16th Dec 2024 20:17
Titon Holdings PLC - Colchester, England-based manufacturer and supplier of ventilation systems - Receives cash proceeds for the disposal of its 51% owned South Korean subsidiary company, Titon Korea Co Ltd, and its 49% owned South Korean associate company, Browntech Sales Co Ltd. As a result ceases to have an operating and reportable South Korean business segment. The net cash received is GBP710,178.
Further, expects to take one-off, non-cash inventory write-off of around GBP1.3 million in financial 2024. This follows a review of the current inventory balance. "Continues to believe that it will potentially be able to utilise and realise value from this inventory, particularly when trading activity recovers, but it considers it appropriate and prudent to write-off this slower moving inventory."
Current share price: 76.70 pence, down 4.1% on Monday
12-month change: down 9.8%
By Jeremy Cutler, Alliance News reporter
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