REG - Titon Holdings PLC - Interim results
30/04/2026 07:02
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RNS Number : 4483C Titon Holdings PLC 30 April 2026
30 April
2026
LEI: 213800ZHXS8G27RM1D97
Titon Holdings Plc
Unaudited Interim Results for the six months to 31 March 2026
Titon Holdings Plc ("Titon", or the "Group"), a leading international
manufacturer and supplier of ventilation systems and window and door hardware,
today announces its unaudited interim results for the six months ended 31
March 2026 ("H1 2026").
Summary Financial Results
£'000 H1 2026 H1 2025 Half-on-half change FY 2025
Revenue 8,075 7,647 5.6% 15,806
Gross profit margin 29.3% 30.1% (0.8)ppts 32.9%
Underlying EBITDA(1) (26) 257 n/a 812
Underlying loss before exceptionals and tax (407) (162) 151.5% (39)
Exceptional items (40) - n/a 145
Reported operating loss before income tax (447) (162) 176.0% 105
Net cash and cash equivalents 3,083 2,851 8.1% 3,516
Highlights
· Group sales in H1 2026 were slightly ahead of the Board's
expectations despite a challenging market backdrop.
o Mechanical Ventilation Systems sales rose by 19.8% against H1 2025,
supported by strategic initiatives benefiting the UK business.
o Window and Door Hardware sales declined by 9.8% against H1 2025,
principally reflecting weaker sales in the UK and Europe, partly offset by
increased sales to the US.
· Gross profit margin reduced to 29.3% (H1 2025: 30.1%), reflecting
product mix within Mechanical Ventilation Systems, in part due to delays to
certain higher margin project phases and the introduction of new higher value
products which initially carry lower margins as they are introduced and
scaled.
· The impact of lower gross margin, together with prior investment
in strengthening the sales structure, resulted in an underlying EBITDA loss of
£0.03m (H1 2025: underlying EBITDA profit of £0.3m) and an operating loss
before tax of £0.4m (H1 2025: £0.2m).
· Further progress on key strategic priorities: customer
engagement, service levels, product development and consultative sales
capabilities continued to improve.
· Strong balance sheet maintained with cash at the end of the
period of £3.1m (30 September 2025: £3.5m; 31 March 2025: £2.9m) and no
financial indebtedness at 31 March 2026, other than lease liabilities.
Current Trading and Outlook
· Whilst core United Kingdom residential construction and
fenestration markets remain subdued, with lower project starts and uncertainty
impacting new-build activity, trading conditions have improved somewhat in
recent months.
· The second half of the year is expected to be stronger than H1
2026, as building safety bottlenecks ease and we continue to deliver against
our strategic initiatives.
· Accordingly, the Board continues to expect the Group to achieve
full year revenue and profits in line with its expectations.
· The Group remains focused on the execution of the turnaround
strategy, which is helping to strengthen the business and support longer term
performance. Recent events in the Middle East have increased market
uncertainty and input cost volatility, with the Board monitoring impacts
closely and managing the business prudently.
· Encouraging momentum continues in our Mechanical Ventilation
Systems business, supported by regulations for ventilation products, as we
continue to win large projects and the order book grows. In Window and Door
Hardware, our focus remains on improving sales execution, customer experience
and product competitiveness as we work to restore growth.
· The Group maintains a strong financial position with healthy cash
reserves, no long-term debt, and property-backed assets to support ongoing
investment.
Commenting on the Interim Results, Chief Executive, Tom Carpenter said:
"During the first half, we delivered revenue growth ahead of the prior year,
supported by the contribution from large Mechanical Ventilation Systems
project wins. This more than offset softer underlying demand in the
residential new build market and reflected the progress made in strengthening
customer engagement, improving service levels and developing our project-led
sales approach.
Profitability was affected by product mix, lower gross margins and continued
softness in Window and Door Hardware, but the strategic direction of the
business remains clear. We are continuing to execute the turnaround plan with
discipline, focusing on the areas within our control, including sales
effectiveness, customer service, productivity and cost management. While there
remains more to do, we believe the Group is now better positioned to benefit
as market conditions improve.
