Titon Holdings 3 Month Revenue Up 19%

29th Jul 2010 10:05

LONDON (Dow Jones)--Titon Holdings PLC (TON.LN), a U.K. based ventilation products and window and door hardware manufacturer, said Thursday it continues to make progress in tough market conditions and total revenue for the 3 months to June 30 were 19% higher than the corresponding period last year, with U.K. sales 15% higher and the rest of the world 37% higher. MAIN FACTS: -The reduced cost base, which was delivered last year, has continued at the established lower level despite the increase in sales. -In line with that reported at the half year, the growth in U.K. sales comes as a result of higher sales of mechanical ventilation systems, whilst the growth in the rest of the world is due to increased sales volumes in South Korea. -There is still a great amount of uncertainty and lack of confidence within the U.K. construction market and the recently announced public sector spending cuts will ensure that this situation continues for the foreseeable future. -With 80% of sales emanating in the U.K. and with most other export markets showing little sign of recovery from the recession, the Group remains cautious about the short-term outlook. -Cash balances GBP3.1 million (June 2009: GBP2.4 million). -Shares at 0905 GMT down 0.5 pence, or 1%, at 49.5 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires July 29, 2010 05:05 ET (09:05 GMT)