Re-start of Limited Production at Haverhill

RNS Number : 2557K

Titon Holdings PLC

21 April 2020

 

21 April 2020

Titon Holdings Plc

Re-start of Limited Production at Haverhill

Titon Holdings Plc ("Titon", the "Group" or the "Company"), a leading international manufacturer and supplier of ventilation systems, and window and door hardware, makes a further statement on the COVID-19 pandemic.

Operational update

Further to the statement issued on 24 March 2020, Titon is pleased to announce that limited scale production will re-start at the Group's factory in Haverhill, Suffolk from today. This follows careful and detailed planning with the Group putting in place measures in the factory in accordance with the UK Government's guidelines on social distancing in the workplace to safeguard the health and safety of our employees.

Initially, production will predominantly be to satisfy existing orders from certain customers, who have maintained operations during the various lockdown regimes imposed across the world. Since the factory's temporary closure in March we have retained an ongoing dialogue with all of our customers and responded to their queries. At this time, we anticipate that the orders fulfilled will only represent a small proportion of our normal level of sales, but as and when restrictions are gradually withdrawn across the world and demand returns, Titon hopes to increase levels of production back to normalised levels.

At this stage, there have been no material changes to the Group's cash position or balance sheet since the Company's statement on 24 March 2020. The next scheduled reporting event is the Company's Interim Report for the six month period ended 31 March 2020, which is due to be published on 14 May 2020.

Keith Ritchie, Executive Chairman, commented:

"We are pleased to announce that we are re-starting our production operations from today and we look forward to meeting our customers' demands in the usual way. We will follow the Government's guidelines for safe working for our employees and remain focussed on preserving the Group's cash position and strong balance sheet whilst this period of uncertainty continues."

For further information please contact:

Titon Holdings Plc Keith Ritchie	Tel: [phone]
Shore Capital (Nominated Adviser and Broker) Edward Mansfield Daniel Bush	Tel: [phone]

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