Interim Results

Titon Holdings PLC 11 May 2000 TITON HOLDINGS PLC Chairman's Statement FINANCIAL RESULTS I am pleased to announce a further improvement in Group results for the six months ending 31 March 2000. Sales were up by 3.1% at £7,497,000 (1999: £7,269,000) and Operating Profit was up by 14.0% at £849,000 (1999: £745,000). Interest receivable fell from £167,000 in 1999 to £103,000 leaving net profit before tax 4.4% higher at £952,000 (1999: £912,000). Basic earnings per share have increased by 5.1% to 5.96p (1999: 5.67p), and the Directors have declared an interim dividend of 2.3p per Ordinary Share (1999: 2.2p). Capital expenditure has been high for the six months at £813,000 (1999: £424,000) resulting in a reduction in net cash balances from £3,669,000 at the year end to £3,135,000 at the half year. Some £700,000 of the capital spend has been on increasing production capability. COMMENTARY Building on the achievements of the previous two years, I am pleased to announce another record turnover for a first half. Progress has been underpinned by an active home market where sales of Titon ventilators and window fittings remain strong despite increasing competition. Our new 'Select' range of window fittings is receiving favourable reaction in the marketplace and will be officially launched at the 'Interbuild' exhibition at the end of May. I am particularly pleased to record a 20% improvement in our export sales during the six month period. We will continue to invest in products and in staff to sustain the improvement in our existing export markets. We will also continue to explore new areas of opportunity. Our sales growth is being supported by a further extension to our manufacturing facilities at our main factory premises in Haverhill. Providing a further 1,500 square metres, this development will enable us to rationalise and improve operating efficiency, as well as provide increased production capability for future growth. We moved into this extension at the end of March. The company reorganisation is now beginning to show positive benefits, with all levels of management and employees showing great commitment in providing the improved service demanded by customers, both at home and abroad. The Board wishes to thank all employees for their continued efforts and support. PROSPECTS We are encouraged by the market penetration that is being achieved with our own manufactured products in the UK and by the increase in export sales. The effect of the new window fittings range and of factory space rationalisation will benefit us in the second half and we are confident that the improvement in results can be sustained. John Anderson Chairman and Chief Executive 11 May 2000 PROFIT AND LOSS ACCOUNT For the Six Months Ended 31.03.00 Six Six Year to Months Months to to 30.9.99 31.3.00 31.3.99 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Turnover 7,497 7,269 14,461 Operating Profit 849 745 1,765 Interest receivable 103 167 260 Profit on ordinary activities before taxation 952 912 2,025 Taxation (295) (287) (647) Profit attributable to 657 625 1378 shareholders Dividend payable (253) (242) (716) Retained Profit 404 383 662 Basic earnings per share 5.96p 5.67p 12.51p Diluted earnings per share 5.94p 5.66p 12.48p Ordinary dividend per share 2.3p 2.2p 6.5p BALANCE SHEET at 31.03.00 31.3.00 31.3.99 30.9.9 9 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 FIXED ASSETS Tangible assets 3,617 3,173 3,138 CURRENT ASSETS Stocks 2,104 2,052 2,046 Debtors 3,551 3,628 3,146 Cash at bank and in hand 3,326 4,055 3,816 8,981 9,735 9,008 CREDITORS Amounts falling due within 2,822 3,815 2,774 one year NET CURRENT ASSETS 6,159 5,920 6,234 TOTAL ASSETS LESS CURRENT LIABILITIES 9,776 9,093 9,372 CAPITAL AND RESERVES Called up share capital 1,102 1,102 1,102 Share premium 803 803 803 Profit and loss account 7,871 7,188 7,467 Equity shareholders' funds 9,776 9,093 9,372 CASH FLOW STATEMENT For Six Months Ended 31.03.00 Six Six Year Months Months to to to 30.9.9 31.3.00 31.3.99 9 (Unaudited) (Unaudited)(Audited) £'000 £'000 £'000 NET CASH INFLOW FROM 733 980 2,190 OPERATING ACTIVITIES RETURN ON INVESTMENTS Interest received 103 163 260 TAXATION UK Corporation tax (83) (50) (1,005) CAPITAL EXPENDITURE Purchase of tangible fixed (834) (431) (759) assets Sale of tangible fixed assets 21 7 7 (60) 669 693 EQUITY DIVIDENDS PAID (474) (1,939) (2,181) CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES (534) (1,270) (1,488) MANAGEMENT OF LIQUID RESOURCES Disposal of treasury deposits 463 1,250 1,487 DECREASE IN CASH (71) (20) (1) NOTES: 1. Basic earnings per share has been calculated by dividing the Profit attributable to shareholders by the weighted average number of ordinary shares in issue during the period, being 11,017,200 (Year ended 30 September 1999: 11,017,200; Six months ended 31 March 1999: 11,017,200). Diluted earnings per share has been calculated by dividing the Profit attributable to shareholders by the weighted average number of dilutive potential ordinary shares during the period, being 11,069,817 (Year ended 30 September 1999: 11,041,040; Six months ended 31 March 1999: 11,040,189). 2. The actual results for the year ended 30th September 1999 are an abridged version of the Company's 1999 accounts which have been filed with the Registrar of Companies. The Report of the Auditors on the 1999 accounts was unqualified. The results for the six months ended 31 March 2000 have been prepared on a basis consistent with the accounting polices set out in the statutory accounts for the year ended 30 September 1999. 3. The interim dividend will be payable on 3 July 2000 to the shareholders on the register on 9 June 2000. The ex dividend date is 5 June 2000. 4. This statement is being sent to shareholders and will be available from the Company's registered office at International House, Peartree Road, Stanway, Colchester, Essex CO3 5JX.

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