Titon Holdings PLC AGM Statement (3403D)
18 Febbraio 2020 - 10:42AM
UK Regulatory
TIDMTON
RNS Number : 3403D
Titon Holdings PLC
18 February 2020
The following amendment has been made to the 'AGM Statement'
announcement released on 18 February 2020 at 7.00am under RNS No
2717D:
Paragraph two: the date of the current financial year-end has
been changed to 30 September 2020.
All other details remain unchanged.
The full amended text is shown below.
18 February 2020
Titon Holdings Plc
("Titon" or "the Company")
AGM Statement
Titon Holdings Plc ("Titon", the "Group" or the "Company"), a
leading international manufacturer and supplier of ventilation
systems, and window and door hardware, is today holding its Annual
General Meeting at which Keith Ritchie, Executive Chairman, will
make the following statement:
" As I noted in the 2019 preliminary results announcement on 12
December 2019, we continued to face political and economic
uncertainties into our 2020 financial year, which made for a
challenging first two months. These trends have continued and
trading conditions across our geographies in the first four months
of the year have been tougher than we anticipated; as a result, we
anticipate that underlying profit before tax for the year ending 30
September 2020 will be materially below management's
expectations.
"Sales in our Ventilation Systems business in the UK have risen
slightly compared to the same period in 2019, but sales of our
window and door hardware products in the UK have been lower than we
expected as the UK economy suffered a very weak fourth quarter in
2019 and competition intensified. Despite reduced political
uncertainty, we have not yet seen any uplift in trading in 2020
following the 2019 General Election and the UK leaving the EU on
31(st) January 2020.
"Activity levels in the Korean new-build market have continued
to fall as the Government there has intervened to slow house price
growth through restricting lending. This means that full year sales
by Titon Korea are expected to be some 10% lower than we forecast
at the time of the release of the preliminary results announcement
in December 2019. Ventilation Systems sales in Europe have been
significantly weaker than expected caused by customers
over-stocking last year because of the original Brexit dates and by
the postponement of a number of projects in Germany due to the weak
economy there. Our Hardware business in the USA is also trading
below expected levels.
"We are clearly disappointed that current trading has continued
to be challenging for the first four months of the financial year,
but we have taken steps to manage our cost base by reducing our
workforce and continuing to bear down on all costs in the business
for the rest of the year. Our financial position remains strong,
with net cash balances at the end of January 2020 amounting to
GBP4.03m.
"We will be reporting more fully on the first six months'
trading in our Interim Report for the six month period to 31 March
2020, which is due to be published on 14(th) May 2020."
For further information please contact:
Titon Holdings Plc
Keith Ritchie Tel: +44 (0)1206
713821
Shore Capital (Nominated Adviser and Broker) Tel: +44 (0)20 7408
Dru Danford 4090
Edward Mansfield
Daniel Bush
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014.
ENDS
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END
AGMUWOKRRKUUARR
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