Although market conditions remain challenging and recent events in the Middle
East have increased uncertainty, we continue to win significant Mechanical
Ventilation projects and expect second half performance to be stronger than
the first half, which supports the Board's expectation that full year revenue
and profit will be in line with its expectations."
For further information please contact
Titon Holdings
Plc
+44 (0) 1206 713800
Tom Carpenter (Chief
Executive)
Carolyn Isom (Chief Financial
Officer)
Shore Capital - Nominated Adviser and Broker
+44 (0)20 7408 4090
Daniel
Bush
Tom Knibbs
The person responsible for arranging for the release of this announcement on
behalf of Titon is Carolyn Isom, Chief Financial Officer.
(1)Underlying EBITDA is an alternative performance measure and is calculated
as operating loss before net finance costs, tax, depreciation, amortisation
and exceptional costs.
Titon Holdings PLC
Interim results for the six months to 31 March 2026
Group performance overview
Group sales increased by 5.6% in H1 2026, to £8.1m (2025: £7.6m), ahead of
the Board's expectations, despite a challenging market backdrop. Our
Mechanical Ventilation Systems business delivered strong year on year sales
growth of 19.8%, as strategic initiatives benefitted the UK business, more
than offsetting a 9.8% decline in Window and Door Hardware sales. Order intake
increased both year on year and over the course of the period.
Gross margins reduced to 29.3% (H1 2025: 30.1%), principally reflecting the
previously reported product sales mix within Mechanical Ventilation Systems in
the half. Previous investment in strengthening the internal sales structure
also fed into H1 2026 operating expenses. The underlying net loss for the
period was £0.43m (H1 2025 loss: £0.18m) and negative underlying EBITDA of
£0.03m in H1 2026 (H1 2025: EBITDA of £0.26m).
The Group's balance sheet remains robust, supported by strong cash reserves
and disciplined working capital management. As a result, we remain able to
continue investing in growth initiatives while maintaining financial
resilience.
Operational review
Mechanical Ventilation Systems
Our Mechanical Ventilation Systems business unit delivered strong growth in
the first half, with revenue increasing by 19.8%, to £4.8m, compared with the
same period last year, driven by a 25.8% increase in UK sales reflecting the
benefits of our consultative selling programme, improved customer service and
new product introductions. Sales in Europe declined by 11.2%, reflecting our
strategic decision to prioritise the development of more profitable markets.
Gross margin declined from 34.0% in H1 2025 to 30.1% in H1 2026. The decline
in gross margin was driven in part by delays to projects affected by planning
approvals, which reduced demand for certain higher margin early phase products
during the period.
In addition, increased sales of newer, higher value products have contributed
to lower margins as they are introduced and scaled. We expect this effect to
reduce over time as product mix normalises, project starts recover and cost
reduction initiatives are implemented.
Despite ongoing market challenges, our Mechanical Ventilation Systems business
made encouraging progress during the first half. Given the project-based
nature of the business, we were particularly pleased to see continued growth
in the order book during the period.
Window and Door Hardware
Revenue in our Window and Door Hardware business unit decreased by 9.8% to
£3.3m compared with the same period last year (2025: £3.7m). Sales declined
by 14.4% in the UK and by 15.1% in Europe, while sales to the US increased by
77.0% compared with H1 2025, albeit from a low base. Despite lower sales
volumes, gross margin improved from 26.0% in H1 2025 to 28.1% in H1 2026,
reflecting the work carried out on product mix and cost reduction initiatives.
The Window and Door Hardware market remains challenging, with many customers
continuing to experience depressed volumes. In the UK, performance was also
affected by reduced sales coverage, inconsistent sales execution and customer
service issues arising from an earlier period, all of which are being
addressed through the actions we are taking as part of our strategy. During
the period, we are encouraged by the progress being made in improving customer
engagement and commercial execution. Alongside this, we remain focused on
improving internal processes and the overall customer experience.
