Business
COVID-19 Guidance
COVID-19 Guidance.
About this update from Titon Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 4156H\n Titon Holdings PLC\n 24 March 2020\n \n \n \n \n 24 March 2020\n \n \n \n \n \n Titon Holdings Plc\n \n \n \n \n \n COVID-19 GUIDANCE\n \n \n \n \n \n Titon Holdings Plc (\"Titon\", the \"Group\" or the \"Company\"), a leading international manufacturer and supplier of ventilation systems, and window and door hardware, makes a statement on the COVID-19 pandemic.\n \n \n Trading to date\n \n \n Following the trading update issued at the time of the Company's AGM on 18 February 2020, trading since then has been in line with the Board of Directors' expectations and has not been significantly impacted as a result of COVID-19. In the UK and Rest of the World trading has continued without interruption; in Titon Korea there was a short period during which the factory was closed to allow a deep clean to take place. \n \n \n Operational actions following the Prime Minister's address on 23 March 2020\n \n \n Following the broadcast by the Prime Minister on 23 March 2020, and in accordance with the UK Government's edict requiring travel for work only when absolutely necessary, the Board has decided to undertake, during the course of this week, an orderly wind down of its factory in Haverhill, Suffolk and accordingly to pause production in the UK, Europe and Rest of the World, excluding South Korea. This closure will remain in place until further notice. The Board acknowledges that this is a step that the Company did not wish to take but has no choice given the national emergency and the overriding need to consider the safety of employees and other stakeholders. \n \n \n From a financial perspective the Company will be focused on cash preservation and will take advantage of the UK Government's measures to support businesses, whenever necessary. It will also endeavour to retain all employees, wherever possible, as requested by the UK Government. All necessary steps will be taken to mitigate the impact of the close down for the necessary period.\n \n \n Operations continue in South Korea; in Titon Korea operating costs were substantially reduced as a result of the slowdown in trading experienced in 2019 and further cost-cutting measures will be taken, where necessary. \n \n \n Capital Structure\n \n \n At present the Group has a strong balance sheet with no indebtedness. The Group currentl...