15th May 2024 14:27
(Alliance News) - Titon Holdings PLC on Wednesday revealed a slump in performance, although management remains confident entering the second half of the year.
The Colchester, England-based company is a manufacturer and supplier of ventilation systems as well as window and door hardware.
In the first half ended March 31, pretax loss widened to GBP713,000 from GBP449,000 the year prior.
Revenue fell 25% to GBP9.1 million from GBP12.1 million.
The company paid no dividend for the period, down from 0.5 pence per share last year.
Titon finished the half with no financial indebtedness, apart from lease liabilities, and maintains a net cash position of GBP2.2 million.
Chief Executive Tom Carpenter said: "[Trading] has been impacted by the contraction in the new build residential market. Nevertheless, during this period we have seen an increase in project wins within our higher margin ventilation systems business and growth in our order book.
The company believes the sales pipeline and order book will translate to improved performance in the second half and deliver a return to profitability within its core UK business.
Furthermore, launches are planned for new mechanical and hardware products currently being development, targeting specific applications and market opportunities."
Titon shares were down 7.1% to 79.00 pence each in London on Wednesday afternoon.
By Elijah Dale, Alliance News reporter
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