The next phase of the recovery plan is product renewal. During the period, we
introduced a number of enhancements to our legacy trickle vent range,
including an expanded colour range, improved colour matching for our aluminium
range and new acoustic vents. However, we believe there remains a significant
opportunity to refresh our core trickle vent range, where the product offering
has remained largely unchanged for many years. This programme is now close to
completion, and we expect to make further product announcements in due course.
Sales of our Titon branded non-trickle vent products experienced growth over
the period.
Strategy
Our strategy remains focused on improving Titon's competitiveness,
strengthening commercial capability and building a more resilient operating
model. Across the Group, we continue to prioritise margin improvement,
productivity, customer service and product development, supported by
disciplined investment in people, systems and commercial resources. In
Mechanical Ventilation Systems, we are driving growth through consultative
selling, technical support, strong customer engagement and competitive product
development. In Window and Door Hardware, our priority is to restore
competitiveness and growth through improved sales execution, enhanced customer
experience, product renewal and the expansion of Titon branded hardware sales.
The Group's medium-term objective remains to deliver sustainable organic
revenue growth of 10% and net margins of 15%. The actions underway are
intended to create the stronger commercial, operational and product
foundations required to support these ambitions. While further work remains,
particularly in Window and Door Hardware, we are encouraged by the progress
made to date and believe the Group is moving in the right direction.
Our people remain central to the delivery of the Group's strategy. Since H1
2025, we have strengthened our sales force and continued to develop the
company culture to improve accountability and customer responsiveness across
the Group. During H1 2026, we made further organisational changes to simplify
the structure, reduce costs and to create a leaner and more effective customer
service process. The Board would like to thank all Titon employees for their
commitment and support during a period of significant change.
Income statement
Revenue for the six months ended 31 March 2026 increased by 5.6% to £8.1m (H1
2025: £7.6m), reflecting growth in Mechanical Ventilation Systems, partly
offset by lower Window and Door Hardware revenues.
Gross profit increased to £2.4m (H1 2025: £2.3m), with gross margin reducing
to 29.3% (H1 2025: 30.1%), reflecting sales mix and project timing impacts
during the period.
Operating expenses increased in the period, principally reflecting continued
investment in the Group's sales capability and organisational development
initiatives. As a result, the Group reported an underlying EBITDA loss of
£0.03m (H1 2025: EBITDA profit of £0.26m) and an operating loss of £0.43m
(H1 2025: operating loss of £0.18m).
The underlying loss after tax for the period was £0.41m (H1 2025: loss of
£0.16m), with loss per share from continuing operations of 4.05 pence (H1
2025: 1.44 pence).
Balance sheet and cash flow
Net assets, including non-controlling interests, were £10.7m (30 September
2025: £11.1m) with net cash of £3.1m (30 September 2025: £3.5m) which is
equivalent to 28.9% of net assets (30 September 2025: 31.7%). The Group had no
financial indebtedness at 31 March 2026, other than lease liabilities. The
Group owns its factory property in Haverhill which is carried in the balance
sheet at £1.6m and was independently valued in 2025 at £6.7m; if the
property was included in the balance sheet at this value the net assets would
be £15.8m.
The half year saw net cash used in operating activities of £0.3m (H1 2025:
cash generated £0.06m). Cash used in investing activities was £0.03m (H1
2025: generated £0.6m due to proceeds from the sale of our South Korean
operation).
Investors
Open communication with our investors is a cornerstone of our approach. We
continue to ensure regular engagement and provide updates on our progress. We
remain committed to transparency and welcome dialogue with our shareholders as
we continue to execute our strategy.
Principal risk and uncertainties
The key financial and non-financial risks faced by the Group are disclosed in
the Group's Annual Report and Accounts for the year ended 30 September 2025
within the Strategic Report (pages 32 to 35) available at www.titon.com
(https://protect.checkpoint.com/v2/r02/___http:/www.titon.com___.YXAxZTpzaG9yZWNhcDpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDpmNWRlZDNkN2Y4ZTkyMDEyMWE1N2M0MTYxMzE5MzQxMDo3OjUzYmE6NWRiYmU2OTIxNzM4MDZmMDFhNDQ4ZTE5NThhMGQwMTc3YzI1MTNkMmVhMjEzZDE5NTM3ZDVjOGNhM2E2MGE4NTpwOkY6Tg)
. Assessing exposure to financial and other risks continues to be challenging
amid uncertainty over inflationary pressures in the UK economy and broader
global macroeconomic factors. The Board has considered the potential impact of
these matters on the Group's specific circumstances, including current and
potential cash resources together with the diverse range of customers and
suppliers, across different geographic areas and markets. Consequently, the
Directors continue to believe that the Group is well placed to manage business
risks successfully.
