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Titon Holdings PLC - Colchester, Essex-based ventilation systems and window & door hardware supplier - Warns that its full year performance will be worse than expected as it anticipates the UK and Europe to be affected by shortages of raw materials as well as inflation. ‘In the last three months we have continued to see margin erosion from cost inflation and this has had a significant bearing on our financial results for the second half of the year. We will be putting through further price increases for our own products before the year-end to seek to mitigate the margin impact of these cost increases going forwards,’ Titon explains.
Adds that revenue from its South Korean subsidiary has been disappointing as construction projects have been delayed. It still expects it to turn a profit in the full year to September 30.
Its cash balance, meanwhile, drops to £3.0 million as at June 30 from £3.7 million as at March 31.
Current stock price: 74.00 pence, down 10% on Friday
12-month change: down 47%
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