25th Mar 2019 13:14
LONDON (Alliance News) - Windows and doors manufacturer Titon Holdings PLC on Monday said it appointed Bernd Ratzke as non-executive director of the company with immediate effect.
Ratzke is a corporate lawyer with significant experience advising boards on transactional and corporate governance issues, the company explained.
He previously served as executive chair of Luke Hughes & Co Ltd, a designer and manufacturer of furniture, from December 2016 until September 2018.
Titon Holdings shares were trading down 12% at 125.75 pence each on Monday afternoon.
On Tuesday last week, the company said it found accounting errors after investigating the reduced trading performance of its Titon Korea unit.
Some of the costs associated with its products sold in earlier accounting periods, including in its year to September, were not "fully take into account" with gross profit on those products not recorded correctly.
Given this, the total equity attributable to equity holders of the company as at 30 September as it appears in the company's 2018 annual financial statement is incorrect and will be reduced by approximately GBP1.1 million to GBP15.1 million.
The correct result will be reflected in Titon's interim statement and its 2019 annual financial statement.
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