Trading Update

RNS Number : 6700H

Titon Holdings PLC

07 November 2008

 



Titon Holdings Plc (the "Company")

Trading Update

The Company wishes to update shareholders on trading for the year ended 30th September 2008.

Revenues for the 4th Quarter were 10.6% lower than for the corresponding period last year. This compares to the 6.4% reduction experienced in the 3rd Quarter. 

In response to the lower volumes, the Company has made further reductions in staffing levels at an additional cost of £61,000 to that reported at the end of the 3rd Quarter. The total exceptional cost of redundancies since the half year end is now £151,000 which will give rise to annual savings of approximately £600,000.

These redundancy costs, along with some £100,000 of start up costs associated with our Korean Joint Venture and an exceptionally high bad debt charge for the year of approximately £150,000 will lead to the Company reporting a small net loss for the full year ended 30 September 2008.

The Board has maintained a strict control over working capital during the year, which has resulted in an improvement in net cash balances, which stood at £2.5 million as at 30 September 2008. The net asset position of the Company also remains strong, at £10.4 million as at 30 September 2008. 

The preliminary results for the full year ended 30^th September 2008 will be released to shareholders on 11^th December 2008.

6 November 2008

 

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