2015 Interim Statement

RNS Number : 9771M
Titon Holdings PLC
13 May 2015
 



Titon Holdings Plc          

Business Review

 

Financial performance

Group Profit before Taxation for the six-month period ended 31 March 2015 was £792,000 (2014: £551,000) on Revenues 21% higher at £10,699,000 (2014: £8,840,000).

 

Earnings per share for the period were 4.59p (2014: 2.39p) and the Directors have declared an increased interim dividend of 1.25p per share (2014: 1.0p per share).

 

Net Cash Balances at 31 March 2015 were £2,413,000 (2014: £1,851,000).

 

Trading commentary

I am pleased to report a satisfactory improvement in our Group Profit before Tax for the six months ended 31st March 2015. This has risen to £792,000 from £551,000 last year, a rise of 44%. Once again, it is the results from our Korean business which has made the biggest contribution to our profit in the period.

 

Our overall revenue has grown by 21% versus the same period last year and it is the increase in revenue from Korea which has largely fuelled this. Sales in Korea to our Associate Company have increased by 44% reflecting the increased demand for our products from the private sector of the Korean new build market.

 

In the UK, which remains the largest market for our products, sales have increased by 15% to £6.1m (2014: £5.3m). The increased demand for our products combined with better margins has enabled us to build on last year's second half performance, when we returned a profit in the UK following first half losses.

 

Sales at our Ventilation Systems division have continued to grow over the period as residential construction in South East England remains strong and we enlarge our customer base. As previously noted, we have invested significantly in developing a range of mechanical ventilation with heat recovery products and now have a range that allows us to meet requirements from a two bedroom apartment all the way up to a five bedroom house. We will continue to invest in new products for this division as we believe that the topic of Indoor Air Quality ("IAQ") will become more significant in the future as buildings are constructed to a higher standard, thus reducing adventitious ventilation through cracks and gaps. I am pleased to report that Titon has played a leading role within BEAMA, which is the trade body for the British electrotechnical industry, in the public campaign to increase public awareness of IAQ. This has resulted in the creation of the My Health My Home website www.myhealthmyhome.com, which I recommend that you have a look at.

 

In our Window and Door Hardware division, sales for the half year have only increased marginally from last year. We have seen a softening of demand from key customers, which coincides with the recent UK GDP figures showing that the construction sector (which includes house building and repairs, maintenance and improvements) has had negative growth for the last two quarters. The weak period does coincide with the run up to the General Election but it is difficult to say if this has caused the weakness. We continue to devote resources to new door and window products but this market remains highly competitive.

 

Outside the UK, weakness in our sales of hardware products has been more than offset by increased sales of mechanical ventilation products. We exhibited our mechanical ventilation products at the ISH trade show in Frankfurt in March 2015 for the first time and expect to increase our business in overseas markets as a result. For hardware products the major market is with customers in the European Union where the economic difficulties associated with a lack of demand are well documented. Our subsidiary in the United States has had a good half year with sales up by over 50% as the construction market there also recovers from the long recession. We have reorganised our operation in the US and have taken on an additional sales manager as we anticipate higher demand in the future as the US construction market continues to improve.

 

In Korea, as noted above, we have had another strong period. Sales to third party customers by our associate, Browntech Sales Limited, rose by 36% compared to the prior period, which reflects the strengthening Korean house building market. I reported in my year end statement to shareholders that we anticipated greater competition in Korea, and this has been the case. As a result, our profit growth in Korea has been limited to 5% over the period although overall profit levels there are still very satisfactory. Once again, I would like to thank our Korean colleagues for all of their hard work and persistence. Their success has enabled Titon Korea to repay all of the outstanding loans which Titon Holdings made when the partnership was established. 

 

 

 

Page 1

 

 

 

Prospects

We expect conditions in our main UK market in the second half to be more challenging than in the first half year. The General Election is now over and we very much hope that the uncertainty which we have seen from our UK customers in recent months disappears.  The newly elected Conservative government has committed to improve the supply and affordability of new houses and we look forward to that commitment being met over the next five years. Although the European economy remains weak it appears to be stable and there have been a few signs recently of GDP numbers increasing but we are not holding our breath.

