Business
Interim Results to 31.03.08
Interim Results to 31.03.08.
About this update from Titon Holdings Plc
[{"type":"text","content":"\n Titon Holdings PLC\n08 May 2008\n\n\nTiton Holdings Plc\nInterim Results for the six months ended 31 March 2008\n\n\nBusiness Review\n\nFinancial performance\n\nProfit before taxation for the six months was 65.6% lower than the same period\nlast year at £151,000 (2007: £439,000) on turnover 2.0% lower at £8,500,000\n(2007: £8,670,000). We have maintained our sales levels in the UK, whilst our\nexport sales for the period have fallen by 17% to £891,000 (2007: £1,075,000).\n\nEarnings per share for the period were 64.3% lower at 1.06p (2007: 2.97p) and\nthe Directors have declared an interim dividend of 1.0p per share (2007: 2.3p\nper share).\n\nTight control over Working Capital along with reduced levels of capital\nexpenditure have helped cash balances to increase by £256,000 over the six-month\nperiod to stand at £1,921,000 (2007: £1,671,000).\n\n\n\nTrading commentary\n\nAs I reported in the last Annual Report and Accounts, trading during the second\nhalf of the 2006/2007 financial year was very difficult and the Group only just\nreturned a profit over that six month period. I informed shareholders at the\ntime that a programme of measures had been initiated that was designed to\nrestore profitability during the current year. I am pleased to report that the\nresult of these measures has been a modest profit for the first six months of\nthis year. Some of the profit improvement measures that are being implemented\nwill be phased in over the year as contractual commitments end and will not have\nhad a full impact in the first half-year. We will continue to make every effort\nto improve the Group's profitability.\n\nOne of the results of our cost reduction programme has been a 5% fall in our\npayroll costs in the period when compared to the 2nd half of 2006/7. Our\nemployees have not been given a pay increase this year and I would like to take\nthis opportunity to thank them all for their contribution in these difficult\ncircumstances. Overall employee numbers were 239 at the end of March 2008\ncompared to 256 at 30 September 2007.\n\nEscalating raw material price increases have been a great issue for most\nmanufacturers although, during this first half-year, we have been able to pass\non some of this increased cost to our customers. We have, however, continued to\nsee costs increase - not least as a result of the Eur...