Titon Holdings PLC Trading Update (4799V)
04 12월 2023 - 4:00PM
UK Regulatory
TIDMTON
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 GBP2.2m, up from
the GBP1.6m 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
Paul Hooper 713 800
Tel: +44 (0)1536
383 844
Shore Capital (Nominated Adviser and Broker) Tel: +44 (0)20 7408
Daniel Bush 4090
Tom Knibbs
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END
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December 04, 2023 02:00 ET (07:00 GMT)
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