News Column

Titon Cautious In UK Outlook, Pretax Profit Up In Half-Year

May 8, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Titon Holdings PLC Thursday remained cautious in its outlook for UK markets, as it saw pretax profit rise in the half-year to end-March.

The ventilation products and window fittings company posted a pretax profit of GBP551,000, up from GBP79,000 in the previous year as revenue rose to GBP8.8 million from GBP7.3 million.

The company said that revenue growth had been driven by higher sales outside of the UK, where it had continued to struggle although its Ventilation Systems division improved during the half-year.

UK Window and Door Hardware division sales were up marginally over the last year the company said. It has invested in widening the scope of its window and door products, but said that this had not yet led to the increase in sales it had expected.

In its Ventilation Systems business the social housing market began to grow again, Titon said, and its new range of mechanical ventilation and heat recovery products have been popular.

Outside of the UK, the company saw sales grow 89.2% at its partnership in Korea, as it expanded in the private and government housing markets.

Export sales from its UK factory rose 12%, driven by growth from the company's US subsidiary.

It launched a new website during the half-year, which it said it will develop further after a few weeks.

Titon expects conditions in the UK to remain muted for the remainder of the year, and whilst its Hardware division saw improvement, it does not expect it to grow significantly during the second-half.

The company does expects its Ventilation Systems division to continue to grow in the second-half, as a wider range of products should leave to increased sales.

Shares in Titon were trading down 2.7% at 72.00 pence Thursday morning.

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Source: Alliance News