Business
Interim Results - 6 months to
Interim Results - 6 months to.
About this update from Titon Holdings Plc
[{"type":"text","content":"\n RNS Number : 1967S Titon Holdings PLC 14 May 2009 \nTiton Holdings Plc\nInterim Financial Statements\nfor the six months ended 31 March 2009\n\n\nBusiness Review\n\nFinancial performance \n\nTurbulent trading conditions have resulted in a Loss before Tax of £366,000 for the six months to 31 March 2009 (2008: £151,000 profit). Group Revenue for the period was 20.4% lower at £6,768,000 (2008: £8,500,000).\n\nLoss per share for the period was 3.02p (2008: earnings of 1.06p) and the Directors have declared an unchanged interim dividend of 1.0p per share (2008: 1.0p per share).\n\nOur focus on cash preservation has continued and we are pleased to report Net Cash Balances at the end of period of £2.53million - unchanged from the start of the period. The maintenance of our cash position, despite the Loss before Tax, is largely due to reductions in inventory levels - from £2.51 million at 30 September 2008 to £2.15 million at 31 March 2009.\n\n\nTrading commentary\n\nThe sharp deterioration in construction market activity experienced during 2007/2008 has, if anything worsened during the 6 month period as most of the economies in which we operate have officially entered into recession. Sales in the UK were down by 23.6% compared to the same period last year as speculative housing developments virtually ceased and commercial building programs slowed markedly. Similarly, most of our export markets have seen significant contractions in activity. Other participants within our market have reported sales declines of a similar magnitude.\n\nOur strategy throughout this period has been to reduce our costs in line with the sales decline, to preserve our cash, and to continue to invest into the areas of the business where we anticipate growth opportunities, particularly Mechanical Ventilation Systems in the UK and in our South Korean 'Joint Venture'.\n\nAs we have downsized our business it has regrettably led to further redundancies - 16 during the period at a cost of £82,000. Employee numbers at the end of March 2009 were 169 compared to 239 a year earlier and we would like to offer our appreciation and our sincere best wishes to those who have had to seek employment elsewhere.\n\n£126,000 of the Loss before Tax for the period arises from our South Korean 'Joint V...