The Directors have reviewed the budgets, projected cash flows, principal risks
and other relevant information for a period of 12 months from the period end
date. Based on this review the Directors have a reasonable expectation that
the Group and Company have adequate resources to continue in operational
existence for a period of at least twelve months and beyond. For this reason,
the Directors believe it is appropriate to continue to adopt the going concern
basis in preparing the financial statements.
Current trading and outlook
Trading conditions have improved somewhat following a difficult winter period.
We continue to see encouraging momentum in our Mechanical Ventilation Systems
business, supported by consultative selling, strong customer engagement and
continued demand supported by regulations for ventilation products. In Window
and Door Hardware, our focus remains on improving sales execution, customer
experience and product competitiveness as we work to restore growth.
We currently expect the performance in the second half to be stronger than in
the first half, supported by an easing of building safety bottlenecks and
continued delivery of our strategic initiatives. Accordingly, the Board
continues to expect the Group to achieve full year revenue and profits in line
with its expectations.
The current backdrop has become more uncertain following recent events in the
Middle East, which have increased volatility in energy, freight and wider
input costs. We continue to win large Mechanical Ventilation projects, but we
are seeing some commencements delayed or deferred as a result of wider market
uncertainty. While it is too early to assess the full impact on the Group, we
are monitoring developments closely and remain focused on managing the
business prudently.
Ongoing work executing our strategy is helping to strengthen the business and
support longer term performance. While there remains more to do, particularly
in Window and Door Hardware, we believe the Group is moving in the right
direction and is better positioned to benefit as market conditions improve.
On behalf of the Board
Tom Carpenter
Chief Executive
29 April 2026
Notes
(Non IFRS GAAP measures)
(1) EBITDA is measured as operating profit before net finance costs, tax,
depreciation and amortisation. Underlying EBITDA excludes exceptional items
set out in Note 8.
Titon Holdings Plc
Consolidated Interim Income Statement
for the six months ended 31 March 2026
31.3.26 31.3.25 to 30.9.25
unaudited unaudited audited
£'000 £'000 £'000
Revenue 8,075 7,647 15,806
Cost of sales (5,708) (5,343) (10,602)
Gross profit 2,367 2,304 5,204
Distribution costs (288) (238) (1,101)
Administrative expenses (2,312) (2,040) (3,817)
Research and development expenses (207) (212) (390)
Other income 4 5 13
Underlying operating loss (436) (181) (91)
Finance income 37 27 66
Finance expense (8) (8) (15)
Underlying loss before income tax excluding exceptionals (407) (162) (40)
Exceptional Items (40) - 145
Operating (loss) / profit before income tax (447) (162) 105
Income tax (charge) / credit (8) - 11
Loss for the year from continuing operations excluding exceptionals items (415) (162) (29)
(Loss) / profit for the year from continuing operations (455) (162) 116
including exceptional items
Profit for the year from discontinued operations - 31 171
(Loss) / profit for the period (455) (131) 287
Attributable to:
Equity holders of the parent (455) (138) 280
Non-controlling interest - 7 7
(Loss) / profit for the period (455) (131) 287
(Loss) / profit per share for continuing operations attributed to equity
holders of the parent:
Basic (4.05p) (1.44p) 1.03p
Diluted (4.05p) (1.44p) 1.03p
(Loss) / profit per share attributed to equity holders of the parent:
Basic (4.05p) (1.23p) 2.49p
Diluted (4.05p) (1.23p) 2.47p
Consolidated Interim Statement of Comprehensive Income
for the six months ended 31 March 2026
31.3.26 31.3.25 to 30.9.25
unaudited unaudited audited
£'000 £'000 £'000
(Loss) / profit for the period (455) (131) 287
Other comprehensive income - items which may be reclassified to profit or loss
in subsequent periods:
