Interim Results

Titon Holdings PLC
10 May 2007



Consolidated Interim Financial Statements
for the six months ended 31 March 2007


Chairman's Statement


FINANCIAL PERFORMANCE

I am pleased to announce a 4.5% improvement in profit before taxation for the
six months to £439,000 (2006: £420,000) on a 5.8% increase in revenue to
£8,670,000 (2006: £8,195,000). Earnings per share for the period were 3.8%
higher at 2.97p (2006: 2.86p) and the Directors have approved an unchanged
interim dividend of 2.3p per ordinary share (2006: 2.3p). The dividend will be
payable on the 28 June 2007 to shareholders on the register on 1 June 2007.
The ex-dividend date is 30 May 2007.

Capital expenditure has been much lower this period at £208,000 (2006:
£1,142,000) and cash balances at the end of the period were £1,671,000 (2006:
£2,392,000)

TRADING COMMENTARY

First half year performance has been very much as expected, with growth
opportunities being largely curtailed by a subdued UK window market.

Over the previous few years I have reported on the Building Regulation change
for England and Wales, and the impact it is likely to have on Titon. A major
outcome of this process has been our diversification into mechanical ventilation
systems. One of the factors driving the demand for these systems is the increase
in building air tightness levels arising from the Building Regulation. This
progression towards more airtight construction has been further reinforced by
the recently published 'Code for Sustainable Homes', as has the need for greater
energy efficient products. In response to this requirement, we have recently
sourced several new powered ventilation products which are among the most energy
efficient on the market. We believe that these products will give us a good
opportunity to further establish our name in this growing marketplace.

Sales of our recently launched Trimvent Select Xtra trickle ventilator range to
suit passive ventilation requirements for the new Regulation are progressing
satisfactorily, although much of current house building is still being processed
under previous Regulations. The Trimvent Select Xtra range will be expanded as
the year progresses.

I reported in my last Statement that, following the Government U-turn on
introducing a Regulation for background ventilation in existing dwellings, the
window industry had been tasked to introduce a 'Good Practice' guide for fitting
trickle ventilators to replacement windows. However, it is now evident that this
guidance is having a minimal impact on ventilator demand and part of the
investment committed by Titon in 2005/2006 to increase sales and capacity will
have a slower payback than anticipated. It has been a big disappointment and a
potential setback for improving air quality in existing homes.

Our export sales, which have shown steady growth over the past few years, have
continued to improve. However, the weakness of the US dollar, combined with the
steep fall in house building activity in the USA, has limited overall export
growth to 6%.

I have previously reported on our intent to seek overseas supply options to help
reduce our product costs. I am now able to report that, effective from June
2007, we will be sourcing our zinc die casting components from Slovenia and
closing our in-house operation, achieving significant annual savings from the
venture. As part of the arrangement with our Slovenian supplier, Titus Lama, we
will be selling to them our entire die casting plant and equipment whilst
retaining all product design rights.

PROSPECTS

The UK window market, which provides a large proportion of our business, is
declining as social housing programmes near completion and as quality imported
windows gain a greater market share. However, we anticipate increasing our
market share of the available trickle ventilator market through our Trimvent
Select Xtra range.

The progress of Titon towards becoming a domestic ventilation systems supplier 
will continue and will be aided by the introduction of leading edge energy 
efficient products.

Further growth in our exports, in our sales into the aluminium window market and
our powered ventilation products is anticipated. Providing that any further
increases in UK interest rates do not significantly impact on the UK house
building industry, we believe that the improvement in the financial results can
be maintained.


J N Anderson
Chairman
10 May 2007



Consolidated Interim Income Statment
for the six months ended 31 March 2007

                                             Six Months   Six Months   Year to
                                             to 31.3.07   to 31.3.06   30.9.06

                                      Note        £'000        £'000     £'000

Revenue                                  2        8,670        8,195    16,600

Operating profit                                    388          354       782

Finance income                                       51           66       112
                                                --------------------------------

Profit before taxation                              439          420       894
Tax expense                              3         (126)        (118)     (219)
--------------------------------------------------------------------------------
Profit for the period attributable to
the equity holders of the parent         7          313          302       675
--------------------------------------------------------------------------------

Earnings per share - basic               5         2.97p        2.86p     6.40p
                   - diluted             5         2.97p        2.85p     6.40p



