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(TON.L) Titon Holdings PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 24-02-10 | RNS |
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RNS Number : 6169H Titon Holdings PLC 24 February 2010 Titon Holdings Plc (the "Company") Notice of Extraordinary General Meeting As announced on 18 February 2010, the Company is sending a Notice to all shareholders convening an Extraordinary General Meeting of the Company ("EGM") to propose Resolutions 9 and 10, which were withdrawn at the Company's Annual General Meeting ("AGM"). For the purposes of the EGM, Resolutions 1 and 2 will replace Resolutions 9 and 10 respectively and will be correctly proposed as special resolutions. Resolution 1 deals with the renewal of the disapplication of pre-emption rights; and Resolution 2 gives the Company authority to buy back its own shares. The EGM is to be held at the Company's Offices at International House, Peartree Road, Stanway, Colchester, Essex CO3 0JL at 10:00 a.m. on 23 March 2010. D Ruffell Company Secretary Titon Holdings Plc 24 February 2010 This information is provided by RNS The company news service from the London Stock Exchange END
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| 18-02-10 | RNS |
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RNS Number : 3752H Titon Holdings PLC 18 February 2010 Titon Holdings Plc (the "Company") Annual General Meeting 2010 The Company announces the results of the Resolutions voted on at the Annual General Meeting of the Company held at the Titon Manufacturing Division premises at Falconer Road, Haverhill, Suffolk, CB9 7XU on 17th February 2010 at 10.00 a.m. Due to an error in the Notice of the Meeting, Resolution 9 which relates to the renewal of the disapplication of pre-emption rights and Resolution 10, to the Company's authority to purchase its own shares, could not be validly approved at the Meeting and were therefore withdrawn. However, these two Resolutions will be proposed at an Extraordinary General Meeting which will be convened within the next few weeks. As part of this process, a new Notice and Proxy Voting form will be sent to shareholders inviting them to attend the Meeting to vote on the Resolutions. All other Resolutions were passed on a show of hands. Details of the proxy votes received in respect of each of the Resolutions put to the Annual General Meeting have been posted on the Company's web site (www.titonholdings.com). D Ruffell Company Secretary Titon Holdings Plc 19 February 2010 This information is provided by RNS The company news service from the London Stock Exchange END
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| 28-01-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 2259G
Titon Holdings PLC
28 January 2010
Titon Holdings Plc
Interim Management Statement
Titon Holdings Plc ('Titon' or 'the Group') the UK Ventilation Systems and Hardware manufacturer publishes its Interim Management Statement for the period 1 October 2009 to date as required by the UK Listing Authority's Disclosure and Transparency rules.
The upturn in UK construction activity that was experienced in the fourth quarter of the last financial year has stalled somewhat, resulting in UK sales for the 3 months to 31 December 2009 being 2.2% down on the same period of the previous year. Growth in overseas markets, notably via our South Korean 'Joint Venture' has led to total Group turnover being 9.0% higher for the 3 month period.
Cash balances at the end of December 2009 were relatively unchanged from the financial year end at £3.0 million.
The pace of recovery in the UK construction market will to a large extent influence Group performance over the remainder of the year and we await with optimism the resurgence of activity that is being predicted by many house builders.
27 January 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 10-12-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 8571D
Titon Holdings PLC
10 December 2009
Titon Holdings Plc
Preliminary Announcement for the year ended 30 September 2009
Business Review
Financial Performance
Loss before Tax for the year to 30 September 2009 was £210,000 (2008: loss £59,000), on Revenue 14.2% lower at £14.05 million (2008: £16.38 million). Losses per share were 1.91p (2008: 2.50p); the prior year figure having been adversely affected by a high deferred tax charge.
As reported at the interim stage, the loss for the first six months of the year was £366,000 as the sharp downturn in construction activity had a major impact on profitability. Difficult trading conditions continued into the third quarter but the fourth quarter saw some confidence return to the market and sales volumes improved. This increase in sales activity, combined with a much-reduced cost base, has allowed a modest profit of £156,000 to be recorded for the second half of the year.
