Titon Holdings reports 'disappointing' UK sales in last quarter

UK ventilation systems and hardware manufacturer Titon Holdings has published an interim management statement revealing a fall in UK sales and a small increase in revenue.

The group reported that total group revenues for the quarter to December 31st were 1.0% larger than for the corresponding period in the previous year, with sales down 11% in the UK and up 43% in the rest of the world.

The company statement acknowledged that the level of UK sales had been "disappointing" adding that conditions within the company's key markets of house building and window manufacturing remained "difficult".

The group stated that it was not anticipating a rapid improvement in the UK market in 2013.

Growth opportunities in South KoreaOutside of the UK, Titon stated that sales had risen significantly at its South Korean subsidiary, where the housing market has been strong and it focused more on the private housing sector.

The company's net cash balance on December 31st was £1.78m compared to £1.84m on September 30th 2012.

Titon's share price was down 1.72% to 28.50p at 08:32 on Friday.

MF