Business
Unaudited Interim Results to 31 March 2020
Unaudited Interim Results to 31 March 2020.
About this update from Titon Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 8265M\n Titon Holdings PLC\n 14 May 2020\n \n \n \n \n 14 May 2020\n \n \n Titon Holdings Plc\n \n \n Unaudited Interim Results for the six months to 31 March 2020\n \n \n Titon Holdings Plc\n (\"Titon\", the \"Group\" or the \"Company\"),\n a leading international manufacturer and supplier of ventilation systems and window and door hardware, today announces its Interim Results for the six months ended 31 March 2020\n \n \n \n \n \n \n Financial Results\n \n \n \n \n \n \n \n \n \n \n Six months ended 31 March 2020\n \n \n \n \n Six months ended 31 March 2019 \n \n \n \n \n % Change\n \n \n \n \n \n \n Net revenue\n \n \n \n \n £11.22m\n \n \n \n \n £14.29m\n \n \n \n \n -22%\n \n \n \n \n \n \n EBITDA\n \n \n \n \n £0.32m\n \n \n \n \n £1.17m\n \n \n \n \n -72%\n \n \n \n \n \n \n (Loss)/ Profit before tax \n \n \n \n \n £(0.27)m\n \n \n \n \n £1.12m\n \n \n \n \n n/a\n \n \n \n \n \n \n (Loss)/ Earnings per share\n \n \n \n \n (2.73)p\n \n \n \n \n 7.06p\n \n \n \n \n n/a\n \n \n \n \n \n \n Interim dividend per share\n \n \n Cash balance\n \n \n \n \n 0p\n \n \n £3.69m\n \n \n \n \n 1.75p\n \n \n £3.84m\n \n \n \n \n n/a\n \n \n -4%\n \n \n \n \n \n \n \n \n \n Financial highlights\n \n \n · \n Net Revenue decreased by 22% due to weak trading conditions and impact of the COVID-19 pandemic\n \n \n · \n EBITDA fell to £0.32 million (2019: £1.17m), reflecting lower revenues as well as one-off costs of a higher bad debt provision and staff restructuring in response to market conditions\n \n \n · \n Loss before tax of £0.27m after depreciation and amortisation charges of £542k\n \n \n · \n Operational cash inflows of £461k in the period and positive net cash generated before dividends paid to Titon and minority shareholders\n \n \n · \n Ended the period with cash of £3.69m and no financial indebtedness\n \n \n · \n In the interests of prudence and to preserve cash during the current period of considerable uncertainty, the Board will not be declaring an interim dividend for the period\n \n \n \n \n \n Operational highlights\n \n \n · \n UK political uncertainty and subsequent widespread lockdowns in response to the COVID-19 pandemic impacted trading in the UK and Continental Europe in the period, where sales were down 11%\n \n \n · \n UK Ventilation Systems sales rose by 6.5...