Business
Interim Statement - 6m to 31 March 2016
Interim Statement - 6m to 31 March 2016.
About this update from Titon Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 9906X Titon Holdings PLC 12 May 2016 \n\nTiton Holdings Plc \nBusiness Review\n \nFinancial performance \nGroup Profit before Taxation for the six-month period ended 31 March 2016 was £735,000 (2015: £792,000) on Revenues 1.4% higher at £10,850,000 (2015: £10,699,000).\n \nEarnings per share for the period were 4.55p (2015: 4.59p) and the Directors have declared an unchanged interim dividend of 1.25p per share (2015: 1.25p per share).\n \nNet Cash Balances at 31 March 2016 were £2,458,000 (2015: £2,413,000).\n \nTrading commentary\nIt is disappointing to report a small fall in Group Profit Before Tax for the six months ended 31st March 2016, down by\n \n£57,000, although earnings per share for the period is only fractionally behind last year's result. In summary our performance in Korea has been lower than in the last period, the UK is largely flat but the results from our US business have risen.\n \nOur overall revenue has risen slightly by 1.4% against the last period and we have seen sales rise in the UK marginally and a good rise in the USA. However, we have seen a slight fall in sales in Korea, down by about 2% in the period.\n \nIn the UK the performance of our Timber and PVCu Window and Door Hardware division has been disappointing as both sales and profit contribution have fallen below last year. There are a few one off factors that have contributed to this and the contribution from the new hardware products has continued to be disappointing but we are committed to improve our performance here. The Aluminium division has had a very good first half year with both sales and profits up. In our Ventilation Systems Division we saw a very weak start to the period in October 2015, which was echoed by other manufacturers in the sector. Sales have recovered from then and by March 2016 sales had largely recovered from the weak start, which is encouraging. \n \nOutside the UK Ventilation Systems Export sales have risen strongly against the comparable period and we have now seen some consistent customer purchasing, which is pleasing. Sales to our Hardware customers in Europe have fallen slightly but sales by Titon Inc. in the USA have grown helped by a contract to install our products into a large refurbishment...