26th Jan 2023 14:28
IN BRIEF: Titon Holdings PLC - Colchester, Essex-based ventilation systems and window & door hardware supplier - Swings to loss in the financial year that ended on September 30 as it cites shortage of raw materials, key components and labour. Annual pretax loss stands at GBP953,000, compared to a profit of GBP1.1 million a year ago. Revenue declines 5.7% to GBP22.1 million from GBP23.4 million. Notes weaker trading conditions in South Korea. Declares 2.5 pence per share full year dividend, down 56% from 4.5p a year prior.
Looking ahead, says first quarter sales in new financial year 2023 in UK and Europe surpass figures from a year earlier amid a "strong demand" for its products. Sales in South Korea in the first quarter were in line with internal expectations. Titon says that supply chain constrains have eased, while it remains confident to deliver on energy efficiency.
Chief Executive Alexandra French says: "The outlook for the global economy in 2023 is difficult to predict with cost pressures and energy shortages impacting on all the major markets in which we operate. Whilst the potential impact on economic activity in both the UK and Europe remains unclear, the 2022 building regulations and associated standards revisions provide a regulatory tailwind to drive long-term growth for both our natural and mechanical ventilation products."
Current stock price: 75.00 pence
12-month change: down 32%
By Tom Budszus, Alliance News reporter
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