Business
Trading Update and Notice of Results
Trading Update and Notice of Results.
About this update from Titon Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5658B\n Titon Holdings PLC\n 09 October 2020\n \n \n \n \n Titon Holdings plc\n \n \n \n \n \n Pre-Close Trading Update for year ended 30 September 2020\n \n \n and\n \n \n Notice of Results\n \n \n \n \n \n Titon Holdings Plc (\"Titon\", the \"Group\" or the \"Company\"), a leading international manufacturer and supplier of ventilation systems, and window and door hardware, is pleased to announce an update on trading for the year ended 30 September 2020.\n Full year results are expected to be announced on 14 January 2021.\n \n \n Strong fourth quarter recovery after March manufacturing suspension\n \n \n The G\n roup expects revenues for the 12 months ended 30 September 2020 to be in the region of £21m, a decline of approximately 23% compared to the year to 30 September 2019. As announced earlier this year, sales in the period in the UK, Europe and South Korea were significantly impacted by the COVID-19 pandemic and the associated disruption to production and trading. However, trading has recovered ahead of the Board's expectations, particularly in the quarter ended September 2020.\n \n \n \n \n \n Quarterly sales\n \n \n \n \n Quarter ended 30 June\n \n \n \n \n Quarter ended 30 September\n \n \n \n \n \n \n Year-on-year change\n \n \n \n \n -43%\n \n \n \n \n -7%\n \n \n \n \n \n Sales in Q3 were impacted as the Company made the decision to temporarily suspend UK manufacturing operations in March as a result of the UK lockdown restrictions. The Group recommenced UK limited production operations in April, increasing production levels steadily during Q3 and into Q4 as demand returned strongly. Manufacturing operations are now back to normal levels and the Board is pleased with the recovery in trading in the UK and Europe during the summer months, culminating in a strong performance in September, which exceeded the same month in 2019. Q4 sales performance overall was only 7% down on 2019, as a result. \n \n \n In particular, the Group's Ventilation Systems division, which produces mechanical ventilation products principally for new homes, saw an encouraging return in demand over the summer months. Demand in our Hardware division returned at a slower pace than that of Ventilation Systems. By the end of the financial year, Titon Hardware monthly sales exceeded the same period for 2019.\n ...