Exchange difference on re-translation of net assets of overseas operations 8 (4) (10)
Reclassification to profit or loss on disposal of overseas operation - - (131)
Total comprehensive (loss) / profit for the period (447) (135) 146
Attributable to:
Equity holders of the parent (447) (135) 139
Non-controlling interest - - 7
(447) (135) 146
Titon Holdings Plc
Consolidated Interim Statement of Financial Position
at 31 March 2026
31.3.26 31.3.25 to 30.9.25
unaudited unaudited audited
£'000 £'000 £'000
Assets
Property, plant and equipment 2,277 2,587 2,508
Right-of-use assets 505 331 320
Intangible assets 605 762 703
Deferred tax assets 736 741 736
Total non-current assets 4,123 4,421 4,267
Inventories 2,739 3,362 3,017
Trade and other receivables 3,916 3,319 3,380
Cash and cash equivalents 3,083 2,851 3,516
Total current assets 9,738 9,532 9,913
Total assets 13,861 13,953 14,180
Liabilities
Lease liabilities 259 228 148
Total non-current liabilities 259 228 148
Trade and other payables 2,700 2,764 2,661
Lease liabilities 246 150 277
Total current liabilities 2,946 2,914 2,938
Total liabilities 3,205 3,142 3,086
Equity
Share capital 1,125 1,125 1,125
Share premium reserve 1,106 1,106 1,106
Capital redemption reserve 56 56 56
Foreign exchange reserve (25) (27) (33)
Retained earnings 8,394 8,551 8,840
Total equity attributable to the equity holders of the parent 10,656 10,811 11,094
Total equity 10,656 10,811 11,094
Total liabilities and equity 13,861 13,953 14,180
Titon Holdings Plc
Consolidated Interim Statement of Changes in Equity
at 31 March 2026
Share Share Capital Foreign exchange reserve Retained Total Non- Total
capital premium redemption reserve earnings controlling Equity
reserve interest
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 September 2024 1,125 1,106 56 108 8,540 10,935 (27) 10,908
Translation differences on overseas operations - - - (4) - (4) - (4)
Realised translation gains - - - (131) 131 - - -
Loss for the period - - - - (131) (131) - (131)
Total comprehensive - - - (135) - (135) - (135)
loss for the period
Exercise of share options - - - - 11 11 - 11
Disposal of non-controlling interest - - - - - - 27 27
At 31 March 2025 1,125 1,106 56 (27) 8,551 10,811 - 10,811
Translation differences on overseas operations - - - (6) - (6) - (6)
Profit for the period - - - - 280 280 - 280
Total comprehensive income for the period - - - - 280 274 - 274
Share-based payment expense - - - - 10 10 - 10
Other - - - - (1) (1) - (1)
At 30 September 2025 1,125 1,106 56 (33) 8,840 11,094 - 11,094
Translation differences on overseas operations 8 - 8 - 8
Loss for the period - - - - (455) (455) - (455)
Total comprehensive - - - 8 (455) (447) - (447)
loss for the period
Share-based payment expense - - - - 8 8 - 8
Other - - - - 1 1 - 1
At 31 March 2026 1,125 1,106 56 (25) 8,394 10,656 - 10,656
Titon Holdings Plc
Consolidated Interim Statement of Cash Flow
for the six months ended 31 March 2026
31.3.26 to 31.3.25 to 30.09.25
unaudited unaudited audited
Note £'000 £'000 £'000
Cash generated from operating activities
(Loss) / profit before tax from continuing operations (447) (162) 105
Profit before income tax from discontinued operations - 31 171
Depreciation of property, plant and equipment 216 237 436
Depreciation of right-of-use assets 96 78 223
Amortisation of intangible assets 99 122 244
Profit on sale of plant and equipment - - (1)
Profit from disposal of investment - (46) (186)
Share based payment - equity settled 8 11 21
Finance income (37) (27) (66)
Finance costs 8 8 15
Share of associate's post-tax loss - 15 15
(57) 267 977
Decrease in inventories 277 136 479
Increase in receivables (553) (508) (389)
Increase / (decrease) in payables and other current liabilities 39 45 (99)
Cash (used in) / generated by operations (294) (60) 968
Income taxes received 16 121 105
Net cash (used in) / generated by operating activities (278) 61 1,073
Cash flows from investing activities
Purchase of plant and equipment (69) (66) (203)
Purchase of intangible assets (1) (60) (177)
Proceeds from sale of plant and equipment - - (22)
Proceeds from sale of South Korean operations - 710 710
Finance income 37 27 66
