Business
Interim Statement - 6m to 31 March 2011
Interim Statement - 6m to 31 March 2011.
About this update from Titon Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 4159G Titon Holdings PLC 12 May 2011 \n \n\nTiton Holdings Plc\nInterim Financial Statements\nfor the six months ended 31 March 2011\n \n \nBusiness Review\n \nFinancial performance \n \nProfit before Taxation for the six-month period ended 31 March 2011 was £29,000 (2010: £102,000) on Revenues 2.5% higher at £7,579,000 (2010: £7,393,000).\n \nEarnings per share for the period were 0.59p (2010: 0.76p) and the Directors have declared an unchanged interim dividend of 1.0p per share (2010: 1.0p per share).\n \nNet Cash Balances at 31 March 2011 were £3,012,000 (2010: £2,863,000).\n \nTrading commentary\n \nAt the last year-end we commented that future prospects appeared very uncertain, largely due to the UK Government spending cutbacks and the lack of consumer confidence in the UK. This uncertainty has been most apparent during this six-month period and is reflected in these results. \n \nAlthough the period began promisingly throughout October and November the extreme UK weather at the beginning of December, combined with the now traditional two week Christmas shutdown within the construction industry, led to a very poor result in that month. Whilst we anticipated that this might be a short-term setback, it was not to be. The lack of confidence that existed within the UK economy, combined with the December weather, was reflected in the poor October to December Quarter GDP figures. These GDP figures appeared to reduce confidence further and the momentum that had been apparent within our sector during late 2010 did not return in the Quarter Jan 2011 to March 2011. As a result, UK sales of £5,860,000 for the six months have fallen by 0.6% when compared to the same period of the previous year (2010: £5,893,000).\n \nAs anticipated, solid growth in sales of our Ventilation Systems has continued as house builders specify more of these types of products within their build programmes, and as our penetration within the market increases. We have recently launched new models and up-rated versions of our popular HRV Q Plus range, which have been well received by our expanding customer base. Although the number of competitors within the Heat Recovery Ventilation market is increasing we anticipate that we can maintain good levels of growth. \n \nSales of our tr...