10th Dec 2015 09:59
LONDON (Alliance News) - Titon Holdings PLC Thursday said it is optimistic it will continue to grow its business in 2016, as it reported a rise in pretax profit for its most recently ended financial year.
Titon designs, manufactures and markets ventilation products, door and window fittings.
For the year to end-September the company reported a pretax profit of GBP1.9 million, up from GBP1.3 million a year before, as revenue rose to GBP22.3 million from GBP19.3 million. Titon attributed its strong performance to a "very good result" from its subsidiary in Korea, increased sales in the US and better conditions in the UK.
Sales of its UK door and window hardware products saw a small year-on-year increase, however it said that the general level of repairs, maintenance and improvements in domestic housing tends to depend on the number of housing transactions taking place, and this has been subdued during the year.
The company has developed a number of new products, including a high security locking cylinder for doors, and it expects to launch several new products early in 2016.
Titon proposed a final dividend of 1.75 pence, taking its total dividend for the year to 3.0 pence, up from 2.5 pence a year before.
Shares in Titon were up 11% at 92.90 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Titon