 

We are optimistic that our Korean partnership will continue to grow in 2015 both in terms of sales and profitability. We have recently designed a new low cost ventilator for one particular sector of this market and the product will be launched in the second half. I will be travelling to Korea later this month to discuss our business and prospects, which I am looking forward to.

 

We continue to invest in both new machinery in our factory in the UK and new products from the Far East which should benefit both our Hardware and Ventilation Systems divisions in the future. This is possible due to the strength of our Company's balance sheet, and particularly the cash balances that we have accrued.  Our most important asset, however, is our very talented team of people who work hard and show great commitment to our business, wherever they are located and I thank them greatly for their efforts.

 

Principal risk and uncertainties

The key financial and non-financial risks faced by the Group are disclosed in the Group's Annual Report and Accounts for the year ended 30 September 2014 within the Strategic Report (page 7) available at www.titonholdings.com.  The Board considers that these remain a current reflection of the risks and uncertainties facing the business. The Board also considers that it is appropriate to adopt the going concern basis of accounting in preparing these financial statements and has not identified any material uncertainties which would prevent us so doing.

 

Responsibility Statement

The Directors confirm that, to the best of their knowledge, this condensed set of consolidated financial statements has been prepared in accordance with IAS 34 as adopted by the European Union, and that this Interim Report  includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R.

 

The Directors of Titon Holdings Plc are listed on page 14 of this document.  A list of current directors is maintained on the Group's website www.titonholdings.com. 

 

On behalf of the Board

                                            

 

 

KA Ritchie                                                                                           

Chairman                                                                                            

12 May 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                                Page 2  


Titon Holdings Plc

Consolidated Interim Income Statement

for the six months ended 31 March 2015



6 months

6 months

Year to



to 31.3.15

to 31.3.14

30.9.14



unaudited

unaudited

audited


Note

£'000

£'000

£'000

Revenue

2

10,699

8,840

19,256

Cost of sales


(7,850)

(6,471)

(13,926)

Gross profit


2,849

2,369

5,330

Distribution costs


(350)

(317)

(578)

Administrative expenses


(1,871)

(1,627)

(3,624)

Other income


-

12

12

Operating profit


628

437

1,140

Finance income


2

1

5

Share of profits  from associates


162

113

188

Profit before tax


                792

                551

1,333

Income tax expense

3

(116)

(94)

(56)

Profit after income tax


676

457

1,277

Attributable to:





Equity holders of the parent


482

252

899

Non-controlling interest


194

205

378

Profit for the period


676

457

1,277






Earnings per share - basic

5

4.59p

2.39p

8.52p

                               - diluted

5

4.49p

2.36p

8.36p

Consolidated Interim Statement of Comprehensive Income

for the six months ended 31 March 2015


6 months

6 months

Year to


to 31.3.15

to 31.3.14

30.9.14


unaudited

unaudited

Audited


£'000

£'000

£'000

Profit for the period

676

457

1,277

Other comprehensive income - items which may be reclassified to profit or loss in subsequent periods:




Exchange difference on re-translation of

overseas operations

 

83

 

(27)

 

69

Total comprehensive income for the period

759

430

1,346

Attributable to:




Equity holders of the parent

565

225

968

Non-controlling interest

194

205

378


759

430

1,346

 

 The notes on pages 7 to 13 form an integral part of this condensed interim information.

