Titon Holdings PLC Trading update (9509P)
14 February 2019 - 6:00PM
UK Regulatory
TIDMTON
RNS Number : 9509P
Titon Holdings PLC
14 February 2019
Thursday 14(th) February 2019
Titon Holdings Plc
("Titon" or the "Company")
Trading Update
Titon, a leading manufacturer and supplier of ventilation
systems and window and door hardware, today provides an update on
trading for its current financial year.
Titon Korea
The Company noted in its preliminary results announcement on 13
December 2018 that it expected a more testing year in South Korea
in 2019. The Company's Korean subsidiary and its Korean associate
have experienced a more difficult housing market in the current
financial period than anticipated and have also seen the South
Korean market moving towards the adoption of mechanical rather than
natural ventilation units in order to deal with higher levels of
air pollution. Whilst the Company has continued to take steps to
re-design its existing natural ventilation products and to
introduce new products for this market, it is not expected that
these will be available until later in the current financial year.
As a result, the trading performance in Titon Korea for the year
ended 30 September 2019 is expected to be substantially below
existing market forecasts.
UK and the Rest of the World
Trading in the UK and the Rest of the World is in line with
expectations.
Keith Ritchie, Executive Chairman of Titon Holdings said:
"We are obviously disappointed to announce that the expected
results from our Korean business for the year ended 30 September
2019 will be substantially lower than we anticipated in our
preliminary results announcement in December 2018. However, we have
already commenced the design of new products and both in the UK and
South Korea we will be committing substantial research and
development resources to these new products, which we expect to
introduce to the market in late 2019. We remain optimistic that the
South Korean business will return to growth in the future and
re-iterate our confidence in the medium-term outlook in South
Korea."
For further information please contact:
Titon Holdings plc
Keith Ritchie Tel: +44 (0)1206
713821
Shore Capital Tel: +44 (0)20 7408
Dru Danford 4090
Edward Mansfield
Daniel Bush
ENDS
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END
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