One of our key objectives throughout the recession has been to preserve cash resources. We are pleased to report that Net Cash Balances at the year end were £3.10 million compared to £2.54 million at the start of the year. This has been achieved despite providing a further £400,000 working capital to the Korean manufacturing operation and maintaining the interim dividend. Tight control over our inventory levels has been necessary and these have fallen by £450,000 (18%) over the year to a level of £2.06 million (2008: £2.51 million).
Given the loss for the full year the Directors have considered very carefully the level of final dividend that should be paid and are proposing 1.0p per share (2008: 1.0p). This, when added to the interim dividend paid on 24 June 2009 makes a total for the year of 2.0p (2008: 2.0p). If approved by shareholders, at the forthcoming Annual General Meeting, the dividend will be payable on 22 February 2010 to shareholders on the register on 22 January 2010. The ex dividend date is 20 January 2010.
Trading Commentary
Trading results for the year reflect the severe conditions experienced across the majority of the markets in which we operate. Whilst the first half of the year for the industry continued to be tough, by June there were some signs of recovery. Even though it was still evident that many of our customers were experiencing difficulties, a measured optimism began to emerge. An increase in activity began to occur in the market, and those who were benefiting from this slight improvement started to place increased orders with us. In turn, this increase began to put stress on our reduced production capabilities, and consequently a small number of new temporary staff were employed.
Sales of our in-house manufactured mechanical ventilation range have shown strong growth throughout the year, albeit from a low base. We have steadily increased our mechanical ventilation sales team and our technical back up team over the year in order to capitalise on the market leading products that we have designed. Titon is now recognised as a significant player in the growing market of energy efficient ventilation systems and we anticipate building on this in the coming year.
Our 'joint venture' with our South Korean distributor, Browntech Sales Co. Ltd., is developing into a vibrant operation. It is understandable that there was a temporary slowdown in demand for its products during the early part of this year due to the global recession, but the business is now moving forward. Although this operation has been loss-making over the year, the increase in new contracts for our Titon Korea factory indicates a promising future for our investment.
Page 1
Titon Holdings Plc
Preliminary Announcement for the year ended 30 September 2009
Business Review (continued)
Employees
As reported at the interim stage, further redundancies have been made during the year mainly as a result of the decline in our window and door hardware sales. The total number of redundancies was 19 at a cost of £136,000. The downsizing that we have undertaken has been part of a traumatic period for the Group and those who have had to take redundancy, along with their families, have naturally suffered from this difficult process. Once again, we express our gratitude and best wishes to them.
The total number of employees was 171 as at 30 September 2009, 24 lower than at the end of September 2008. This decrease is in addition to the reduction of 61 in the previous financial year.
Prospects
Market conditions continue to be uncertain, and forecasting remains extremely difficult. However, Titon remains financially strong and is well positioned to take maximum advantage of the UK market when it eventually emerges out of recession. We now have a highly focused work force, and a very exciting and competitive range of new powered ventilation products. Our in-house design and development team continues to develop innovative products to take advantage of the changing trends in domestic ventilation, and all of our sales teams are proactively seeking out new areas of opportunity. The next revision of the Building Regulations for England and Wales is expected to be announced over the coming weeks and to take effect some time in 2010. These Regulations are likely to increase the requirement for energy efficient ventilation systems over the next few years as building quality levels are further enhanced. The inclusion of trickle ventilators in all replacement windows is, once again, being considered.
Our global markets, whilst mirroring the problems experienced in our home market, have also shown a slight improvement in the last quarter, and we have shown our further commitment to this vital part of our business by increasing our export sales staff. Further initiatives to increase our overseas sales are planned for the coming year.
Whilst there are now a few encouraging signs in most of our markets, we acknowledge that 2009/2010 will still be a challenging one for Titon, but one which we approach with cautious enthusiasm.
On behalf of the Board
J N Anderson D A Ruffell
Chairman Chief Executive
9 December 2009
Page 2
Titon Holdings Plc
Preliminary Announcement for the year ended 30 September 2009
Unaudited Consolidated Income Statement
for the year ended 30 September 2009
Unaudited
2009 2008
£'000 £'000
Revenue 14,053 16,375
Cost of sales (10,993) (12,803)
Gross profit 3,060 3,572
Distribution costs (625) (762)
Administrative expenses (2,654) (2,958)
Finance income 37 101
Share of losses from associate (28) (12)
Loss before tax (210) (59)
Tax credit / (expense) 8 (205)
Loss for the year attributable to the equity (202) (264)
holders of the parent
Loss per share - basic - basic (1.91p) (2.50p)
- diluted (1.91p) (2.50p)
Unaudited Consolidated Statement of Recognised Income and Expense
for the year ended 30 September 2009
Unaudited2009£000 2008£000
Loss for the year attributable to theequity (202) (264)
holders of the parent
Exchange difference on retranslationof overseas (14) (32)
operations
Total recognised income and expense for the (216) (296)
year attributable to equity holders of the
parent
Page 3
Titon Holdings Plc
Preliminary Announcement for the year ended 30 September 2009
Unaudited Consolidated Balance Sheet
at 30 September 2009
Unaudited
2009 2008
£'000 £'000
Assets
Property, plant and equipment 3,972 4,395
Intangible assetsInvestments in associatesFinancial 88185103 61213100
assets
Total non-current assets 4,348 4,769
Inventories 2,057 2,507
Trade and other receivables 2,947 3,224
Corporation tax 8 -
Cash and cash equivalents 3,096 2,546
Total current assets 8,108 8,277
Total Assets 12,456 13,046
Liabilities
Deferred tax 361 366
Total non-current liabilities 361 366
Trade and other payables 2,266 2,427
Bank overdraft 23 18
Corporation tax - 5
Total current liabilities 2,289 2,450
Total Liabilities 2,650 2,816
Equity
Share capital 1,056 1,056
Share premium reserve 865 865
Capital redemption reserve 56 56
Translation reserve (13) 1
Share schemes reserve 9 6
Retained earnings 7,833 8,246
Total Equity attributable to equity holders of the 9,806 10,230
parent
Total Liabilities and Equity 12,456 13,046
Page 4
Titon Holdings Plc
Preliminary Announcement for the year ended 30 September 2009
Unaudited Consolidated Cash Flow Statement
for the year ended 30 September 2009
Unaudited
2009 2008
£'000 £'000
Cash generated from operating activities
Loss before tax (210) (59)
Depreciation of property, plant & equipment 616 641
Amortisation on intangible assets 30 37
Decrease in inventories 437 476
Decrease in receivables 274 541
(Decrease) / increase in payables and other current (161) 225
liabilities
Loss / (profit) on sale of plant & equipment 8 (11)
Share based payment - equity settled 3 3
Interest received (37) (101)
Share of associate loss 28 12
Cash generated from operations 988 1,764
Income taxes (paid) / refunded (11) 27
Net cash generated from operating activities 977 1,791
Cash flows from investing activities
Acquisition of shares in associate - (225)
Purchase of property, plant & equipment (206) (405)
Purchase of intangible assets (57) (40)
Proceeds from sale of plant & equipment 5 42
Interest received 37 101
Net cash used in investing activities (221) (527)
Cash flows from financing activities
Dividends paid to equity shareholders (211) (301)
Issue of loan to associate - (100)
Net cash used in financing activities (211) (401)
Net increase in cash & cash equivalents 545 863
Cash & cash equivalents at beginning of the year 2,528 1,665
Cash & cash equivalents at end of the year 3,073 2,528
Page 5
Titon Holdings Plc
Notes to the Preliminary Announcement for the year ended 30 September 2009
1 Loss per ordinary share
The calculation of the basic and diluted loss per share is based on the following data:
Unaudited
2009 2008
£'000 £'000
Numerator
Loss for the purposes of basic loss per share being (202) (264)
lossafter tax attributable to members of Titon
Holdings Plc
Denominator Number Number
Weighted average number of ordinary shares for the
purposes of
basic loss per share - at the beginning and end of 10,555,650 10,555,650
the year
Loss per share (pence)
Basic (1.91p) (2.50p)
Diluted (1.91p) (2.50p)
2 Dividends
Unaudited
2009 2008
£'000 £'000
Final dividend of 1.0 pence (2008: 2.3 pence) per 106 196
ordinaryshare paid and proposed during the year relating to
the previous year's results
Interim dividend of 1.0 pence (2008: 1.0 pence) per 105 106
ordinaryshare paid during the year
Unclaimed dividend returned - (1)
211 301
The Directors are proposing a final dividend of 1.0 pence (2008: 1.0 pence) per share. This will result in a final dividend totalling £106,000 (2008: £106,000), subject to approval by the shareholders at the Annual General Meeting. This dividend has not been accrued at the balance sheet date.
Page 6
Titon Holdings Plc
Notes to the Preliminary Announcement for the year ended 30 September 2009
3 Analysis of cash and cash equivalents
The table below provides an analysis of net cash and cash equivalents during the year ended 30 September 2009:
Unaudited
2009 2008
£'000 £'000
Cash available on demand 221 1,046
Short-term deposits 2,875 1,500
Cash at bank 3,096 2,546
Overdraft (23) (18)
3,073 2,528
Net increase in cash equivalents 545 863
Cash and cash equivalents at beginning of year 2,528 1,665
Cash and cash equivalents at end of year 3,073 2,528
4 Revenue and segmental information
For management and internal reporting purposes, the Group's operations are currently
analysed according to geographical regions. This is the basis on which the Group reports
its primary segment information.
The Group's business is comprised of the following reportable geographic segments:
United Kingdom
Rest of the World
Inter-segment pricing is determined on an arm's length basis. Segment results include
items directly attributable to a segment as well as those that can be allocated on a
reasonable basis.
Page 7
Titon Holdings Plc
Notes to the Preliminary Announcement for the year ended 30 September 2009
Revenue and segmental information (continued)
Segment information about the geographic regions is presented below.
Geographic segments
United Kingdom Rest of the World Consolidated
2009 2008 2009 2008 2009 2008
£'000 £'000 £'000 £'000 £'000 £'000
External 11,864 14,538 2,189 1,837 14,053 16,375
Intercompany - - 177 300 177 300
Total Revenue 11,864 14,538 2,366 2,137 14,230 16,675
Segment result 1,551 2,080 44 74 1,595 2,154
Unallocated expenses (1,814) (2,302)
Losses from associate (28) (12)
Finance income 37 101
Loss before tax (210) (59)
Tax credit / (expense) 8 (205)
Loss for the year attributable to the equity holders of the (202) (264)
parent
Balance Sheet 2009 2008
£'000 £'000
Assets - Segment total assets
United Kingdom 11,544 12,604
Rest of World 904 442
Consolidated 12,448 13,046
Liabilities - Segment total liabilities
United Kingdom 2,403 2,668
Rest of World 239 148
Consolidated 2,642 2,816
Page 8
Titon Holdings Plc
Notes to the Preliminary Announcement for the year ended 30 September 2009
5 Tax (credit) / expense
2009 2008
£'000 £'000
UKcorporation tax credit (8) (26)
Adjustment in respect of under provision in prior years 6 5
Total UK corporation tax (2) (21)
Total overseas tax - 31
Total current tax (2) 10
Deferred tax (6) 195
Total tax (credit) / expense (8) 205
The charge for the year can be reconciled to the loss
per the income statement as follows: 2009 2008
£'000 £'000
Loss before taxEffect of: (210) (59)
Expected tax charge based on the standard rate of
corporation tax in the UK of 21% (2008: 20.5%) (44) (12)
Additional deduction for R&D expenditure (29) (33)
Expenses not deductible for tax purposes 40 31
Unrelieved tax losses and other deductions 27 19
Adjustment in respect of IBAs (6) 221
Effect of difference in exchange rates (2) -
Adjustments in respect of prior periods 6 (21)
Total tax (credit) / expense for the year (8) 205
The effective tax rate for the year is 3.8% (2008: 347%)
The total tax charge for 2008 was affected by the adjustment for Industrial Buildings Allowances (IBAs) which will be phased out over a period of four years.
