Business
6m results to 31 March 2006
6m results to 31 March 2006.
About this update from Titon Holdings Plc
[{"type":"text","content":"\n Titon Holdings PLC\n11 May 2006\n\n\n\n\n\nTiton Holdings Plc\n\n2006 Interim Statement\nfor the six months ended 31 March 2006\n\n\n\nChairman's Statement\n\n\nFINANCIAL PERFORMANCE\n\nProfit before taxation for the six months to 31 March 2006 was 24.9% lower than \nthe same period last year at £420,000 (2005: £559,000) on turnover 3.5% higher\nat £8,195,000 (2005: £7,917,000). Basic earnings per share were 22.9% lower at\n2.86p (2005: 3.71p) and the Directors have declared an unchanged interim\ndividend of 2.3p (2005: 2.3p).\n\nCapital expenditure during the six months was high at £1,142,000. Of this amount\n£416,000 relates to investment in our Plastic Injection Moulding Plant and \n£247,000 is in respect of tooling for new products.\n\nThese are the first results published under International Financial Reporting\nStandards (IFRS). The previously published results for 2005, prepared under UK\nGenerally Accepted Accounting Principles (UK GAAP), have been restated and all\ncomparative figures are in accordance with IFRS. The adjustments to the results\nfor 2005 are shown in the notes to the 2006 Interim Statement.\n\n\nTRADING COMMENTARY\n\nSales of Titon manufactured products continue to be affected by tough UK market\ncompetition. The 3.5% sales growth experienced during the period relates to \nproducts that were bought in for resale; with our own product sales falling \nslightly. Two of the areas of our business in which we have recently invested \nin direct sales staff, namely 'Ventilation Systems' and 'Aluminium Fittings', \nare predominantly selling bought in products. These sectors of operation \ncontinue to grow steadily, whilst our traditional markets remain challenging. \nThis is due to a combination of increased competition and reduced customer \ndemand, as evidenced in many other markets in the UK. Our export sales are 33% \nahead of last year, which is most encouraging.\n\nI reported in my end of year statement that the Draft of the new Building \nRegulations (England & Wales) for Ventilation had been published giving us some\ndirection for the future. Subsequently, the final document was issued in April,\nwhich included some significant changes in content and timings from the Draft\ndocument. As a result of the very short timescale between publication and \nproposed implementation, the requirement to...