Net cash (used in) / generated by investing activities (33) 611 374
Cash flows from financing activities
Dividends paid to equity shareholders of the parent 4 - - -
Payment of lease liability (115) (100) (194)
Finance costs (8) (8) (15)
Net cash used in financing activities (123) (108) (209)
Net decrease in cash (434) 564 1,238
Effect of exchange rate changes 1 6 (3)
Cash at beginning of the period 3,516 2,281 2,281
Cash and cash equivalents at end of the period 3,083 2,851 3,516
Notes to the Condensed Consolidated Interim Statements
at 31 March 2026
1 Accounting policies
a) General information
Titon Holdings Plc (the 'Company') is incorporated and domiciled in England
and its shares are publicly traded on AIM. The registered office address is
894 The Crescent, Colchester Business Park, Colchester, Essex, CO4 9YQ. The
company's registered number is 1604952. The principal activities of the Group
are as described in Note 2.
The Board considers the principal risks and uncertainties relating to the
Group for the next six months to be the same as detailed in the last Annual
Report and Financial Statements to 30 September 2025. The Group's financial
risk management objectives and policies are consistent with those disclosed in
the consolidated financial statements as at and for the year ended 30
September 2025.
b) Basis of preparation
These condensed consolidated interim financial statements of the Group for the
six months ended 31 March 2026 comprise the Company and its subsidiaries
(together referred to as the 'Group').
The condensed consolidated interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted for use in the
UK and the requirements of the AIM Rules for Companies. Neither the six months
results for 2026 nor the six months results for 2025 have been audited nor
reviewed pursuant to guidance issued by the Auditing Practices Board. These
condensed Interim Group Financial Statements do not comprise statutory
accounts within the meaning of Section 435 of the Companies Act 2006. The
comparative figures for the year ended 30 September 2025 do not constitute
statutory accounts within the meaning of Section 435 of the Companies Act
2006, but they have been derived from the audited Report and Accounts for that
year, which have been filed with the Registrar of Companies. The independent
auditor's report on those accounts was unqualified, did not draw attention to
any matters by way of emphasis and did not contain a statement under Section
498(2) or (3) of the Companies Act 2006.
This report should be read in conjunction with the Group's Annual Report and
Accounts for the year ended 30 September 2025, which have been prepared in
accordance with International Financial Reporting Standards and
Interpretations (collectively IFRSs) as adopted in the UK.
These unaudited interim Group Financial Statements were approved for issue on
29 April 2026.
c) Accounting policies
These condensed consolidated interim financial statements have been prepared
in accordance with the recognition and measurement requirements of the UK
adopted international accounting standards.
In preparing these condensed consolidated interim financial statements the
Board have considered the impact of new standards which will be applied in the
2025 Annual Report and Accounts.
There are not expected to be any changes in the accounting policies compared
to those applied at 30 September 2025.
A full description of accounting policies is contained with our 2025 Annual
Report and Financial Statements, which is available on our website.
New accounting standards
The Group does not expect any other standards issued by the IASB, but not yet
effective, to have a material impact on the Group.
2 Revenue and segmental information
In identifying its operating segments, management generally follows the
Group's reporting lines, which represent the main geographic markets in which
the Group operates. The segment reporting below is shown in a manner
consistent with the internal reporting provided to the Board, which is the
Chief Operating Decision Maker (CODM). These operating segments are monitored,
and strategic decisions are made on the basis of segment operating results.