 

                                                                                                Page 3


Titon Holdings Plc

Consolidated Statement of Financial Position

at 31 March 2015

               


31.3.15

31.3.14

30.9.14



unaudited

unaudited

audited


          Note

£'000

£'000

£'000

Assets





Property, plant and equipment

6

3,252

3,208

3,169

Intangible assets


608

658

661

Investments in associates


660

423

498

Deferred tax


28

-

46

Total non-current assets


4,548

4,289

4,374






Inventories


3,820

3,061

3,479

Trade and other receivables


4,889

3,895

4,589

Cash and cash equivalents


2,413

1,851

2,149

Total current assets


11,122

8,807

10,217






Total Assets


15,670

13,096

14,591






Liabilities





Deferred tax


19

50

19

Total non-current liabilities


19

50

19






Trade and other payables


4,162

3,011

3,732

Corporation tax


185

173

162

Total current liabilities


4,347

3,184

3,894






Total Liabilities


4,366

3,234

3,913

Equity





Share capital


1,056

1,056

1,056

Share premium reserve


865

865

865

Capital redemption reserve


56

56

56

Treasury shares


(27)

-

(27)

Translation reserve


106

(73)

                23

Retained earnings


8,372

 

7,449

 

8,023

Total Equity attributable to the equity holders of the parent


10,428

9,353

9,996

Non-controlling Interest


876

509

682

Total Equity


11,304

9,862

10,678

Total Liabilities and Equity


14,591

 

 

The notes on pages 7 to 13 form an integral part of this condensed interim information.

            

 

 

                                                                                                Page 4


Titon Holdings Plc

Consolidated Interim Statement of Changes in Equity

 

 

 


Share

capital

Share

premium

 reserve

Capital

 redemption reserve

Translation reserve

Treasury

Shares

Retained

 earnings

Total

Non-

controlling

 interest

Total

Equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000











At 1 October 2013

1,056

865

56

(46)

-

7,282

9,213

304

9,517

Translation differences on overseas operations

-

-

-

(27)

-

-

(27)

-

(27)

Profit for the period

-

-

-

-

-

252

252

205

457

Total comprehensive profit for the period

-

-

-

(27)

 

-

252

225

205

430

Dividends paid

-

-

-

-

-

(105)

(105)

-

(105)

Share-based payment expense

-

-

-

-

-

20

20

-

20

At 31 March 2014

1,056

865

56

(73)

-

7,449

9,353

509

9,862

Translation differences on overseas operations

-

-

-

96

-

-

96

-

96

Profit for the period

-

-

-

-

-

647

647

173

820

Total comprehensive profit for the period

-

-

-

96

-

647

743

173

916

Dividends paid

-

-

-

-

-

(106)

(106)

-

(106)

Share-based payment expense

-

-

-

-

-

33

33

-

33

Purchase of treasury shares

-

-

-

-

(27)

-

(27)

-

(27)

At 30 September 2014

1,056

865

56

23

(27)

8,023

9,996

682

10,678

Translation differences on overseas operations

-

-

-

83

-

-

83

-

83

Profit for the period

-

-

-

-

-

482

482

194

676

Total comprehensive profit for the period

-

-

-

83

-

482

565

194

759

Dividends paid

-

-

-

-

-

(157)

(157)

-

(157)

Share-based payment expense

-

-

-

-

-

24

24

-

24

At 31 March 2015

1,056

865

56

106

(27)

8,372

10,428

876

11,304

 

 

The notes on pages 7 to 13 form an integral part of this condensed interim information.

 

 

 

 

 

            

 

 

 

 

                                                                                                Page 5


Titon Holdings Plc

Consolidated Interim Statement of Cash Flows

for the six months ended 31 March 2015

 



6 months

6 months

Year to



to 31.3.15

to 31.3.14

30.9.14



unaudited

unaudited

audited


Note 

£'000

£'000

£'000

Cash generated from operating activities





Profit before tax


792

551

1,333

Depreciation of property, plant & equipment


198

217

419

Amortisation on intangible assets


83

70

145

Increase in inventories


(281)

(240)

(564)

Increase in receivables


(198)

(609)

(1,209)

Increase in payables and other current liabilities


350

107

736

Profit on sale of plant & equipment


(3)

(5)

(15)

Share based payment - equity settled


24

20

53

Interest received


(2)

(1)

(5)

Share of associate's profit


(162)

(113)

(188)

Cash generated from / (used in) operations


              801

                (3)

705

Income taxes paid


(75)

(18)

(68)

Net cash generated from / (used in) operating activities


726

(21)

