REG - Titon Holdings PLC - Trading Update

Titon HoldingsAnnouncement

04/12/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231204:nRSD4799Va&default-theme=true

RNS Number : 4799V  Titon Holdings PLC  04 December 2023

LEI: 213800ZHXS8G27RM1D97

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of the Market Abuse Regulation (EU) No.596/2014, which forms
part of UK law by virtue of the European Union (Withdrawal) Act 2018.

4 December 2023

 

Titon Holdings Plc

 

Trading Update

 

Titon Holdings Plc ("Titon", the "Group" or the "Company"), a leading
manufacturer and supplier of ventilation systems and window and door hardware,
provides the following update on the Group's expected results for the year to
30 September 2023 ("FY22/23") and on the outlook for the current financial
year to 30 September 2024 ("FY23/24").

FY22/23 results

Trading in UK and Europe through to the end of FY22/23 surpassed the Group's
expectations most recently set out in its interim results on 19 May 2023.
However, Titon's South Korean business has reported to the Group a further
decline in statutory profitability for FY22/23, due to year-end taxation and
other provision adjustments, which will increase the reported FY22/23 Group
loss before tax compared to the Board's prior expectations once Titon's share
of the losses of the Group's associate, Browntech Sales Co. Ltd, are taken
into account.

The Group's financial results for FY22/23 remain subject to the completion of
the Group's audit and the Group expects to publish its FY22/23 full year
results on 25 January 2024.

Strong balance sheet

The Group continues to maintain a healthy balance sheet with no indebtedness.
Group cash at 30 September 2023 was £2.2m, up from the £1.6m reported at the
end of H1 FY22/23, as a result of cash generated by the UK and Europe
business.

FY23/24 current trading and outlook

Trading in the UK and Europe in the first two months of FY23/24 has been in
line with the Board's expectations. Titon currently expects the UK and
European business to report a loss before tax for H1 FY23/24 due to the impact
of the decline in new build activity in the construction market on the Group's
first quarter trading. However, the Group expects to return to profitability
in the UK and Europe from the second quarter of FY23/24.

Titon Korea is expected to remain loss-making in FY23/24 due to the continuing
challenging conditions in that market, and the Group is taking steps to
progress its plan to streamline the Korean corporate structure and operations.

The Board of Titon remains confident in the long-term prospects of the Group.
As announced on 22 November 2023, Titon's new Chief Executive, Tom Carpenter,
will join the Board and take up his role in April 2024.

 

ENDS

For further information please contact:

 Titon Holdings Plc

 Carolyn Isom                                  Tel: +44 (0)1206 713 800

 Paul Hooper                                   Tel: +44 (0)1536 383 844

 Shore Capital (Nominated Adviser and Broker)  Tel: +44 (0)20 7408 4090

 Daniel Bush

 Tom Knibbs

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTNKBBQFBDDBBK