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(TON.L) Titon Holdings PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 30-07-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 5527W
Titon Holdings PLC
30 July 2009
Titon Holdings Plc ("Titon" or the "Company" or the ''Group'')
Interim Management Statement
Titon Holdings Plc today provides its interim management statement in respect of the period 1 April 2009 to 30 June 2009, as required by the UK Listing Authority's Disclosure and Transparency rules.
The deterioration in construction market activity, as referred to in the Company's Interim results announcement on 14 May 2009, has continued into the 3rd Quarter. Total Revenues for the 3 month period were 12.4% lower than the corresponding period last year, but have benefited from higher overseas sales largely due to the growth of Titon Korea. UK Revenues for the quarter were 18.3% lower than the same period last year.
We continue to take appropriate measures to ensure that we have the right cost base for the Group going forward. Although this is impacting on financial performance in the short term, it will provide the opportunity to deliver profitable growth when market conditions improve.
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 £2.4 million.
There are some early signs of stabilisation in certain of our UK and European markets although it is too early to say whether this will be sustained.
30 July 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 25-06-09 | RNS |
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RNS Number : 5141U Titon Holdings PLC 25 June 2009 Titon Holdings Plc ('Titon', 'the Company' or 'the Group')
DIRECTORATE CHANGE Titon, the East Anglia based manufacturer of Ventilation and Window Hardware products, today announces the resignation from its Board of Non Executive Director Mr. Keith Ritchie. Mr. Ritchie's resignation comes about due to a change in policy by his primary employer regarding employees holding directorships in quoted companies. The resignation will become effective as of 1 July 2009. Mr. John Anderson, Chairman of Titon, commented: I and my fellow Directors are extremely sorry that Keith has resigned from the Board. He has contributed greatly over the four years since his appointment and his financial and commercial acumen has been influential in the Group maintaining a strong balance sheet through the recent difficult times whilst helping the Company to focus on identifying and developing growth opportunities for the future. Ends This information is provided by RNS The company news service from the London Stock Exchange END
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| 14-05-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 1967S
Titon Holdings PLC
14 May 2009
Titon Holdings Plc
Interim Financial Statements
for the six months ended 31 March 2009
Business Review
Financial performance
Turbulent trading conditions have resulted in a Loss before Tax of £366,000 for the six months to 31 March 2009 (2008: £151,000 profit). Group Revenue for the period was 20.4% lower at £6,768,000 (2008: £8,500,000).
Loss per share for the period was 3.02p (2008: earnings of 1.06p) and the Directors have declared an unchanged interim dividend of 1.0p per share (2008: 1.0p per share).
Our focus on cash preservation has continued and we are pleased to report Net Cash Balances at the end of period of £2.53million - unchanged from the start of the period. The maintenance of our cash position, despite the Loss before Tax, is largely due to reductions in inventory levels - from £2.51 million at 30 September 2008 to £2.15 million at 31 March 2009.
Trading commentary
The sharp deterioration in construction market activity experienced during 2007/2008 has, if anything worsened during the 6 month period as most of the economies in which we operate have officially entered into recession. Sales in the UK were down by 23.6% compared to the same period last year as speculative housing developments virtually ceased and commercial building programs slowed markedly. Similarly, most of our export markets have seen significant contractions in activity. Other participants within our market have reported sales declines of a similar magnitude.
Our strategy throughout this period has been to reduce our costs in line with the sales decline, to preserve our cash, and to continue to invest into the areas of the business where we anticipate growth opportunities, particularly Mechanical Ventilation Systems in the UK and in our South Korean 'Joint Venture'.
As we have downsized our business it has regrettably led to further redundancies - 16 during the period at a cost of £82,000. Employee numbers at the end of March 2009 were 169 compared to 239 a year earlier and we would like to offer our appreciation and our sincere best wishes to those who have had to seek employment elsewhere.
£126,000 of the Loss before Tax for the period arises from our South Korean 'Joint Venture' where the global recession has led to a slower than expected take-up of our products in that country as economic activity has weakened. The Directors are, however, pleased with the progress that is being made and anticipate a positive contribution in the second half year from this market.
Prospects
The new range of Titon designed and manufactured heat recovery products has been very well received, and a further increase in these product options, as well as new central mechanical extract units, will be available in the coming weeks. These highly efficient units, providing excellent SAP (Standard Assessment Procedure) ratings, are being launched at the time that the requirement for energy efficient products is expanding rapidly as a result of the Code for Sustainable Buildings.
Given the strong balance sheet, and the maintenance of the Board's firm control on costs and cash flow, the Group is well positioned to take full advantage of an upturn in the market whenever it may occur.
Principal risk and uncertainties
The key financial and non-financial risks faced by the Group are disclosed in the Group's Annual Report and Accounts for the year ended 30 September 2008 within the Directors' Report (pages 6 and 7) available at www.titonholdings.com. The Board considers that these remain a current reflection of the risks and uncertainties facing the business.
Responsibilities Statement
The Directors confirm that this condensed set of consolidated financial statements has been prepared in accordance with IAS 34 as adopted by the European Union, and that the interim management report herein includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8.
The Directors of Titon Holdings Plc are listed in the Titon Holdings Plc Annual Report and Accounts 2008. A list of current directors is maintained on the Group's website: www.titonholdings.com .
On behalf of the Board
J N Anderson D A Ruffell
Chairman Chief Executive
13 May 2009
Consolidated Interim Income Statement
for the six months ended 31 March 2009
Six 6 Months 6 Months Year to
to 31.3.09 to 31.3.08 30.9.08
unaudited unaudited audited
Note £'000 £'000 £'000
Revenue 2 6,768 8,500 16,375
Cost of sales (5,481) (6,640) (12,803)
Gross profit 1,287 1,860 3,572
Distribution costs (278) (310) (762)
Administration costs (1,393) (1,446) (2,958)
Finance income 29 47 101
Share of losses from associates (11) - (12)
(Loss) / profit before tax (366) 151 (59)
Tax credit / (expense) 3 47 (39) (205)
(Loss) / profit for the period
attributable to the equity 7 (319) 112 (264)
holders of the parent
(Loss) / earnings per share - 5 (3.02p) 1.06p (2.50p)
basic
- diluted 5 (3.02p) 1.06p (2.50p)
Consolidated Interim Statement of Recognised Income and Expense
for the six months ended 31 March 2009
Six 6 Months 6 Months Year to
to 31.3.09 to 31.3.08 30.9.08
unaudited unaudited audited
Note £'000 £'000 £'000
(Loss) / profit for the period
attributable to the equity holders of 7 (319) 112 (264)
the parent
Exchange difference on re-translation
of net assets of overseas subsidiary 17 7 (32)
undertakings
Total recognised income and expense (302) 119 (296)
for the period attributable to equity
holders of the parent
Consolidated Interim Balance Sheet
at 31 March 2009
31.3.09 31.3.08 30.9.08
unaudited unaudited audited
Note £'000 £'000 £'000
Assets
Property, plant and equipment 6 4,225 4,481 4,395
Intangible assets 56 39 61
Investments in associates 202 - 213
Financial assets 100 - 100
Total non-current assets 4,583 4,520 4,769
Inventories 2,150 2,924 2,507
Trade and other receivables 3,015 4,027 3,224
Corporation tax 42 17 -
Cash and cash equivalents 2,546 1,958 2,546
Total current assets 7,753 8,926 8,277
Total Assets 12,336 13,446 13,046
Liabilities
Deferred tax 366 170 366
Total non-current liabilities 366 170 366
Trade and other payables 2,130 2,493 2,427
Bank overdraft 17 37 18
Corporation tax - - 5
Total current liabilities 2,147 2,530 2,450
Total Liabilities 2,513 2,700 2,816
Equity
Share capital 1,056 1,056 1,056
Share premium reserve 865 865 865
Capital redemption reserve 56 56 56
Translation reserve 18 40 1
Share schemes reserve 6 3 6
Retained earnings 7,822 8,726 8,246
Total Equity attributable to the 7 9,823 10,746 10,230
equity holders of the parent
Total Liabilities and Equity 12,336 13,446 13,046
Consolidated Interim Cash Flow Statement
for the six months ended 31 March 2009
6 Months 6 Months Year to
to 31.3.09 to 31.3.08 30.9.08
unaudited unaudited audited
Note £'000 £'000 £'000
Cash generated from operating
activities
(Loss) / profit before tax (366) 151 (59)
Depreciation of property, plant & 323 333 641
equipment
Amortisation on intangible assets 15 12 37
Decrease / (increase) in inventories 370 64 476
Decrease / (increase) in receivables 213 (240) 225
(Decrease) / increase in payables and (297) 302 (11)
other current liabilities
Profit on sale of plant & equipment (2) (6) -
Share based payment - equity settled - - 3
Interest received (29) (47) (101)
Share of associate loss 11 - 12
Cash generated from operations 238 569 1,764
Income taxes (paid) / received - (25) 27
Net cash generated from operating 238 544 1791
activities
Cash flows from investing activities
Acquisition of shares in associate - - (225)
Purchase of property, plant & 6 (153) (153) (405)
equipment
Purchase of intangible assets (10) - (40)
Proceeds from sale of plant & 2 14 42
equipment
Interest received 29 47 101
Net cash used in investing activities (132) (92) (527)
Cash flows from financing activities
Dividends paid to equity shareholders 4 (105) (196) (301)
Issue of loan to associate - - (100)
Net cash used in financing activities (105) (196) (401)
Net increase / (decrease) in cash & 1 256 863
cash equivalents
Cash & cash equivalents at beginning 2,528 1,665 1,665
of period
Cash & cash equivalents at end of 2,529 1,921 2,528
period
Cash & cash equivalents comprise:
Cash at bank 2,546 1,958 2,546
Bank overdraft (17) (37) (18)
Cash & cash equivalents at end of 2,529 1,921 2,528
period
Notes to the Condensed Consolidated Interim Statements
at 31 March 2009
1 Basis of preparation
These condensed and consolidated interim financial statements of the Group for the six months ended 31 March 2009 incorporate Titon Holdings Plc ("the Company") and its subsidiaries (together referred to as "the Group").
The consolidated interim financial statements have been prepared using accounting policies set out in the Annual Report and Accounts 2008 and in accordance with IAS 34, 'Interim financial reporting', as adopted by the European Union and were authorised by the Board of Directors for release on 13 May 2009.
The consolidated interim financial statements for the six months ended 31 March 2009 and 31 March 2008 have not been audited or reviewed. The results for the year end 30 September 2008 and the balance sheet as at that date are abridged from the Group's Annual Report and Financial Statements 2008, prepared under IFRS, which have been delivered to the Registrar of Companies. The auditors' report on those financial statements was unqualified and did not contain an emphasis of matter paragraph and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. The interim statement does not constitute full accounts within the meaning of Section 240 of the Companies Act 1985.
This statement is being sent to shareholders and will be available from the Company's registered office at International House, Peartree Road, Stanway, Colchester, Essex CO3 0JL.
2 Segment reporting
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
Segment information about the geographic regions is presented below.
Six United Kingdom Rest of the World Consolidated
6 Months 6 Months Year to 6 Months 6 Months Year to 6 Months 6 Months Year to
to 31.3.09 to 31.3.08 30.9.08 to 31.3.09 to 31.3.08 30.9.08 to 31.3.09 to 31.3.08 30.9.08
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
External 5,811 7,609 14,538 957 891 1,837 6,768 8,500 16,375
Intercompany - - - 121 135 300 121 135 300
Total Revenue 5,811 7,609 14,538 1,078 1,026 2,137 6,889 8,635 16,675
Segment result 593 1,059 2,080 (41) 61 74 552 1,120 2,154
Unallocated expenses (936) (1,016) (2,302)
Losses from associates (11) - (12)
Finance income 29 47 101
(Loss) / profit before tax (366) 151 (59)
Tax credit / (expense) 47 (39) (205)
(Loss) / profit for the period attributable to the equity holders of the parent (319) 112 (264)
Notes to the Condensed Consolidated Interim Statements
at 31 March 2009
2 Segment reporting (continued)
Balance Sheet 31.3.09 31.3.08 30.9.08
£*000 £*000 £*000
Assets -Segment total assets
United Kingdom 11,507 13,210 12,604
Rest of World 829 236 442
Consolidated 12,336 13,446 13,046
Liabilities - Segment total liabilities
United Kingdom 2,246 2,664 2,668
Rest of World 267 36 148
Consolidated 2,513 2,700 2,816
3 Tax
Six 6 Months 6 Months Year to
to 31.3.09 to 31.3.08 30.9.08
£'000 £'000 £'000
UK corporation tax (61) 29 (26)
Adjustment in respect of over provision in 8 4 5
prior years
Total UK corporation tax (53) 33 (21)
Overseas tax 22 6 31
Adjustment in respect of over provision in (16) - -
prior years
Total overseas tax 6 6 31
Total current tax (47) 39 10
Deferred tax - - 195
Total tax (47) 39 205
Tax for the interim period is charged at 12.8% (six months to 31 March 2008: 23.2%) representing the best estimate of the average annual effective income tax rate for the full financial year.
Notes to the Condensed Consolidated Interim Statements
at 31 March 2009
4 Dividends
An interim dividend in respect of the six months ended 31 March 2009 of 1.0p per share, amounting to a total dividend of £105,000 was approved by the Directors of Titon Holdings Plc on 13 May 2009. These consolidated interim statements do not reflect the dividend payable.
The interim dividend will be payable on 25 June 2009 to the shareholders on the register on 29 May 2009. The ex dividend date is 27 May 2009.
The following dividends have been recognised and paid by the Company:
Six 6 Months 6 Months Year to
to 31.3.09 to 31.3.08 30.9.08
Date Pence
paid per share £'000 £'000 £'000
Final in respect of the year 18.2.08 2.3 - 196 196
end 30.09.07
Interim in respect of the year 26.06.08 1.0 - - 105
end 30.09.08
Final in respect of the year 19.02.09 1.0 105 - -
end 30.09.08
105 196 301
5 Loss / earnings per ordinary share
Basic loss / earnings per share has been calculated by dividing the profit attributable to shareholders by the weighted average number of ordinary shares in issue during the period, being 10,555,650 (six months ended 31 March 2008: 10,555,650; year ended 30 September 2008: 10,555,650).
Diluted loss/ earnings per share has been calculated by dividing the loss / profit attributable to shareholders by the weighted average number of ordinary shares and potential dilutive ordinary shares during the period, being 10,555,650 (six months ended 31 March 2008: 10,555,650; year ended 30 September 2008: 10,555,650).
6 Property, plant and equipment
Acquisition and disposals
During the six months ended 31 March 2009, the Group acquired assets with a cost of £163,000 (six months to 31 March 2008: £153,000; year ended 30 September 2008: £445,000). Assets with a net book value of £nil were disposed of during the six months ended 31 March 2009 (six months ended 31 March 2008: 8,000; year ended 30 September 2008: £31,000).
Notes to the Condensed Consolidated Interim Statements
at 31 March 2009
7 Changes in Equity
Sharecapital Sharepremium reserve Capital redemption Translation reserve Shareschemes reserve Retained earnings TotalEquity
reserve
£*000 £*000 £*000 £*000 £*000 £*000 £*000
At 1 October 2007 1,056 865 56 33 3 8,811 10,824
Profit for the period - - - - - 112 112
Dividends paid - - - - - (197) (197)
Share-based payment expense - - - - - - -
Translation differences on - - - 7 - - 7
overseas operations
At 31 March 2008 1,056 865 56 40 3 8,726 10,746
Loss for the period - - - - - (376) (376)
Dividends paid - - - - - (104) (104)
Share-based payment expense - - - - 3 - 3
Translation differences on - - - (39) - - (39)
overseas operations
At 30 September 2008 1,056 865 56 1 6 8,246 10,230
Loss for the period - - - - - (319) (319)
Dividends paid - - - - - (105) (105)
Translation differences on - - - 17 - - 17
overseas operations
At 31 March 2009 1,056 865 56 18 6 7,822 9,823
8 Related party transactions
There have been no additional significant or unusual related party transactions to those disclosed in the Group's Annual Report for 30 September 2008.
9 Liability statement
Neither the Group nor the Directors accept any liability to any person in relation to the Interim Statement except to the extent that such liability could arise under English Law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with section 90A of the Financial Services and Markets Act 2000.
Directors and Advisors
Directors
Executive
J N Anderson (Chairman)
D A Ruffell (Chief Executive)
T N Anderson
R Brighton
N C Howlett
C S Jarvis
C J Martin
Non-Executive
P W E Fitt (Vice-Chairman)
P E O'Sullivan
K A Ritchie
Secretary and registered office
D A Ruffell
International House
Peartree Road
Stanway
Colchester
Essex CO3 0JL
COMPANY REGISTRATION NUMBER
1604952 (Registered in England & Wales)
WEBSITE
www.titonholdings.com
auditorsBDO Stoy Hayward LLP55 REGISTRARS AND TRANSFER OFFICECapita
Baker StreetLondonW1U 7EU Registrars LtdNorthern
HouseWoodsomeParkFenayBridgeHuddersfie
ldHD8 0LA
BROKERSEvolution Securities
Limited100 Wood
StreetLondonEC2V 7AN
BANKERSBarclays Bank PlcWitham
Business CentreWitham, EssexCM8 2AT
SOLICITORSMacfarlanes10
Norwich StreetLondonEC4A 1BD
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UOSSRKURVAAR
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| Date/Time | Subject | Author | ||
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| 08-05-09 | ||||
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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? More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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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... More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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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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