Interim Results at 31/03/05

Titon Holdings PLC 12 May 2005 TITON HOLDINGS PLC Interim results for 6 months ended 31 March 2005 Chairman's Statement FINANCIAL RESULTS Profit before taxation for the six months was 1.6% lower than the same period last year at Â£559,000 (2004: Â£568,000) on turnover 6.1% lower at Â£7,917,000 (2004: Â£8,434,000). Basic earnings per share were 1.9% lower at 3.71p (2004: 3.78p) and the Directors have declared an unchanged interim dividend of 2.3p (2004: 2.3p). COMMENTARY The reduction in sales experienced over the period relates wholly to the UK where demand has declined across a range of customer and product types, symptomatic of a general slow down in the market. This reduction in activity has been widely acknowledged by our customers and by many of our competitors within the industry. Despite the slight decline, there are sectors of our operations that are showing solid progress, including some of our Export markets. A positive response has been received to our new domestic ventilation systems and powered ventilation units, following their launch last year. We are already beginning to gain some encouraging business from electrical contractors and from some well known house builders. We will be committing further sales and marketing resources to this part of our business during the second half. The efficiency improvements and the cost saving measures, introduced during the last financial year, have had a favourable impact during the period and have enabled us to virtually hold our profits despite the fall in sales revenue. Additional savings from these initiatives should accrue during the second half and further efficiency improvements are currently being implemented. PROSPECTS The difficult trading conditions within the UK window and door industry have been widely reported and are not anticipated to improve significantly over the next six months. We will continue our efforts to improve market share in this sector as well as developing our targeted niche markets. Whilst we fully expect sales of our ventilation systems to grow steadily, they are not expected to contribute significantly to our results in the second half of our trading year. However, the longer term signs are more encouraging. The long awaited outcome of the Building Regulation changes for both domestic and commercial ventilation is now scheduled for the coming summer and I will be able to update shareholders in my year-end statement. I anticipate that full year earnings will be broadly similar to last year. If, thereafter, market conditions improve we are well placed to achieve profit growth. J N Anderson Chairman 12 May 2005 TITON HOLDINGS PLC Interim Results for the 6 months ended 31 March 2005 Six Months Six Months Year to to 31.3.05 to 31.3.04 30.9.04 (Unaudited) (Unaudited) (Audited) Â£'000 Â£'000 Â£'000 Turnover 7,917 8,434 16,401 Operating profit 482 502 937 Interest receivable 77 66 131 Interest payable and similar charges - - (6) -------- --------- -------- Profit on ordinary activities 559 568 1062 before taxation Taxation on profit on ordinary (168) (170) (305) activities -------- --------- -------- Profit on ordinary activities after taxation attributable to the members of Titon Holdings 391 398 757 Dividends (242) (242) (749) -------- --------- -------- Retained profit 149 156 8 -------- --------- -------- Earnings per share - basic 3.71p 3.78p 7.19p - diluted 3.70p 3.74p 7.14p 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 10,528,800 (Year ended 30 September 2004: 10,523,878; Six months ended 31 March 2004: 10,518,956). 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 10,574,796 (Year ended 30 September 2004: 10,597,741; Six months ended 31 March 2004: 10,629,489). 2. The actual results for the year ended 30 September 2004 are an abridged version of the Company's 2004 accounts which have been filed with the Registrar of Companies. The Report of the Auditors on the 2004 financial statements was unqualified. The results for the six months ended 31 March 2005 have been prepared on a basis consistent with the accounting policies set out in the financial statements for the year ended 30 September 2004. 3. The interim dividend will be payable on 1 July 2005 to the shareholders on the register on 10 June 2005. The ex dividend date is 8 June 2005. 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 2005 31.3.05 31.3.04 30.9.04 (Unaudited) (Unaudited) (Audited) Â£'000 Â£'000 Â£'000 Fixed assets Tangible assets 4,142 4,210 4,291 Current assets Stocks 2,563 2,574 2,580 Debtors 3,468 3,701 3,201 Cash at bank and in hand 3,154 3,242 4,017 -------- -------- -------- 9,185 9,517 9,798 Creditors Amounts falling due within one year 2,552 2,980 3.463 -------- -------- -------- Net current assets 6,633 6,537 6,335 Total assets less current liabilities 10,775 10,747 10,626 Deferred taxation (95) (68) (95) -------- -------- -------- 10,680 10,679 10,531 -------- -------- -------- Capital and reserves Called up share capital 1,053 1,053 1,053 Share premium 841 841 841 Capital redemption reserve 56 56 56 Profit and loss account 8,730 8,729 8,581 -------- -------- -------- Equity shareholders' funds 10,680 10,679 10,531 -------- -------- -------- TITON HOLDINGS PLC Consolidated Cash Flow Statement for the 6 months ended 31 March 2005 Six Months Six Months Year to to 31.3.05 to 31.3.04 30.9.04 (Unaudited) (Unaudited) (Audited) Â£'000 Â£'000 Â£'000 Net cash inflow from operating activities 499 660 1,545 ------- -------- ------- Return on investments Interest received 77 66 131 Interest paid - - (6) ------- -------- ------- 77 66 125 ------- -------- ------- Taxation UK corporation tax (82) (232) (431) ------- -------- ------- Capital expenditure Purchase of tangible fixed assets (151) (507) (940) Sale of tangible fixed assets 5 30 66 ------- -------- ------- (146) (477) (874) ------- -------- ------- Equity dividends paid (505) (504) (745) ------- -------- ------- Cash outflow before use of liquid resources (157) (487) (380) Management of liquid resources Disposal of treasury deposits 600 800 500 Financing Issue of ordinary share capital - 25 25 ------- -------- ------- Increase in cash 443 338 145 ------- -------- ------- This information is provided by RNS The company news service from the London Stock Exchange

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