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Titon restarts 'limited scale' production at Haverhill
21st Apr 2020 15:45
(Sharecast News) - Window, door and ventilation systems manufacturer Titon Holdings announced on Tuesday that limited scale production was occuring at its factory in Haverhill, Suffolk.
The AIM-traded firm said the decision followed "careful and detailed" planning, with the group putting in place measures in accordance with the UK government's guidelines on social distancing in the workplace to safeguard the health and safety of employees.
Initially, production would primarily be to satisfy existing orders from certain customers, which had maintained operations during the various lockdown regimes imposed globally.
Since the factory's temporary closure in March, the company said it had retained an ongoing dialogue with all of its customers and responded to their queries.
At the current time, it said it was expecting that the orders fulfilled would represent a "small proportion" of its normal level of sales, but as and when restrictions were gradually withdrawn and demand returned, Titon said it was hoping to increase levels of production back to normalised levels.
At the current stage, Titon said there had been no material changes to its cash position or balance sheet since its statement on 24 March.
It noted that the next scheduled reporting event was its interim report for the six months ended 31 March, which was due to be published on 14 May.
"We are pleased to announce that we are re-starting our production operations from today and we look forward to meeting our customers' demands in the usual way," said executive chairman Keith Ritchie.
"We will follow the government's guidelines for safe working for our employees and remain focussed on preserving the group's cash position and strong balance sheet whilst this period of uncertainty continues."
At 1519 BST, shares in Titon Holdings were up 6.13% at 84.9p.
The AIM-traded firm said the decision followed "careful and detailed" planning, with the group putting in place measures in accordance with the UK government's guidelines on social distancing in the workplace to safeguard the health and safety of employees.
Initially, production would primarily be to satisfy existing orders from certain customers, which had maintained operations during the various lockdown regimes imposed globally.
Since the factory's temporary closure in March, the company said it had retained an ongoing dialogue with all of its customers and responded to their queries.
At the current time, it said it was expecting that the orders fulfilled would represent a "small proportion" of its normal level of sales, but as and when restrictions were gradually withdrawn and demand returned, Titon said it was hoping to increase levels of production back to normalised levels.
At the current stage, Titon said there had been no material changes to its cash position or balance sheet since its statement on 24 March.
It noted that the next scheduled reporting event was its interim report for the six months ended 31 March, which was due to be published on 14 May.
"We are pleased to announce that we are re-starting our production operations from today and we look forward to meeting our customers' demands in the usual way," said executive chairman Keith Ritchie.
"We will follow the government's guidelines for safe working for our employees and remain focussed on preserving the group's cash position and strong balance sheet whilst this period of uncertainty continues."
At 1519 BST, shares in Titon Holdings were up 6.13% at 84.9p.