Consolidated Interim Statement of Recognised Income and Expense
for the six months ended 31 March 2007

                                             Six Months   Six Months   Year to
                                             to 31.3.07   to 31.3.06   30.9.06

                                      Note        £'000        £'000     £'000

Profit for the period attributable to
the equity holders of the parent         7          313          302       675

Exchange difference on re-translation
of net assets of overseas subsidiary
undertakings                                          4           12        20
--------------------------------------------------------------------------------
Total recognised income and expense
for the period attributable to equity
holders of the parent                               317          314       695
--------------------------------------------------------------------------------



Consolidated Interim Balance Sheet
at 31 March 2007

                                                   31.3.07   31.3.06   30.9.06

                                      Note           £'000     £'000     £'000
Assets
Property, plant and equipment            6           4,854     4,984     5,009
Intangible assets                                       63        57        67
                                                    ----------------------------
Total non-current assets                             4,917     5,041     5,076

Inventories                                          3,344     2,863     2,950
Trade and other receivables                          3,785     3,828     3,624
Cash and cash equivalents                            1,674     2,473     2,078
                                                    ----------------------------
Total current assets                                 8,803     9,164     8,652
--------------------------------------------------------------------------------
Total Assets                                        13,720    14,205    13,728
--------------------------------------------------------------------------------

Liabilities
Deferred tax                                           185       104       170
                                                    ----------------------------
Total non-current liabilities                          185       104       170

Trade and other payables                             2,491     2,883     2,362
Bank overdraft                                           3        81         9
Corporation tax                                        118       166        75
                                                    ----------------------------
Total current liabilities                            2,612     3,130     2,446
--------------------------------------------------------------------------------
Total Liabilities                                    2,797     3,234     2,616
--------------------------------------------------------------------------------

Equity
Share capital                                        1,056     1,055     1,056
Share premium reserve                                  865       863       865
Capital redemption reserve                              56        56        56
Translation reserve                                     21         9        17
Share schemes reserve                                    3         2         2
Retained earnings                                    8,922     8,986     9,116
--------------------------------------------------------------------------------
Total Equity attributable to the
equity holders of the parent            7           10,923    10,971    11,112
--------------------------------------------------------------------------------
Total Liabilities and Equity                        13,720    14,205    13,728
--------------------------------------------------------------------------------


Consolidated Interim Cash Flow Statement
for the six months ended 31 March 2007

                                             Six Months   Six Months   Year to
                                             to 31.3.07   to 31.3.06   30.9.06

                                          Note    £'000        £'000     £'000
Cash generated from operating
activities
Profit before taxation                              439          420       894
Depreciation of property, plant &
equipment                                           339          315       682
Amortisation on intangible assets                    17           20        25
Interest Income                                     (51)         (66)     (112)
Increase in inventories                            (391)        (343)     (424)
(Increase)/decrease in receivables                 (160)        (130)       76
Increase/(decrease) in payables and
other current liabilities                           129          456       (66)
Profit on sale of plant & equipment                   -          (10)      (22)
Share based payment - equity settled                  1            1         1
--------------------------------------------------------------------------------
Cash generated from operations                      323          663     1,054
--------------------------------------------------------------------------------
Income taxes paid                                   (68)         (96)     (221)
--------------------------------------------------------------------------------
Net cash generated from operating
activities                                          255          567       833
--------------------------------------------------------------------------------

Cash used in investing activities
Purchase of plant & equipment               6      (195)      (1,071)   (1,485)
Purchase of intangible assets                       (13)         (71)      (86)
Proceeds from sale of plant &                        11           24        58
equipment
Interest received                                    51           66       112
---------------------------- ---------------------------------------------------
Net cash used in investing activities              (146)      (1,052)   (1,401)
---------------------------- ---------------------------------------------------
Cash flows from financing activities
Dividends paid to equity shareholders       4      (507)        (506)     (749)
Proceeds from issue of share capital                  -           24        27
---------------------------- ---------------------------------------------------
Net cash used in financing activities              (507)        (482)     (722)
--------------------------------------------------------------------------------

Net decrease in cash & cash equivalents            (398)        (967)   (1,290)
Cash & cash equivalents at beginning
of period                                         2,069        3,359     3,359
--------------------------------------------------------------------------------
Cash & cash equivalents at end of
period                                            1,671        2,392     2,069
--------------------------------------------------------------------------------
Cash & cash equivalents comprise:
Cash at bank                                      1,674        2,473     2,078
Bank overdraft                                       (3)         (81)       (9)
--------------------------------------------------------------------------------
Cash & cash equivalents at end of
period                                            1,671        2,392     2,069
--------------------------------------------------------------------------------


Notes to the Consolidated Interim Statement
at 31 March 2007


1. Basis of preparation

The consolidated interim financial statements of the Group for the six months
ended 31 March 2007 incorporates Titon Holdings Plc ("the Company") and its
subsidiaries (together referred to as "the Group").