637

Cash flows from investing activities





Purchase of plant & equipment

  6

(298)

(127)

(290)

Purchase of intangible assets


(33)

(18)

(96)

Proceeds from sale of plant & equipment


24

5

15

Interest received


2

1

5

Net cash used in investing activities


(305)

(139)

(366)

Cash flows from financing activities





Purchase of Treasury Shares


-

-

(27)

Dividends paid to equity shareholders

4

(157)

(105)

(211)

Net cash used in financing activities


    (157)

    (105)

(238)

Net increase / (decrease) in cash & cash equivalents


264

(265)

33

Cash  & cash equivalents at beginning of the period


2,149

2,116

2,116

Cash & cash equivalents at end of the period


2,413

1,851

2,149

Cash & cash equivalents comprise:





Cash at bank


2,413

1,851

2,149

Overdraft


-

-

-

Cash & cash equivalents at end of the period


2,413

1,851

2,149

 

The notes on pages 7 to 13 form an integral part of this condensed interim information.

 

 

 

 

 

 

                                                                                                Page 6                                  


Notes to the Condensed Consolidated Interim Statements

at 31 March 2015

 

 

Basis of preparation

Titon Holdings Plc (the 'Company') is a company domiciled in England. The condensed consolidated interim financial statements of the Group for the six months ended 31 March 2015 comprise the Company and its subsidiaries (together referred to as the 'Group').

 

The IASB has issued the following revised and updated IFRIC amendments which have been adopted, although they have no impact on the Group's reporting; amendments to:

·    IFRS 10 Consolidated Financial Statements - establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more entities.

·    IFRS 11 Joint Arrangements - the principle in IFRS 11 is that a party to a joint arrangement recognises its rights and obligations arising from the arrangement rather than focusing on the legal form.

·    IFRS 12 Disclosure of Interests in Other Entities - includes the disclosure requirements for all forms of interests in other entities, including subsidiaries, joint arrangements, associates and unconsolidated structured entities.

·    IAS 27 Separate Financial Statements - contains accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements. The Standard requires an entity preparing separate financial statements to account for those investments at cost or in accordance with the applicable financial instruments standard (i.e. IAS 39 or IFRS 9).

·    IAS 28 Investments in Associates and Joint Ventures - the standard now includes the required accounting for joint ventures as well as the definition and required accounting for associates.

·    Amendments to IFRS 10, IFRS 12 and IAS 27 Investment Entities - The Amendments provide an exception from the requirements for a qualifying entity to consolidate investees and, instead, requires them to present their investments in subsidiaries as a net investment that is measured at fair value. The exception means that entities will be able to measure all investments at fair value using the requirements in IFRS.

·    Transition Guidance Amendments to IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. The Amendments clarify the transition and also provide additional transition relief, limiting the requirement to provide adjusted comparative information to only the preceding comparative period.

·    Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities - this Amendment to IAS 32 seeks to clarify rather than to change the off-setting requirements previously set out in IAS 32.  

·    Amendments to IAS 36 Recoverable amounts disclosures for non-financial assets - this narrow-scope amendment addresses the disclosure of information about the recoverable amount of impaired assets if that amount is based on fair value less costs of disposal.

·    Amendments to IAS 39 Novation of Derivatives and Continuation of Hedge Accounting - this narrow scope amendment to IAS 39 will allow hedge accounting to continue, if specific conditions are met, in a situation where a derivative, which has been designated as a hedging instrument, is novated to effect the clearing with a central counterparty as a result of laws or regulation.

·    IFRIC 21 Levies. This is an interpretation of IAS 37 Provisions, Contingent Liabilities and Contingent Assets on the accounting for levies imposed by governments - the interpretation clarifies that the obligation event that gives rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy.

Otherwise, the condensed interim financial statements have been prepared using accounting policies set out in the Report and Accounts 2014 and have been applied consistently to all periods presented in these financial statements. They are in accordance with IAS 34. The six months results for both 31 March 2014 and 2015 have neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board. The financial information for the year end 30 September 2014 does not constitute the full statutory accounts for that period. The Company's Report and Accounts 2014 have been delivered to the Registrar of Companies. The independent auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.

