Titon trades in line YTD, 'confident' of future prospects
By Iain Gilbert
Date: Wednesday 22 Mar 2023
(Sharecast News) - Ventilation systems manufacturer Titon Holdings said on Wednesday that year-to-date trading was in line with management expectations and remains confident of future prospects.
Titon said first quarter sales across UK and Europe had exceeded the comparative quarter in FY22 and has since shown continued progression against the prior year.
Sales of Titon manufactured products for both its window and door hardware, as well as its ventilation systems, continued to grow whilst sales of bought-in products were said to have remained below levels seen in 2022 as the firm develops its new distribution partnership with Roto and replaces sales following the conclusion of a distributor relationship.
The AIM-listed group highlighted that supply chain constraints in the UK and Europe had eased and that it has cleared the vast majority of the backlog of customer orders.
Chief executive Alexandra French said: "I am pleased to report that sales in the UK and Europe for the first five months of the year have risen against the same period in FY22 and are in line with our expectations.
"Whilst the outlook for the global economy and housing markets in 2023 remains difficult to predict, we remain on track against our FY23 expectations and for the group to return to profitability in H2 FY23."
As of 1105 GMT, Titon shares were up 6.29% at 74.40p.
Reporting by Iain Gilbert at Sharecast.com
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