The consolidated interim financial statements have been prepared using
accounting policies set out in the Annual Report and Accounts 2006 and were
authorised by the Board of Directors for release on 10 May 2007.

The consolidated interim financial statements for the six months ended
31 March 2007 and 31 March 2006 have not been audited. The results for the year
end 30 September 2006 and the balance sheet as at that date are abridged from
the Group's Annual Report and Financial Statements 2006, prepared under IFRS,
which have been delivered to the Registrar of Companies. The auditors' report on
those Financial Statements was unqualified and did not contain a statement under 
Section 237(2) or (3) of the Companies Act 1985. The interim statement does not
constitute full accounts within the meaning of Section 240 of the Companies Act 
1985.

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.


2. Segment reporting

For management and internal reporting purposes, the Group's operations are
currently analysed according to geographical regions. This is the basis on which
the Group reports its primary segment information.

The Group's business is comprised of the following reportable geographic
segments:
United Kingdom
Rest of the World

Segment information about the geographic regions is presented below.

                                                        United Kingdom
                                             Six Months   Six Months   Year to
                                             to 31.3.07   to 31.3.06   30.9.06

                                                  £'000        £'000     £'000
External                                          7,595        7,180    14,427
Intercompany                                          -            -         -
--------------------------------------------------------------------------------   
Total Revenue                                     7,595        7,180    14,427
--------------------------------------------------------------------------------   
Segment result                                    1,132        1,079     2,197
--------------------------------------------------------------------------------  
  

                                                      Rest of the World
                                             Six Months   Six Months   Year to
                                             to 31.3.07   to 31.3.06   30.9.06

                                                  £'000        £'000     £'000
External                                          1,075        1,015     2,173
Intercompany                                        185          163       291
--------------------------------------------------------------------------------    
Total Revenue                                     1,260        1,178     2,464      
--------------------------------------------------------------------------------    
Segment result                                      111           98       247 
--------------------------------------------------------------------------------


                                                         Consolidated
                                             Six Months   Six Months   Year to
                                             to 31.3.07   to 31.3.06   30.9.06

                                                  £'000        £'000     £'000
External                                          8,670        8,195    16,600
Intercompany                                        185          163       291
--------------------------------------------------------------------------------    
Total Revenue                                     8,855        8,358    16,891
--------------------------------------------------------------------------------    
Segment result                                    1,243        1,177     2,444
Unallocated expenses                               (855)        (823)   (1,662)
--------------------------------------------------------------------------------    
Operating profit                                    388          354       782
Finance income                                       51           66       112
--------------------------------------------------------------------------------
Profit before tax                                   439          420       894
Tax expense                                        (126)        (118)     (219)
--------------------------------------------------------------------------------    
Profit for the period attributable to the
equity holders of the parent                        313          302       675
--------------------------------------------------------------------------------


3.Tax expense
                                             Six Months   Six Months   Year to
                                             to 31.3.07   to 31.3.06   30.9.06

                                                  £'000        £'000     £'000
UK corporation tax                                  105          108       191
Adjustment in respect of over provision
in prior years                                        -            -       (33)
--------------------------------------------------------------------------------
Total UK corporation tax                            105          108       158
--------------------------------------------------------------------------------

Overseas tax                                          6           10         7
Adjustment in respect of over provision
in prior years                                        -            -       (11)
--------------------------------------------------------------------------------
Total overseas tax                                    6           10        (4)
--------------------------------------------------------------------------------
Total current tax                                   111          118       154
--------------------------------------------------------------------------------
Deferred tax                                         15            -        65
--------------------------------------------------------------------------------
Total tax                                           126          118       219
--------------------------------------------------------------------------------

Tax for the interim period is charged at 28.7% (six months to 31 March 2006:
28.1%) 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 2007 of 2.3p per
share, amounting to a total dividend of £243,000, was approved by the Directors
of Titon Holdings Plc on 9 May 2007. These consolidated interim statements do
not reflect the dividend payable.