The condensed interim financial statements do not constitute full accounts within the meaning of Section 434 of the Companies Act 2006.

The interim report was approved by the Board and authorised for issue on 12 May 2015. Copies of the interim report will be sent to shareholders in the next few weeks.

This statement is being sent to shareholders, will be available on the Group's website at www.titonholdings.com and from the Company's registered office at International House, Peartree Road, Stanway, Colchester, Essex CO3 0JL.

 

 

                                                                                          Page 7

 

 

 

Notes to the Condensed Consolidated Interim Statements

at 31 March 2015

 

2   Segment reporting

In identifying its operating segments, management generally follows the Group's reporting lines, which represent the main geographic markets in which the Group operates. The segment reporting below is shown in a manner consistent with the internal reporting provided to the Board, which is the Chief Operating Decision Maker (CODM). These operating segments are monitored and strategic decisions are made on the basis of segment operating results. 

The Group operates three main business segments which are:

Segment

Activities undertaken include:

United Kingdom

Sales of passive and powered ventilation products to house builders, electrical contractors and window and door manufacturers. In addition to this, it is a leading supplier of window and door hardware.

South Korea

Sales of passive ventilation products to construction companies.

All other countries

Sales of passive and powered ventilation products to distributors, window manufacturers and construction companies

Inter-segment revenue is transacted on an arm's length basis and charged at prevailing market prices for a specific product and market or cost plus where no direct comparative market price is available.  Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.  Research and development entity-wide financial expenses are not allocated to the business activities for which R&D is specifically performed and it is not therefore reported as a separate operating segment. Sales Administration and Other Expenses are not currently allocated to operating segments in the Group's reporting to the CODM, and Other Expenses include mainly central and parent company overheads relating to group management, the finance function and regulatory requirements. 

The measurement policies the Group uses for segment reporting under IFRS 8 are the same as those used in its financial statements.

The total assets for the segments represent the consolidated total assets attributable to these reporting segments. Parent company results and consolidation adjustments reconciling the segmental results and total assets to the consolidated financial statements, are included within the United Kingdom segment figures stated below.

 

Business segment

United

Kingdom

South

Korea

All other countries

Total


£'000

£'000

£'000

£'000

6 months ended 31 March 2015





Segment revenue

6,094

 

3,445

1,160

10,699

Inter-segment revenue

-

-

265

265

Total Revenue

6,094

3,445

1,425

10,964

Segment profit

1,195

661

140

1,996

Unallocated expenses





Research and Development expenses




(278)

Sales Administration expenses




(349)

Other Expenses




(579)

Finance income




2

Profit before tax



792

Tax expense




(116)

Profit for the period




676

Depreciation and amortisation

265

16

-

281

Total assets

11,204

4,155

314

15,673

Total assets include:





Investments in associates

660

-

-

660

Additions to non-current assets (other than financial instruments and deferred tax assets and excluding changes in value of the non-current asset investment in the associate)

285

46

-

331

The South Korean Segment profit includes the Group's share of the profits from the Associate.

                                                                                               

                                                                                          Page 8      

 

              

 

Notes to the Condensed Consolidated Interim Statements

at 31 March 2015

 

2   Segment reporting (continued)

 

Business segment

United

Kingdom

South

Korea

All other countries

Total


£'000

£'000

£'000

£'000

6 months ended 31 March 2014





Segment revenue

5,319

 

2,674

847

8,840

Inter-segment revenue

-

-

172

172

Total Revenue

5,319

2,674

1,019

9,012

Segment profit

892

627

60

1,579

Unallocated expenses





Research and Development expenses




(211)

Sales Administration expenses




(287)

Other Expenses




(531)

Finance income




1

Profit before tax



551

Tax expense




(94)

Profit for the period




457

Depreciation and amortisation

271

16

-

287

Total assets

9,927

3,007

162

13,096

Total assets include:





Investments in associates

423

-

-

423

Additions to non-current assets (other than financial instruments and deferred tax assets and excluding changes in value of the non-current asset investment in the associate)

104

40

-

144

 

 

The South Korean Segment profit includes the Group's share of the profits from the Associate.

