Interim Results

Titon Holdings PLC
06 May 2004

TITON HOLDINGS PLC
Interim Results for the six months ended 31 March 2004



CHAIRMAN'S STATEMENT

FINANCIAL RESULTS

Profit before taxation for the six months was 19.1% lower than the same period
last year at £568,000 (2003: £702,000) on turnover 5.4% higher at £8,434,000
(2003: £8,004,000). Basic earnings per share were 16.7% down at 3.78p (2003:
4.54p) and the Directors have declared an unchanged interim dividend of 2.3p
(2003: 2.3p).

COMMENTARY

Although Group sales have increased during this period, our disappointing profit
can be mainly attributed to two factors. The first being that our sales growth
has been in lower margin Bought-In product lines, with sales of Titon
manufactured items dropping slightly. The second factor is that the reduction in
margins brought about by increasing competition has continued. We are in the
process of addressing these issues.

Whilst considerable expenditure has been directed towards meeting changes in 
Building Regulations, we are unable to complete new product development to meet 
future ventilation requirements until guidance regarding product performance is
issued by the Authorities. Although the ability to produce innovative new 
products is currently constrained, we continue to invest in our 'in-house' 
development programme.

PROSPECTS

Whilst uncertainty remains in the Regulatory sector in the coming months, we aim
to make progress by introducing exciting new products for niche markets. We are
pleased to announce that we have recently launched three unique powered
ventilation product ranges. 'Sonair' is a wall mounted acoustic powered unit
which ventilates, re-circulates and cleans the air whilst having excellent noise
reducing properties and a low operating sound level. Another innovative
introduction is the 'Vent-trex' combined extract/trickle ventilator, ideal for 
both new-build and refurbishment. We are also pleased to introduce to the market
the 'PAX 200' range of extract fans offering quality airflow with minimum energy
usage.  These new product lines will enhance our current range of ventilation 
products, and will complement and operate in conjunction with the passive
ventilation systems which Titon continue to develop for future markets.

We are confident that, when the proposed Building Regulations are introduced,
Titon will be in a much improved position to capitalise on the new
opportunities. Meanwhile, we anticipate that results for the second half year
will be broadly similar to the first half.

J N Anderson
Chairman
6 May 2004




TITON HOLDINGS PLC
INTERIM RESULTS
For the six months ended 31 March 2004

                                       Six Months     Six Months      Year to
                                       to 31.3.04     to 31.3.03      30.9.03
                                      (Unaudited)    (Unaudited)    (Audited)
                                            £'000          £'000        £'000

Turnover                                    8,434          8,004       16,310
Operating profit                              502            617        1,369

Interest receivable                            66             85          153
Interest payable and similar charges            -              -           (3)
                                           --------      ---------     --------

Profit on ordinary activities before          
 taxation                                     568            702        1,519

Taxation                                     (170)          (211)        (433)
                                           --------      ---------     --------

Profit attributable to shareholders           398            491        1,086

Dividend payable                             (242)          (242)        (718)
                                           --------      ---------     --------

Retained profit                               156            249          368
                                           --------      ---------     --------

Earnings per share - basic                   3.78p          4.54p       10.19p
- diluted                                    3.74p          4.53p       10.16p

Ordinary dividend per share                   2.3p           2.3p         7.1p


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 10,518,956 (Year ended 30 September 2003:
10,657,159; Six months ended 31 March 2003: 10,812,969).

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 10,629,489 (Year ended 30
September 2003: 10,693,452; Six months ended 31 March 2003: 10,835,581).

2.     The actual results for the year ended 30 September 2003 are an abridged
version of the Company's 2003 accounts which have been filed with the Registrar
of Companies. The Report of the Auditors on the 2003 accounts was unqualified.

The results for the six months ended 31 March 2004 have been prepared on a basis
consistent with the accounting policies set out in the statutory accounts for
the year ended 30 September 2003.

3.     The interim dividend will be payable on 1 July 2004 to the shareholders
on the register on 4 June 2004. The ex dividend date is 2 June 2004.

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 0JL.




TITON HOLDINGS PLC
CONSOLIDATED BALANCE SHEET
at 31 March 2004
                                            31.3.04        31.3.03     30.9.03
                                        (Unaudited)    (Unaudited)   (Audited)
                                              £'000          £'000       £'000
Fixed assets
Tangible assets                               4,210          4,058       4,025
Current assets
Stocks                                        2,574          2,507       2,442
Debtors                                       3,701          3,352       3,248
Cash at bank and in hand                      3,242          3,917       3,897
                                             --------       --------    --------

                                              9,517          9,776       9,587
Creditors
Amounts falling due within one year           2,980          3,332       3,046
                                             --------       --------    --------

Net current assets                            6,537          6,444       6,541
Total assets less current liabilities        10,747         10,502      10,566
Deferred taxation                               (68)           (98)        (68)
                                             --------       --------    --------

                                             10,679         10,404      10,498
                                             --------       --------    --------
Capital and reserves
Called up share capital                       1,053          1,050       1,050
Share premium                                   841            819         819
Capital redemption reserve                       56             56          56
Profit and loss account                       8,729          8,479       8,573
                                             --------       --------    --------

Equity shareholders' funds                   10,679         10,404      10,498
                                             --------       --------    --------




TITON HOLDINGS PLC
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31 March 2004

                                    Six Months       Six Months        Year to
                                    to 31.3.04       to 31.3.03        30.9.03
                                    (Unaudited)      (Unaudited)      (Audited)
                                         £'000            £'000          £'000
Net cash inflow from operating
activities                                 660              574          1,667
                                         -------         --------        -------

Return on investments
Interest received                           66               85            153
Interest paid                                -                -             (3)
                                         -------         --------        -------
                                            66               85            150
                                         -------         --------        -------
Taxation
UK corporation tax                        (232)            (208)          (449)
                                         -------         --------        -------

Capital expenditure
Purchase of tangible fixed assets         (507)          (1,023)        (1,309)
Sale of tangible fixed assets               30               25             43
                                         -------         --------        -------
                                          (477)            (998)         (1266)
                                         -------         --------        -------
Equity dividends paid                     (504)            (504)          (746)
                                         -------         --------        -------

Cash outflow before use of liquid
resources                                 (487)          (1,051)          (644)
Management of liquid resources
Disposal of treasury deposits              800            1,700          1,100
Financing
Issue of ordinary share capital             25                -              -
Purchase of ordinary share capital           -             (560)          (560)
                                         -------         --------        -------
Increase/(decrease) in cash                338               89           (104)
                                         -------         --------        -------







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