The Group operates in three main business segments which are:
Segment Activities undertaken include:
United Kingdom Sales of passive and powered ventilation products to housebuilders, electrical
contractors and window and door manufacturers. In addition to this, it is a
leading supplier of window and door hardware
North America Sales of passive ventilation products to window and door manufacturers
All other countries Sales of passive and powered ventilation products to distributors, window
manufacturers and construction companies
Inter-segment revenue is transacted on an arm's length basis and charged at
prevailing market prices for a specific product and market or cost plus where
no direct comparative market price is available. Segment results include items
directly attributable to a segment as well as those that can be allocated on a
reasonable basis. Research and development entity-wide financial expenses are
allocated to the business activities for which R&D is specifically
performed. Administration expenses are currently allocated to operating
segments in the Group's reporting to the CODM and include central and parent
company overheads relating to Group management, the finance function and
regulatory requirements.
The measurement policies the Group uses for segment reporting under IFRS 8 are
the same as those used in its financial statements.
The Group recognises revenue at a single point in time in its UK and US
subsidiary.
The total assets for the segments represent the consolidated total assets
attributable to these reporting segments. Parent company results and
consolidation adjustments reconciling the segmental results and total assets
to the consolidated financial statements are included within the United
Kingdom segment figures stated.
Operating segment United North Europe Consolidated
Kingdom America
£'000 £'000 £'000 £'000
6 months ended 31 March 2026
Segment revenue 6,941 338 990 8,269
Inter-segment revenue (194) - - (194)
Total revenue 6,747 338 990 8,075
Segment profit / (loss) (578) 53 78 (447)
Tax expense - (8) - (8)
Loss for the period (578) 45 78 (455)
Depreciation and amortisation 411 - - 411
Total assets 13,717 144 - 13,861
Total assets include:
Additions to non-current assets (other than financial instruments and deferred 70 - - 70
tax assets)
IFRS 8 requires entity-wide disclosures to be made about the regions in which
it earns its revenues and holds its non-current assets which are shown below.
United Kingdom Europe North America Total
Revenues £'000 £'000 £'000 £'000
By entities' country of domicile 7,737 - 338 8,075
By country from which derived 6,747 990 338 8,075
Non-current assets
By entities' country of domicile 4,101 - 22 4,123
United North Europe Total
Kingdom America
£'000 £'000 £'000 £'000
6 months ended 31 March 2025
Segment revenue 6,422 191 1,136 7,749
Inter-segment revenue (102) - - (102)
Total revenue from continuing operations 6,320 191 1,136 7,647
Segment (loss) / profit (122) (17) 8 (131)
Tax credit - - - -
(Loss) / profit for the period from continuing operations (122) (17) 8 (131)
Depreciation and amortisation 437 - - 437
Total assets 13,817 136 - 13,953
Total assets include:
Additions to non-current assets (other than financial instruments and deferred 126 - - 126
tax assets)
IFRS 8 requires entity-wide disclosures to be made about the regions in which
it earns its revenues and holds its non-current assets which are shown below.
6 months ended 31 March 2025 United Kingdom Europe North America Total
Revenues £'000 £'000 £'000 £'000
by entities' country of domicile 7,456 - 191 7,647
by country from which derived 6,320 1,136 191 7,647
Non-current assets
By entities' country of domicile 4,408 - 13 4,421
Operating segment United North Europe Consolidation
Kingdom America
£'000 £'000 £'000 £'000
For year ended 30 September 2025
Segment revenue 13,490 341 2,183 16,014
Inter-segment revenue (208) - - (208)
Total revenue from continuing operations 13,282 341 2,183 15,806
Segment profit / (loss) 203 (69) (29) 105
Tax credit 3 8 - 11
Profit / (loss) for the period from continuing operations 206 (61) (29) 116
Depreciation and amortisation 903 - - 903
Total assets 13,991 189 - 14,180
Total assets include:
Additions to non-current assets (other than financial instruments and deferred 380 - - 380
tax assets)
IFRS 8 requires entity wide disclosures to be made about the regions in which
it earns its revenues and holds its non-current assets which are shown below.