 

 

 

 

                                                                                                                                                                                                  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 9       

 

 

                                                                            

Notes to the Condensed Consolidated Interim Statements

at 31 March 2015

 

2  Segment reporting (continued)

 

 

Business segment

United Kingdom

South

Korea

 

All other countries

Total


£'000

£'000

£'000

£'000

12 months ended 30 September 2014





Segment revenue

11,781

5,662

1,813

19,256

Inter-segment revenue

-

-

408

408

Total Revenue

11,781

5,662

2,221

19,664

Segment profit

2,181

884

127

3,192

Unallocated expenses





Research and Development expenses




(401)

Sales Administration expenses




(578)

Other Expenses




(885)

Finance income




5

Profit before tax




1,333

Tax expense 




(56)

Profit for the period




1,277

Depreciation and amortisation

530

34

-

564

Total assets

10,864

3,497

230

14,591

Total assets include:





Investments in associates

498

-

-

498

Additions to non-current assets (other than financial instruments and deferred tax assets and excluding changes in value of the non-current asset investment in the associate)

345

40

1

386

 

The South Korean Segment profit includes the Group's share of the profits from the Associate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 10

 

 

 

 

Notes to the Condensed Consolidated Interim Statements

at 31 March 2015

 

2  Segment reporting (continued)

 

IFRS 8 requires entity-wide disclosures to be made about the regions in which it earns its revenues and holds its non-current assets which are shown below.

 

6 months ended

31 March 2015

United Kingdom

Europe

USA

 

South East Asia

 

All other regions

 

Total

Revenues

£'000

£'000

£'000

£'000

£'000

£'000

by entities' country of domicile

6,708

-

546

3,445

-

10,699

by country from which derived

6,094

600

546

3,445

14

10,699

Non-current assets







By entities' country of domicile

4,299

-

1

251

-

4,551

 

One customer accounted for more than 10% of Group revenue and sales to this customer totalled £3,445,000 (included within South East Asia).

 

6 months ended

31 March 2014

United Kingdom

Europe

USA

 

South East Asia

 

All other regions

 

Total

Revenues

£'000

£'000

£'000

£'000

£'000

£'000

by entities' country of domicile

5,821

-

345

2,674

-

8,840

by country from which derived

5,495

313

345

2,675

12

8,840

Non-current assets







By entities' country of domicile

4,080

-

-

209

-

4,289

 

One customer accounted for more than 10% of Group revenue and sales to this customer totalled £2,631,000 (included within South East Asia).

 

 

12 months ended

30 September 2014

United Kingdom

Europe

USA

 

South East Asia

 

All other regions

Total

Revenues

£'000

£'000

£'000

£'000

£'000

£'000

by entities' country of domicile

12,827

-

767

5,662

-

19,256

by country from which derived

11,786

959

767

5,667

77

19,256

Non-current assets







By entities' country of domicile

3,864

-

1

509

-

4,374

 

Sales to one customer, Browntech Sales Co. Ltd (the Group's associate undertaking in South Korea), of £5,608,000 represent 29.1% of Group Revenue. There are no other concentrations of revenue above 10% during the year (see Note 7 - Related party transactions).

 

 

 

 

                                                                             Page 11

 

 

Notes to the Condensed Consolidated Interim Statements

at 31 March 2015

 

3   Tax


6 months

6 months

Year to


to 31.3.15

to 31.3.14

30.9.14


£'000

£'000

£'000

Current income tax:




Corporation tax expense

(127)

(149)

(189)

Adjustment in respect of prior years

29

-

1


(98)

(149)

(188)

Deferred tax:




Origination and reversal of temporary differences

(15)

55

132

Adjustment in respect of prior years

(3)

-

-


(18)

55

132

Income tax expense

(116)

(94)

(56)

 

Tax for the interim period is charged at 22.6% (six months to 31 March 2014: 22.0%) representing the best estimate of the average annual effective income tax rate for the full financial year.

