Interim Results - 31/03/03

Titon Holdings PLC
08 May 2003


Titon Holdings Plc
Interim Results for the six months ended 31 March 2003


Chairman's Statement


FINANCIAL RESULTS

Profit Before Taxation for the six months was the same as the previous year at
£702,000 (2002: £702,000) on Turnover 7.3% higher at £8,004,000 
(2002: £7,456,000).  Operating Profit was slightly higher at £617,000
(2002: £616,000) with interest income slightly down at £85,000 (2002: £86,000).
Influenced by the buy back by the Company of 560,000 of its own shares, the
basic earnings per share were up 5.1% at 4.54p (2002: 4.32p). The Directors have
declared an unchanged interim dividend of 2.3p (2002: 2.3p).


COMMENTARY

Although there have been some signs of reduced customer confidence, I am pleased
to report increased sales each month over the corresponding month of the
previous year. Whilst the majority of the increase can be attributed to improved
demand for our handle and stay ranges, we have continued to gain market
penetration with our Select and Maxiglaze ventilation ranges. I am also pleased
to report that export sales have shown further improvements.

Our commitment to extra resources in the areas of Sales, Marketing and Research
and Development has been considerable but appears to be paying dividends. Whilst
current profits have remained static, we are confident that longer-term profit
growth will be best achieved through our present strategies and through prudent
management.

I am also able to report the purchase, in March 2003, of a 23,000 sq ft freehold
unit adjacent to our current factory complex.  This will enable us to terminate
an existing lease and to improve operational efficiency during 2004.


PROSPECTS

We continue to monitor the development of proposed new Building Regulations,
which are fundamental to our UK ventilation sales.  Whilst still experiencing
some uncertainty with the proposed changes, we will be introducing new products
during the coming trading period to expand our product range into other areas of
domestic ventilation.  Whilst the outlook remains uncertain, if greater
stability in UK and other markets can be achieved in the coming months, I hope
to be reporting further positive news at the end of the financial year.

J N Anderson
Chairman
8 May 2003

                                        Six Months     Six Months      Year to
                                        to 31.3.03     to 31.3.02      30.9.02
                                        (Unaudited)    (Unaudited)    (Audited)
                                             £'000          £'000        £'000

Turnover                                     8,004          7,456       15,283

Operating Profit                               617            616        1,386

Interest receivable                             85             86          171
Interest payable and similar                     -              -           (4)
charges                                  -----------      ---------    ---------

Profit on ordinary activities before           702            702        1,553
taxation

Taxation                                      (211)          (224)        (463)
                                         -----------      ---------    ---------

Profit attributable to shareholders            491            478        1,090

Dividend payable                              (242)          (254)        (785)
                                         -----------      ---------    ---------

Retained Profit                                249            224          305
                                         -----------      ---------    ---------

Basic earnings per share                      4.54p          4.32p        9.85p
Diluted earnings per share                    4.53p          4.32p        9.83p

Ordinary dividend per share                    2.3p           2.3p         7.1p


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 10,812,969   (Year ended 30 September 2002:
11,062,200; Six months ended 31 March 2002: 11,062,200).

      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 10,835,581 (Year ended 30
September 2002: 11,090,291; Six months ended 31 March 2002: 11,072,927).


2.     The actual results for the year ended 30 September 2002 are an abridged
version of the Company's 2002 accounts which have been filed with the Registrar
of Companies.  The Report of the Auditors on the 2002 accounts was unqualified.

      The results for the six months ended 31 March 2003 have been prepared on a
basis consistent with the accounting polices set out in the statutory accounts
for the year ended 30 September 2002.


3.     The interim dividend will be payable on 1 July 2003 to the shareholders
on the register on 6 June 2003.  The ex dividend date is 4 June 2003.


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 0JL.



Consolidated Balance Sheet
                                           31.3.03        31.3.02      30.9.02
                                        (Unaudited)    (Unaudited)    (Audited)
                                             £'000          £'000        £'000

Fixed Assets
Tangible assets                              4,058          3,497        3,347

Current Assets
Stocks                                       2,507          2,402        2,237
Debtors                                      3,352          3,143        3,241
Cash at bank and in hand                     3,917          4,098        5,004
                                         -----------      ---------     --------

                                             9,776          9,643       10,482

Creditors
Amounts falling due within one year          3,332          2,444        3,043
                                         -----------      ---------     --------

Net Current Assets                           6,444          7,199        7,439
                                         -----------      ---------     --------
Total assets
Less current liabilities                    10,502         10,696       10,786
Deferred taxation                              (98)           (89)         (98)
                                         -----------      ---------     --------

                                            10,404         10,607       10,688
                                         -----------      ---------     --------

Capital And Reserves
Called up share capital                      1,050          1,106        1,106
Share premium                                  819            819          819
Capital redemption reserve                      56              -            -
Profit and loss account                      8,479          8,682        8,763
                                         -----------      ---------     --------

Equity shareholders' funds                  10,404         10,607       10,688
                                         -----------      ---------     --------





Consolidated Cash Flow Statement
                                        Six Months     Six Months      Year to
                                        to 31.3.03     to 31.3.02      30.9.02
                                        (Unaudited)    (Unaudited)    (Audited)
                                             £'000          £'000        £'000

Net Cash Inflow From Operating                 574            689        2,114
Activities                               -----------      ---------     --------

Return On Investments
Interest received                               85             86          171
Interest paid                                    -              -           (4)
                                         -----------      ---------     --------
                                                85             86          167
                                         -----------      ---------     --------

Taxation
UK Corporation tax                            (208)          (251)        (520)
                                         -----------      ---------     --------

Capital Expenditure
Purchase of tangible fixed assets           (1,023)          (275)        (429)
Sale of tangible fixed assets                   25             26           33
                                         -----------      ---------     --------
                                              (998)          (249)        (396)
                                         -----------      ---------     --------

Equity Dividends Paid                         (504)          (520)        (774)
                                         -----------      ---------     --------

Cash (Outflow)/Inflow Before Use Of
Liquid Resources and Financing              (1,051)          (245)         591

Management Of Liquid
Resources
Disposal/(Purchase) of treasury              1,700            300         (600)
deposits

Financing
Purchase of ordinary share capital            (560)             -            -
                                         -----------      ---------     --------
Increase/(Decrease) In Cash                     89             55           (9)
                                         -----------      ---------     --------



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