Titon Holdings reports record first half

Ventilation systems and window hardware supplier Titon Holdings posted its interim results for the six months to 31 March on Thursday, with net revenue improving 29% to a record £14m.

The London-listed firm said EBITDA increased 41% to £1.17m, which was also a half year record.

Profit before tax stood at £1.18m, an increase of 61%, and earnings per share rose 34% to 6.09p.

The board declared a 20% increase in the interim dividend per share to 1.5p.

Net cash at the end of the period was £2.71m, up from £2.46m year-on-year.

“I am very pleased to report a record half year for Titon with revenue growth of 29% and a 61% increase in profit before tax,” said chairman Keith Ritchie.

“Earnings per share also rose significantly, and the interim dividend is raised by 20%.

“This performance would have been even better without the costs associated with the group's exit from commercial ducting fabrication in the UK.”

In the UK, both the Brexit negotiations and the imminent general election created degrees of uncertainty, Ritchie said, but added that the board still expected its core UK businesses to continue to grow in the second half.

“Another strong performance is also expected from South Korea and, while the US is a smaller region for Titon right now, it is doing well and we intend to commit further resources there.

“The same goes for the group's exports to continental Europe.

“This geographical diversity is a strength and, particularly, when it is combined with great products, great people and a strong balance sheet. I am confident that we will have a good result for the year.”