 

 

4   Dividends

An interim dividend in respect of the six months ended 31 March 2015 of 1.25p per share, amounting to a total dividend of £131,000 was approved by the Directors of Titon Holdings Plc on 12 May 2015. These consolidated interim statements do not reflect the dividend payable.

 

The interim dividend will be payable on 23 June 2015 to the shareholders on the register on 29 May 2015. The ex-dividend date is 28 May 2015.

 

The following dividends have been recognised and paid by the Company:

 




6 months

6 months

Year to




to 31.3.15

to 31.3.14

30.9.14


Date

paid

Pence

per share

 

£'000

 

£'000

 

£'000

Final in respect of the year end 30.09.13

21.02.14

1.0

-

105

105

Interim in respect of the year end 30.09.14

24.06.14

1.0

-

-

106

Final in respect of the year end 30.09.14

20.02.15

1.5

157

-

-




157

105

211

 

 

 

 

 

 

 

 

 

 

 

 

                                                                        Page 12

 

 

Notes to the Condensed Consolidated Interim Statements

at 31 March 2015

 

5   Earnings per ordinary share

Basic earnings per share has been calculated by dividing the profits attributable to shareholders by the weighted average number of ordinary shares in issue during the period, being 10,505,650 (six months ended 31 March 2014: 10,555,650; year ended 30 September 2014: 10,543,150).

 

Diluted earnings per share has been calculated by dividing the profits attributable to shareholders by the weighted average number of ordinary shares and potential dilutive ordinary shares during the period, being 10,746,848 (six months ended 31 March 2014: 10,670,161; year ended 30 September 2014: 10,752,689). 

 

6   Property, plant and equipment

Additions and disposals

During the six months ended 31 March 2015, the Group acquired assets with a cost of £298,000 (six months to 31 March 2014: £127,000; year ended 30 September 2014: £290,000).

 

7   Related party transactions

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

 

Transactions between subsidiary companies and the associate company, which is a related party, were as follows:

 

 


Sale of goods

 

Amount owed by related party


6 months

to 31.3.15

6 months

to 31.3.14

Year to

to 30.9.14

6 months

to 31.3.15

6 months

to 31.3.14

Year to

to 30.9.14


£'000

£'000

£'000

£'000

£'000

£'000

Browntech Sales Co. Ltd

3,445

2,631

5,608

2,104

1,482

1,885

 

 

There have been no additional significant or unusual related party transactions to those disclosed in the Group's Annual Report for 30 September 2014.

 

 

8   Liability statement

Neither the Group nor the Directors accept any liability to any person in relation to the Interim Statement except to the extent that such liability could arise under English Law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with section 90A of the Financial Services and Markets Act 2000.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                                Page 13                


 

Directors and Advisors

 

Directors

 

Executive

KA Ritchie (Chairman)

D A Ruffell (Chief Executive)

T N Anderson

N C Howlett

Non-executive

J N Anderson (Deputy Chairman)

 

 

Secretary and registered office

D A Ruffell

International House

Peartree Road

Stanway

Colchester

Essex CO3 0JL

 

COMPANY REGISTRATION NUMBER

1604952 (Registered in England & Wales)

 

WEBSITE

www.titonholdings.com

 

 

auditors

BDO LLP

55 Baker Street

London

W1U 7EU

REGISTRARS AND TRANSFER OFFICE

Capita Registrars Ltd

Northern House

Woodsome Park

Fenay Bridge

Huddersfield

HD8 0LA

 

 

 

BANKERS

Barclays Bank Plc

Witham Business Centre

Witham, Essex

CM8 2AT

 

 

 

 

 

 

 

SOLICITORS

Barlow Robbins LLP

The Oriel

Sydenham Road

Guildford

GU1 3SR

 


 

 

 

 

 

 

 

                                                          Page 14


This information is provided by RNS
The company news service from the London Stock Exchange
 
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