Titon Holdings full year profit rises thanks to Korea subsidiary

Titon Holdings posted a rise in pre-tax profit for the year to the end of September as revenue advanced, largely thanks to a solid performance from its subsidiary in Korea.

Pre-tax profit came in at £1.9m from £1.3 the previous year, on revenue of £22.3m, up 16%.

The group, which makes and markets ventilation products and door and window fittings, proposed a final dividend of 1.75 per share, up from 1.5p last year and bringing the total dividend to 3p compared with 2.5p.

Titon attributed much of the jump in profit to a solid result from its subsidiary in Korea, which traded strongly throughout the year.

Revenues at the Korea business increased 26% from £5.7m in 2014 to £7.2m thanks to higher sales into the private house building sector compared to last year.

It also said the underlying trading performance in the UK has continued to improve.

Sales for its UK door and window hardware products business have shown a small year-on-year increase.

The company noted that the general level of repairs, maintenance and improvements in domestic housing tends to depend on the number of housing transactions taking place and this has been subdued during the year.

“In conclusion we are optimistic that we will continue to grow our businesses in 2016 but, no doubt, there will be challenges as we do so. The balance sheet remains strong and we will continue to invest in the people and products that will help us achieve growth,” Titon said.

At 1032 GMT, shares were up 10.6% to 92.90p.