The interim dividend will be payable on 28 June 2007 to the shareholders on the
register on 1 June 2007. The ex dividend date is 30 May 2007.

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

                                       Six Months      Six Months      Year to  
                                       to 31.3.07      to 31.3.06      30.9.06
             Date          Pence
             paid      per share            £'000           £'000        £'000  

Final     24.2.06            4.8                -             506          506
Interim   30.6.06            2.3                -               -          243
Final     21.2.07            4.8              507               -            -
                                          --------        --------      -------
                                              507             506          749
                                          --------        --------      -------


5. Earnings per ordinary share

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 10,555,650 (six months ended 31 March 2006: 10,552,500;
year ended 30 September 2006: 10,547,501).

Diluted earnings per share has been calculated by dividing the profit
attributable to shareholders by the weighted average number of ordinary shares
and potential dilutive ordinary shares during the period, being 10,555,650 (six
months ended 31 March 2006: 10,586,129; year ended 30 September 2006:
10,549,207). All dilutive ordinary shares relate to share options.


6. Property, plant and equipment

Acquisition and disposals

During the six months ended 31 March 2007, the Group acquired assets with a cost
of £195,000 (six months to 31 March 2006: £1,071,000; year ended 30 September
2006: £1,485,000). Assets with a net book value of £11,000 were disposed of
during the six months ended 31 March 2007 (six months ended 31 March 2006:
£11,000; year ended 30 September 2006: £36,000).


7. Changes in Equity

                 Share   Share  Capital  Translation   Share Retained    Total
               capital premium redemption  reserve   schemes earnings   Equity
                       reserve                       reserve
                 £'000   £'000    £'000     £'000      £'000    £'000    £'000 

At 1 Oct 2005    1,053     841       56        (3)         1    9,190   11,138

Profit for the
period               -       -        -         -          -      302      302
Dividends paid       -       -        -         -          -     (506)    (506)
Shares issued
under the
Company's
share option
scheme               2      22        -         -          -        -       24
Share-based
payment
expense              -       -        -         -          1        -        1
Translation
differences on
overseas
operations           -       -        -        12          -        -       12
--------------------------------------------------------------------------------
At 31 Mar 2006   1,055     863       56         9          2    8,986   10,971

Profit for the
period               -       -        -         -          -      373      373
Dividends paid       -       -        -         -          -     (243)    (243)
Shares issued
under the
Company's
share option
scheme               1       2        -         -          -        -        3
Translation
differences on
overseas
operations           -       -        -         8          -        -        8
--------------------------------------------------------------------------------
At 30 Sep 2006   1,056     865       56        17          2    9,116   11,112

Profit for the
period               -       -        -         -          -      313      313
Dividends paid       -       -        -         -          -     (507)    (507)
Share-based
payment
expense              -       -        -         -          1        -        1
Translation
differences on
overseas
operations           -       -        -         4          -        -        4
--------------------------------------------------------------------------------
At 31 Mar 2007   1,056     865       56        21          3    8,922   10,923
--------------------------------------------------------------------------------


Directors and Advisors

DIRECTORS

Executive
J N Anderson (Chairman)
D A Ruffell (Chief Executive)
T N Anderson
R Brighton
N C Howlett
C S Jarvis
C J Martin
Non-Executive
P W E Fitt (Vice-Chairman)
P E O'Sullivan
K A Ritchie

SECRETARY AND REGISTERED OFFICE
D A Ruffell
International House
Peartree Road
Stanway
Colchester
Essex CO3 0JL
United Kingdom

COMPANY REGISTRATION NUMBER
1604952 (Registered in England & Wales)

AUDITORS
BDO Stoy Hayward LLP
8 Baker Street
London
W1U 3LL

BROKERS
Evolution Securities Limited
100 Wood Street
London
EC2V 7AN

SOLICITORS
Macfarlanes
10 Norwich Street
London EC4A 1BD

REGISTRARS AND TRANSFER OFFICE
Capita IRG Plc
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0LA

BANKERS
Barclays Bank Plc
Witham Business Centre
Witham
Essex CM8 2AT




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