been an uncertain period of trading that is showing only limited signs
of improvement. The forthcoming Council and General Elections have the ability
to create further uncertainty and discourage an immediate improvement in the
market. Under these circumstances we would anticipate the second half results
being broadly similar to the first half. Titon will continue to invest in all
areas of potential growth and seek to benefit from the introduction of new
product ranges and emerging markets both at home and abroad.

                                                                 John Anderson

                                                  Chairman and Chief Executive

                                                                   10 May 2001

Interim Results
                                        Six Months    Six Months        Year to
                                        to 31.3.01    to 31.3.00        30.9.00
                                       (Unaudited)   (Unaudited)      (Audited)
                                             £'000         £'000          £'000

Turnover                                     7,175         7,497         14,641
Operating Profit                               734           849          1,733
Interest receivable                            120           103            211
Interest payable and similar charges             -             -            (7)
Profit on ordinary activities before
taxation                                       854           952          1,937
Taxation                                     (273)         (295)          (609)
Profit attributable to shareholders            581           657          1,328
Dividend payable                             (254)         (253)          (751)
Retained Profit                                327           404            577
Basic earnings per share                     5.25p         5.96p         12.05p
Diluted earnings per share                   5.24p         5.94p         12.02p
Ordinary dividend per share                   2.3p          2.3p           6.8p


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 11,062,200 (Year ended 30
    September 2000: 11,022,073; Six months ended 31 March 2000: 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 11,078,034 (Year ended
    30 September 2000: 11,050,032; Six months ended 31 March 2000:
    11,069,817).

    2.     The actual results for the year ended 30th September 2000 are an
    abridged version of the Company's 2000 accounts which have been filed with
    the Registrar of Companies. The Report of the Auditors on the 2000
    accounts was unqualified.

    The results for the six months ended 31 March 2001 have been prepared on a
    basis consistent with the accounting polices set out in the statutory
    accounts for the year ended 30 September 2000.

    3.     The interim dividend will be payable on 2 July 2001 to the
    shareholders on the register on 8 June 2001.

    The ex dividend date is 6 June 2001.

    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.



Balance Sheet
                                           31.3.01         31.3.00      30.9.00
                                       (Unaudited)     (Unaudited)    (Audited)
                                             £'000           £'000        £'000
FIXED ASSETS
Tangible assets                              3,635           3,617        3,629
CURRENT ASSETS
Stocks                                       2,240           2,104        2,119
Debtors                                      3,061           3,551        2,913
Cash at bank and in hand                     4,103           3,326        3,907
                                             9,404           8,981        8,939
CREDITORS
Amounts falling due within one year          2,743           2,822        2,599
NET CURRENT ASSETS                           6,661           6,159        6,340
TOTAL ASSETS
LESS CURRENT LIABILITIES                    10,296           9,776        9,969
CAPITAL AND RESERVES
Called up share capital                      1,106           1,102        1,106
Share premium                                  819             803          819
Profit and loss account                      8,371           7,871        8,044
Equity shareholers' funds                   10,296           9,776        9,969


Cash Flow
                                          Six Months     Six Months     Year to
                                          to 31.3.01     to 31.3.00     30.9.00
                                         (Unaudited)    (Unaudited)   (Audited)
                                               £'000          £'000       £'000

NET CASH INFLOW FROM                           1,145            733       2,230
OPERATING ACTIVITIES
RETURN ON INVESTMENTS
Interest received                                120            103         211
Interest paid                                      -                        (7)
                                                 120            103         204
TAXATION
UK Corporation tax                             (219)           (83)       (412)
CAPITAL EXPENDITURE
Purchase of tangible fixed assets              (332)          (834)     (1,236)
Sale of tangible fixed assets                      -             21          79
                                               (332)          (813)     (1,157)
EQUITY DIVIDENDS PAID                          (498)          (474)       (727)
CASH INFLOW/(OUTFLOW) BEFORE
USE OF LIQUID RESOURCES                          216          (534)         138
MANAGEMENT OF LIQUID
RESOURCES
(Purchase)/Disposal of treasury deposits       (250)            463        (87)
FINANCING
Issue of ordinary share capital                    -              -          20
(DECREASE)/INCREASE IN CASH                     (34)           (71)          71