Interim Results at 31/03/05

Titon Holdings PLC
12 May 2005

TITON HOLDINGS PLC
Interim results for 6 months ended 31 March 2005


Chairman's Statement

FINANCIAL RESULTS
Profit before taxation for the six months was 1.6% lower than the same period
last year at £559,000 (2004: £568,000) on turnover 6.1% lower at £7,917,000
(2004: £8,434,000). Basic earnings per share were 1.9% lower at 3.71p (2004:
3.78p) and the Directors have declared an unchanged interim dividend of 2.3p
(2004: 2.3p).

COMMENTARY
The reduction in sales experienced over the period relates wholly to the UK
where demand has declined across a range of customer and product types,
symptomatic of a general slow down in the market. This reduction in activity has
been widely acknowledged by our customers and by many of our competitors within
the industry. Despite the slight decline, there are sectors of our operations
that are showing solid progress, including some of our Export markets.

A positive response has been received to our new domestic ventilation systems
and powered ventilation units, following their launch last year. We are already
beginning to gain some encouraging business from electrical contractors and from
some well known house builders. We will be committing further sales and
marketing resources to this part of our business during the second half.

The efficiency improvements and the cost saving measures, introduced during the
last financial year, have had a favourable impact during the period and have
enabled us to virtually hold our profits despite the fall in sales revenue.
Additional savings from these initiatives should accrue during the second half
and further efficiency improvements are currently being implemented.


PROSPECTS
The difficult trading conditions within the UK window and door industry have
been widely reported and are not anticipated to improve significantly over the
next six months. We will continue our efforts to improve market share in this
sector as well as developing our targeted niche markets. Whilst we fully expect
sales of our ventilation systems to grow steadily, they are not expected to
contribute significantly to our results in the second half of our trading year.
However, the longer term signs are more encouraging.

The long awaited outcome of the Building Regulation changes for both domestic
and commercial ventilation is now scheduled for the coming summer and I will be
able to update shareholders in my year-end statement.

I anticipate that full year earnings will be broadly similar to last year. If,
thereafter, market conditions improve we are well placed to achieve profit
growth.

J N Anderson
Chairman
12 May 2005



TITON HOLDINGS PLC
Interim Results
for the 6 months ended 31 March 2005

                                       Six Months    Six Months     Year to
                                       to 31.3.05    to 31.3.04     30.9.04
                                       (Unaudited)   (Unaudited)   (Audited)
                                            £'000         £'000       £'000

Turnover                                    7,917         8,434      16,401

Operating profit                              482           502         937

Interest receivable                            77            66         131
Interest payable and similar charges            -             -          (6)
                                         --------     ---------    --------

Profit on ordinary activities                 559           568        1062
before taxation
                                         
Taxation on profit on ordinary               (168)         (170)       (305)
activities                                --------     ---------    --------

Profit on ordinary activities after
taxation attributable to the members
of Titon Holdings                             391           398         757

Dividends                                    (242)         (242)       (749)
                                         --------     ---------    --------
Retained profit                               149           156           8
                                         --------     ---------    --------

Earnings per share - basic                   3.71p         3.78p       7.19p
                   - diluted                 3.70p         3.74p       7.14p

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 10,528,800 (Year ended 30 September 2004:
10,523,878; Six months ended 31 March 2004: 10,518,956).

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 10,574,796 (Year ended 30
September 2004: 10,597,741; Six months ended 31 March 2004: 10,629,489).

2. The actual results for the year ended 30 September 2004 are an abridged
version of the Company's 2004 accounts which have been filed with the Registrar
of Companies. The Report of the Auditors on the 2004 financial statements was
unqualified.

The results for the six months ended 31 March 2005 have been prepared on a basis
consistent with the accounting policies set out in the financial statements for
the year ended 30 September 2004.

3. The interim dividend will be payable on 1 July 2005 to the shareholders
on the register on 10 June 2005. The ex dividend date is 8 June 2005.

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.




TITON HOLDINGS PLC
Consolidated Balance Sheet
at 31 March 2005
                                            31.3.05        31.3.04     30.9.04
                                         (Unaudited)    (Unaudited)   (Audited)
                                              £'000          £'000       £'000
Fixed assets
Tangible assets                               4,142          4,210       4,291

Current assets
Stocks                                        2,563          2,574       2,580
Debtors                                       3,468          3,701       3,201
Cash at bank and in hand                      3,154          3,242       4,017
                                           --------       --------    --------
                                              9,185          9,517       9,798
Creditors
Amounts falling due within one year           2,552          2,980       3.463
                                           --------       --------    --------

Net current assets                            6,633          6,537       6,335

Total assets less current liabilities        10,775         10,747      10,626
Deferred taxation                               (95)           (68)        (95)
                                           --------       --------    --------
                                             10,680         10,679      10,531
                                           --------       --------    --------
Capital and reserves
Called up share capital                       1,053          1,053       1,053
Share premium                                   841            841         841
Capital redemption reserve                       56             56          56
Profit and loss account                       8,730          8,729       8,581
                                           --------       --------    --------
Equity shareholders' funds                   10,680         10,679      10,531
                                           --------       --------    --------



TITON HOLDINGS PLC
Consolidated Cash Flow Statement
for the 6 months ended 31 March 2005

                                         Six Months     Six Months     Year to
                                         to 31.3.05     to 31.3.04     30.9.04
                                         (Unaudited)    (Unaudited)   (Audited)
                                              £'000          £'000       £'000
                                        
Net cash inflow from operating                 
activities                                      499            660       1,545
                                            -------       --------     -------

Return on investments
Interest received                                77             66         131
Interest paid                                     -              -          (6)
                                            -------       --------     -------
                                                 77             66         125
                                            -------       --------     -------
Taxation
UK corporation tax                              (82)          (232)       (431)
                                            -------       --------     -------

Capital expenditure
Purchase of tangible fixed assets              (151)          (507)       (940)
Sale of tangible fixed assets                     5             30          66
                                            -------       --------     -------
                                               (146)          (477)       (874)
                                            -------       --------     -------

Equity dividends paid                          (505)          (504)       (745)
                                            -------       --------     -------

Cash outflow before use of liquid
resources                                      (157)          (487)       (380)

Management of liquid resources
Disposal of treasury deposits                   600            800         500

Financing
Issue of ordinary share capital                   -             25          25
                                            -------       --------     -------
Increase in cash                                443            338         145
                                            -------       --------     -------



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