For year ended 30 September 2025 United Kingdom Europe North America Total
Revenues from continuing operations £'000 £'000 £'000 £'000
by entities' country of domicile 15,465 - 341 15,806
by country from which derived 13,282 2,183 341 15,806
Non-current assets
By entities' country of domicile 4,245 - 22 4,267
3 Taxation
6 months 6 months Year to
to 31.3.26 to 31.3.25 30.9.25
£'000 £'000 £'000
Current income tax:
Corporation tax charge (8) - (1)
Adjustment in respect of prior years - - 16
(8) 15
Deferred tax:
Origination and reversal of temporary differences - - (4)
Income tax credit (8) - 11
4 Dividends
The Directors do not propose an interim dividend (2025: £nil).
5 Earnings per ordinary share
Basic earnings per share has been calculated by dividing the profits or losses
attributable to equity shareholders of Titon Holdings Plc by the weighted
average number of ordinary shares in issue during the period, being 11,248,750
(six months ended 31 March 2025: 11,247,619 year ended 30 September 2025:
11,248,750).
Diluted earnings per share has been calculated by dividing the profit or loss
attributable to equity holders by the weighted average number of ordinary
shares in issue during the period, adjusted for the effect of potentially
dilutive ordinary shares, being 11,312,500 (six months ended 31 March 2026)
and 11,312,500 (year ended 30 September 2025). Potential ordinary shares are
treated as anti-dilutive and excluded from the calculation of diluted earnings
per share where their inclusion would increase earnings per share or reduce
loss per share.
6 Related party transactions
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed in this
note.
There have been no additional significant or unusual related party
transactions to those disclosed in the Group's Annual Report for 30 September
2025.
7 Discontinued operations
a) Description
On 24 October 2024, the Group announced its intention to exit from Korea and
had agreed a conditional sale for both the subsidiary Titon Korea and the
associate Browntech Sales Co. Ltd. The associated assets and liabilities were
consequently presented as held for sale in these financial statements.
The process was completed on 13 December 2024 where all the conditions of the
agreement were met by both parties, including the receipt of £710k, and was
reported in the previous period as a discontinued operation. Financial
information relating to the discontinued operation is detailed below.
b) Financial Performance and cash flow information
The financial performance and cash flow information presented are for the 6
months ended 31 March 2026, 6 months ended 31 March 2025 and 30 September
2025.
6 months to 31.3.26 6 months to 31.3.25 Year to 30.9.25
£'000 £'000 £'000
Administrative costs - - 15
Profit after income tax from discontinued operations - - 15
Share of post-tax loss from associate - (15) (15)
Reclassification of exchange differences to profit or loss on disposal of - - 131
overseas operation
Gain on disposal of investment - 46 40
Profit from discontinued operations - 31 171
8 Exceptional items
6 months 6 months Year to
to 31.3.26 to 31.3.25 30.9.25
£'000 £'000 £'000
Restructuring costs 40 - 40
One off sale of slow-moving inventory - - (185)
Exceptionals total 40 - (145)
9 Liability statement
Neither the Group nor the Directors accept any liability to any person in
relation to the interim statement except to the extent that such liability
could arise under English Law. Accordingly, any liability to a person who has
demonstrated reliance on any untrue or misleading statement or omission shall
be determined in accordance with section 90A of the Financial Services and
Markets Act 2000.
Directors and Advisers
Directors
Executive
T Carpenter (Chief Executive)
C V Isom (Chief Financial Officer)
Non-executive
J Brooke (Group Non-Executive Chair)
J Ward
G P Hooper
Secretary and registered office
C V Isom
894 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ
COMPANY REGISTRATION NUMBER
1604952 (Registered in England & Wales)
WEBSITE
www.titon.com/uk/investors
auditor
MHA
6(th) Floor, 2 London Wall Place
London
EC2Y 5AU
NOMINATED ADVISER
Shore Capital and Corporate Ltd
Cassini House
57-58 St. James's Street
London
SW1A 1LD
BROKER
Shore Capital Stockbrokers Ltd
Cassini House
57-58 St. James's Street
London
SW1A 1LD
REGISTRARS AND TRANSFER OFFICE
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
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