Titon Holdings PLC Adjustment of Statement of Financial Position (3440T)
20 March 2019 - 2:15AM
UK Regulatory
TIDMTON
RNS Number : 3440T
Titon Holdings PLC
19 March 2019
Tuesday 19(th) March 2019
Titon Holdings Plc
("Titon" or the "Company")
Adjustment of Consolidated Statement of Financial Position
Titon, a leading manufacturer and supplier of ventilation
systems and window and door hardware, today provides a
clarification of its Financial Statements as reflected in its last
Annual Report and Financial Statements published in December
2018.
Titon Korea
The Company noted in February 2019 that the trading performance
in Titon Korea for the year ending 30 September 2019 was expected
to be below market forecasts at that time. On investigating this
reduction the Company has identified that certain costs associated
with products sold in earlier accounting periods up to and
including the year ended 30 September 2018 had not been fully taken
into account in those periods. Similarly, gross profits on these
products had not been correctly recorded. This was due to the
incorrect accounting apportionment of costs and revenues between
first and second fix installations of products manufactured by
Titon Korea and sold by Browntech Sales, our associate company. As
a result, the total equity attributable to equity holders of the
Company as at 30 September 2018 in the Consolidated Statement of
Financial Position will be reduced by approximately GBP1.1m from
the figure shown in the 2018 Annual Report. The correct accounting
treatment will be reflected in the 2019 Interim Statement and in
the 2019 Annual Report and Financial Statements.
The accounting adjustments detailed above have no effect on the
profile of historic or anticipated future operating cash flows and
they are expected to have a marginally positive effect on
consolidated operating profit in 2019.
Current year trading for the Titon Group remains in line with
management expectations.
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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