Interim Results 31 March 2002

Titon Holdings PLC
9 May 2002


Chairman's Statement


FINANCIAL RESULTS

Net Profit Before Taxation for the six months was 17.8% down on the previous
year at £702,000 (2001: £854,000), on Turnover 3.9% higher at £7,456,000 (2001:
£7,175,000). Operating Profit was 16.1% lower at £616,000 (2001: £734,000) and a
reduction in interest rates has led to the interest earned from money on deposit
being 28% lower at £86,000 (2001: £120,000). Basic earnings per share were 4.32p
(2001: 5.25p) and the Directors have declared an unchanged interim dividend of
2.3p (2001: 2.3p).



COMMENTARY

This has been a disappointing trading period with sales growth failing to meet
our expectations, both at home and abroad. Despite this, we have retained our
current overhead commitment in support of our longer-term plans.

The U.K. window market, having been reasonably buoyant during the first quarter,
has stalled during the last few months as new regulations have added uncertainty
to the domestic replacement window market, and Local Authority refurbishment has
dipped temporarily at the end of the spending year. The market shift towards
lower value products has contributed to our reduced profitability, as has
pressure on selling prices caused by greater competition.

The economic slowdown, both prior and post September 11 has adversely influenced
our operation in the United States. Although we have made some cost reductions
to compensate, the overall impact on our result for the half-year has been
negative.



PROSPECTS

It is expected that the uncertainty in the U.K. market, caused by Building
Regulation change, will soon disappear and that market demand will again
improve. We remain focused on developing new products and systems to meet the
evolving Regulations and Standards, and are encouraged by indications that the
use of background ventilation products will become more widespread.

There are some signs of a recovery in our U.S. operation and I hope to be able
to report an improvement by the end of the year.



J.N. Anderson
Chairman


9 May 2002


                                Interim Results
                    (for the six months ended 31 March 2002)


                                                              Six Months     Six Months      Year to 
                                                              to 31.3.02     to 31.3.01      30.9.01 
                                                             (Unaudited)    (Unaudited)    (Audited) 
                                                                   £'000          £'000        £'000 
                                                                                                     
                    Turnover                                       7,456          7,175       14,737 
                                                                                                     
                    Operating Profit                                 616            734        1,593 
                                                                                                     
                    Interest receivable                               86            120          225 
                    Interest payable and similar charges               -              -          (4) 
                                                                                                     
                    Profit on ordinary activities before                                             
                    taxation                                         702            854        1,814 
                                                                                                     
                    Taxation                                       (224)          (273)        (570) 
                                                                                                     
                                                                                                     
                    Profit attributable to shareholders              478            581        1,244 
                                                                                                     
                    Dividend payable                               (254)          (254)        (774) 
                                                                                                     
                                                                                                     
                    Retained Profit                                  224            327          470 
                                                                                                     
                    Basic earnings per share                       4.32p          5.25p       11.25p 
                    Diluted earnings per share                     4.32p          5.24p       11.23p 
                                                                                                     
                    Ordinary dividend per share                     2.3p           2.3p         7.0p 

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
    2001: 11,062,200; Six months ended 31 March 2001: 11,062,200).

    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 11,072,927 (Year ended 30
    September 2001: 11,074,916; Six months ended 31 March 2001: 11,078,034).



 2. The actual results for the year ended 30th September 2001 are an abridged
    version of the Company's 2001 accounts which have been filed with the
    Registrar of Companies.  The Report of the Auditors on the 2001 accounts was
    unqualified.

    The results for the six months ended 31 March 2002 have been prepared on a 
    basis consistent with the accounting polices set out in the statutory 
    accounts for the year ended 30 September 2001.



 3. The interim dividend will be payable on 1 July 2002 to the shareholders on
    the register on 7 June 2002.The ex dividend date is 5 June 2002.



 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.


                           Consolidated Balance Sheet

                             (as at 31 March 2002)


                                                                31.3.02        31.3.01      30.9.01 
                                                            (Unaudited)    (Unaudited)    (Audited) 
                                                                  £'000          £'000        £'000 
                                                                                                    
                    FIXED ASSETS                                                                    
                    Tangible assets                               3,497          3,635        3,550 
                                                                                                    
                    CURRENT ASSETS                                                                  
                    Stocks                                        2,402          2,240        2,235 
                    Debtors                                       3,143          3,061        3,186 
                    Cash at bank and in hand                      4,098          4,103        4,462 
                                                                                                    
                                                                  9,643          9,404        9,883 
                                                                                                    
                    CREDITORS                                                                       
                    Amounts falling due within one year           2,444          2,743        2,961 
                                                                                                    
                                                                                                    
                    NET CURRENT ASSETS                            7,199          6,661        6,922 
                                                                                                    
                    TOTAL ASSETS                                                                    
                    LESS CURRENT LIABILITIES                     10,696         10,296       10,472 
                    Deferred taxation                              (89)              -         (89) 
                                                                                                    
                                                                 10,607         10,296       10,383 
                                                                                                    
                    CAPITAL AND RESERVES                                                            
                    Called up share capital                       1,106          1,106        1,106 
                    Share premium                                   819            819          819 
                    Profit and loss account                       8,682          8,371        8,458 
                                                                                                    
                    Equity shareholders' funds                   10,607         10,296       10,383 
 
 

                        Consolidated Cash Flow Statement

                    (for the six months ended 31 March 2002)

                                                                Six Months     Six Months      Year to 
                                                                to 31.3.02     to 31.3.01      30.9.01 
                                                               (Unaudited)    (Unaudited)    (Audited) 
                                                                     £'000          £'000        £'000 
                                                                                                       
                  NET CASH INFLOW FROM                                 689          1,145        2,061 
                  OPERATING ACTIVITIES                                                                 
                                                                                                       
                  RETURN ON INVESTMENTS                                                                
                  Interest received                                     86            120          225 
                  Interest paid                                          -             -           (4) 
                                                                        86            120          221 
                                                                                                       
                  TAXATION                                                                             
                  UK Corporation tax                                 (251)          (219)        (527) 
                                                                                                       
                  CAPITAL EXPENDITURE                                                                  
                  Purchase of tangible fixed assets                  (275)          (332)        (588) 
                  Sale of tangible fixed assets                         26              -           37 
                                                                     (249)          (332)        (551) 
                                                                                                       
                                                                                                       
                                                                                                       
                  EQUITY DIVIDENDS PAID                              (520)          (498)        (752) 
                                                                                                       
                  CASH (OUTFLOW)/INFLOW BEFORE                                                         
                  USE OF LIQUID RESOURCES                            (245)            216          452 
                                                                                                       
                  MANAGEMENT OF LIQUID                                                                 
                  RESOURCES                                                                            
                  Disposal/(Purchase) of treasury deposits             300          (250)        (600) 
                                                                                                       
                                                                                                       
                  INCREASE/(DECREASE) IN CASH                           55           (34)        (148) 



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