South Korean housing demand lifts Titon Holdings

31st Jan 2014 09:32

South Korean demand for window handles and other housing hardware has boosted profits at ventilation system and window handle maker Titon Holdings, lifting its shares by more than a fifth.Titon said sales had risen strongly at its subsidiary in South Korea, where the housing market has stayed buoyant and sales into the private housing industry sector had increased."We expect the positive results from Korea to continue for the rest of the financial year," Titon said in a trading update.The company, which also has a US arm and distributors in most other major world markets, said the strong South Korean performance had driven a "significant" rise in group profit in the quarter to December 31 to £329,000 against a loss of £79,000 a year ago.Total group revenue was 17% higher than in the same period last year, with UK sales very similar to last year and sales in the rest of the world up by 56%.Titon added: "In the UK we are seeing better trading conditions in the window fabrication market, but conditions within our ventilation systems division are challenging and margins remain under pressure through greater levels of competition. Overall, we are still not anticipating a major change in our UK markets in 2014."Shares in Titon were 21.75% up at 78.5p by mid-morning trading in London.PW