Interim Management Statement July '10

  • 11:00 29/07/2010
  • RNS No. 1414Q

Titon, the UK based ventilation products and window and door hardware manufacturer, today releases its Interim Management Statement in respect of the period 1 April 2010 to 30 June 2010, as required by the UK Listing Authority’s Disclosure and Transparency rules.

The Group continues to make progress in tough market conditions and total Revenues for the 3 months were 19% higher than the corresponding period last year, with UK sales 15% higher and the rest of the world 37% higher. The reduced cost base, which was delivered last year, has continued at the established lower level despite the increase in sales.

In line with that reported at the half year, the growth in UK sales comes as a result of higher sales of mechanical ventilation systems, whilst the growth in the rest of the world is due to increased sales volumes in South Korea.

There is still a great amount of uncertainty and lack of confidence within the UK construction market and the recently announced public sector spending cuts will ensure that this situation continues for the foreseeable future. With 80% of sales emanating in the UK and with most other export markets showing little sign of recovery from the recession, the Group remains cautious about the short-term outlook.

Cash control remains a key focus for management and following the payment of the Interim Dividend at the end of June, the Group’s cash balances were £3.1 million (June 2009: £2.4 million).