31st Jan 2014 11:26
LONDON (Alliance News) - Titon Holdings PLC Friday said significantly higher first quarter revenues outside the UK resulted in a sizeable rise in pretax profit in the quarter.
Titon shares Friday soared by 24.0% to 80.00 pence each, their highest level since November 2007.
In a statement, Titon, which designs, manufactures & sells ventilation products as well as door and window fittings, said it made a GBP329,000 pretax profit in the three months ended December 31, compared with a GBP79,000 loss for the corresponding quarter in 2012.
For its last financial year, Titon made a GBP505,000 pretax profit.
Revenues jumped by 17%, driven by a 56% rise in international sales. UK sales were stable.
"Outside the UK, sales have risen strongly at our South Korean subsidiary where the housing market has continued to be strong and sales into the private housing sector have increased. The contribution from our associate company, Browntech Sales Ltd has also improved significantly in the period against last year. We expect the positive results from Korea to continue for the rest of the financial year," Titon said in a statement.
"In the UK we are seeing better trading conditions in the window fabrication market but conditions within our ventilation systems division are challenging and margins remain under pressure through greater levels of competition. Overall, we are still not anticipating a major change in our UK markets in 2014," the company added.
By Samuel Agini; [email protected]; @samuelagini
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