Business
Interim Results 31 March 2002
Interim Results 31 March 2002.
About this update from Titon Holdings Plc
[{"type":"text","content":"\n Titon Holdings PLC\n9 May 2002\n\n\nChairman's Statement\n\n\nFINANCIAL RESULTS\n\nNet Profit Before Taxation for the six months was 17.8% down on the previous\nyear at £702,000 (2001: £854,000), on Turnover 3.9% higher at £7,456,000 (2001:\n£7,175,000). Operating Profit was 16.1% lower at £616,000 (2001: £734,000) and a\nreduction in interest rates has led to the interest earned from money on deposit\nbeing 28% lower at £86,000 (2001: £120,000). Basic earnings per share were 4.32p\n(2001: 5.25p) and the Directors have declared an unchanged interim dividend of\n2.3p (2001: 2.3p).\n\n\n\nCOMMENTARY\n\nThis has been a disappointing trading period with sales growth failing to meet\nour expectations, both at home and abroad. Despite this, we have retained our\ncurrent overhead commitment in support of our longer-term plans.\n\nThe U.K. window market, having been reasonably buoyant during the first quarter,\nhas stalled during the last few months as new regulations have added uncertainty\nto the domestic replacement window market, and Local Authority refurbishment has\ndipped temporarily at the end of the spending year. The market shift towards\nlower value products has contributed to our reduced profitability, as has\npressure on selling prices caused by greater competition.\n\nThe economic slowdown, both prior and post September 11 has adversely influenced\nour operation in the United States. Although we have made some cost reductions\nto compensate, the overall impact on our result for the half-year has been\nnegative.\n\n\n\nPROSPECTS\n\nIt is expected that the uncertainty in the U.K. market, caused by Building\nRegulation change, will soon disappear and that market demand will again\nimprove. We remain focused on developing new products and systems to meet the\nevolving Regulations and Standards, and are encouraged by indications that the\nuse of background ventilation products will become more widespread.\n\nThere are some signs of a recovery in our U.S. operation and I hope to be able\nto report an improvement by the end of the year.\n\n\n\nJ.N. Anderson\nChairman\n\n\n9 May 2002\n\n\n Interim Results\n (for the six months ended 31 March 2002)\n\n\n Six Months Six Months Year to \n to 31.3.02 to 31.3.01 30.9.01 \n (Unaudited) (Unaudited) (Audited) \n £'000 £'000 £'000 \n \n Turnover 7,456 7,175 14,737 \n \n Opera...