Page 9
Titon Holdings Plc
Notes to the Preliminary Announcement for the year ended 30 September 2009
6 Basis of preparation
The financial information for the year ended 30 September 2009 together with the comparative year has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRSs) as adopted by the European Union.
The accounting polices of the Group under International Financial Reporting Standards (IFRSs) are set out in detail in the 2008 Financial Statement which is available from the Group's website at www.titonholdings.com. There have been no changes to the accounting policies during the year.
The information in this preliminary announcement does not constitute the statutory accounts of the Group within the meaning of Section 435 of the Companies Act 2006 for the year ended 30 September 2009 or 2008.
The financial information for the year ended 30 September 2008 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors have reported on those accounts; their report was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain statements under the Companies Act 1985, s 237(2) or (3). The statutory accounts for 2009, on which the auditors have not yet reported, will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting which will be held on 17 February 2010.
Titon Holdings Plc
Registered Office: International House, Peartree Road, Stanway, Colchester, Essex CO3 0JL. Registered in England and Wales (registered no. 1604952).
Page 10
This information is provided by RNS
The company news service from the London Stock Exchange
END
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fair points
although this is a contracting market - with new entrants into the ventilation market on a regular basis (i work for an established one). housing is on a go-slow. so they will have to be working to ever-decreasing margins? |
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| 06-05-09 |
BUY
Opportunity
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With the construction materials sector bottoming out, and prospects of recovery in 2010, we might just see a take private situation emerge at Titon Holdings plc.
This facts are as follows (based on the lates published data): THE BUSINESS: - virtually no bank debt - cash at bank of £2.5mn - net current assets of £6mn - also own freehold factory (a tangible asset which cost £3.4mn and was never revalued so probably worth the same or more) - tangible net assets on the balance sheet of £10mn - makes a small profit (circa £150k for 6 months to end of Sept 08) - the company also invested £0.5mn in R&D in 2008 so that profit understates trading somewhat, and it has the costs of maintaining a FULL listing on LSE THE DIRECTORS: - Directors own about 35% of the shares issued - The share option incentives for Directors are priced at 86p - 100p + - The market cap today (at 34.5p) is all of £3.64mn THE POSSIBILITY - If I was a Director I would be thinking....hmmmm.....take out those other pesky 65% (6.86mn) shareholders at, say, 50p per share, - costing £3.43mn to mop them up - Take the company private (saving another £250k per year in listing and compliance/advisory costs no doubt) - do a sale and leaseback of the factory to pay for the cost of the take private - bingo! they own 100% of the trading business and its still debt free! OK, so the factory is no longer an owned asset, and there would be rent to pay, but they would still have £6.6mn of tangible net assets on the balance sheet to play with, no debt, no public markets to satisfy, immediate cost savings, and potential to grow the business in an economic rebound. If the Directors don't do this then I suspect someone else in the sector will, and make an offer. It's almost a cant lose situation, thanks to our pitiful stock market rout, and lack of analyst coverage of such a tiny illiquid company. Does anyone else see this? Crafty If I try to buy these online it will cost me 34.5p... |
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| 05-05-09 | ||||
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they are selling their mechanical ventilation systems for low margins too.....
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| 05-05-09 | ||||
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The shares are largely illiquid and the company closely controlled by Directors and I imagine the rise is due to the fact that the MMs have few on their books.Titon isn't going to go out of business as it has subtantial assets including several million in cash,freehold property etc.But until the new build and other contsruction improves profit improvements are unlikely.
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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