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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Titon Holdings Plc | LSE:TON | London | Ordinary Share | GB0008941402 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 85.00 | 80.00 | 90.00 | 85.00 | 82.50 | 85.00 | 10,191 | 11:36:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Manufacturing Industries,nec | 22.33M | -686k | -0.0610 | -13.93 | 9.56M |
From Apr 2019 to Apr 2024
TIDMTON
RNS Number : 9906X
Titon Holdings PLC
12 May 2016
Titon Holdings Plc
Business Review
Financial performance
Group Profit before Taxation for the six-month period ended 31 March 2016 was GBP735,000 (2015: GBP792,000) on Revenues 1.4% higher at GBP10,850,000 (2015: GBP10,699,000).
Earnings per share for the period were 4.55p (2015: 4.59p) and the Directors have declared an unchanged interim dividend of 1.25p per share (2015: 1.25p per share).
Net Cash Balances at 31 March 2016 were GBP2,458,000 (2015: GBP2,413,000).
Trading commentary
It is disappointing to report a small fall in Group Profit Before Tax for the six months ended 31(st) March 2016, down by
GBP57,000, although earnings per share for the period is only fractionally behind last year's result. In summary our performance in Korea has been lower than in the last period, the UK is largely flat but the results from our US business have risen.
Our overall revenue has risen slightly by 1.4% against the last period and we have seen sales rise in the UK marginally and a good rise in the USA. However, we have seen a slight fall in sales in Korea, down by about 2% in the period.
In the UK the performance of our Timber and PVCu Window and Door Hardware division has been disappointing as both sales and profit contribution have fallen below last year. There are a few one off factors that have contributed to this and the contribution from the new hardware products has continued to be disappointing but we are committed to improve our performance here. The Aluminium division has had a very good first half year with both sales and profits up. In our Ventilation Systems Division we saw a very weak start to the period in October 2015, which was echoed by other manufacturers in the sector. Sales have recovered from then and by March 2016 sales had largely recovered from the weak start, which is encouraging.
Outside the UK Ventilation Systems Export sales have risen strongly against the comparable period and we have now seen some consistent customer purchasing, which is pleasing. Sales to our Hardware customers in Europe have fallen slightly but sales by Titon Inc. in the USA have grown helped by a contract to install our products into a large refurbishment project. Our Titon Korea sales are slightly below the prior period and the contribution from Titon Korea has fallen due to lower transfer prices on sales to our Associate, Browntech Sales ("BTS") and some higher administration costs. BTS sales to customers are slightly in front of the prior period as is the profit contribution from BTS.
Investor relations
I have thought for some time that Titon is "below the radar screen" as far as the London stock market is concerned and I am keen to change this to enhance Titon's value. Many shareholders will be aware that in early 2016 we appointed Hardman & Co. to write some research on Titon and to introduce the Company to a range of institutional and high net worth investors. Hardman & Co. published a comprehensive research report on Titon in March and David Ruffell and I have met with a number of institutions since then to introduce Titon to them. We also attended an investor evening organised by Hardman where we presented Titon to about 50 largely high net worth investors. We will continue to "bang the drum" for Titon in the second half year. If any shareholder would like to read this research then please let me know.
Page 1
Business Review (continued)
Prospects
We are now within 6 weeks of the referendum to decide if the United Kingdom should remain within the EU and the decision will have significant implications for the UK economy. If we remain in the EU then a major source of uncertainty about the future will be removed; if we vote to leave then the uncertainty we have now will be magnified and will remain a significant risk for the economy for several years to come, as has been pointed out by many commentators. Markets generally prefer stability and we are the same. This gives us, our customers and stakeholders a set of familiar circumstances to make decisions, which is not the same as certainty, I should add. Additionally, we want to continue to have unrestricted access to EU markets both for our suppliers and customers and we also want a good supply of people from Europe as our own unemployment rate moves down towards 5% of the workforce. Accordingly, it is difficult to make many predictions about our own prospects in the UK with the current uncertainty, but the shortage of housing in the UK will remain whatever the result of the referendum. We do anticipate that sales of mechanical ventilation systems will continue to expand in the second half.
In Korea, as we have previously indicated, we are expecting a lower rate of growth for this year as competition increases. However, we remain very positive about the Korean economy and have agreed with BTS that they will continue to look for interesting investments in the property sector. Elsewhere, we are expecting good sales in the USA and Europe and will continue to devote more resources to these markets.
Our balance sheet remains very strong and this gives us the opportunity to invest in new products and a strong research and development programme. I expect this to continue in the second half year. We have a good team of people who work for Titon and I would like to extend my thanks to all of them for the hard work and dedication that they have made and continue to show.
Principal risk and uncertainties
The key financial and non-financial risks faced by the Group are disclosed in the Group's Annual Report and Accounts for the year ended 30 September 2015 within the Report on Risk Management (pages 9 to 13) available at www.titonholdings.com. The Board considers that these remain a current reflection of the risks and uncertainties facing the business. The Board also considers that it is appropriate to adopt the going concern basis of accounting in preparing these financial statements and has not identified any material uncertainties which would prevent us so doing.
Responsibility Statement
The Directors confirm that, to the best of their knowledge, this condensed set of consolidated financial statements has been prepared in accordance with IAS 34 as adopted by the European Union, and that this Interim Report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R.
The Directors of Titon Holdings Plc are listed on page 15 of this document. A list of current directors is maintained on the Group's website www.titonholdings.com.
On behalf of the Board
KA Ritchie
Chairman
11 May 2016
Page 2
Titon Holdings Plc
Consolidated Interim Income Statement
for the six months ended 31 March 2016
Hot Features
Premium
6 months 6 months Year to
to 31.3.16 to 31.3.15 30.9.15
unaudited unaudited audited
Note GBP'000 GBP'000 GBP'000
Revenue 2 10,850 10,699 22,258
Cost of sales (8,031) (7,850) (16,280)
------------------ ------------------ --------
Gross profit 2,819 2,849 5,978
Distribution costs (341) (350) (628)
Administrative expenses (1,938) (1,871) (3,799)
Other income 8 - 11
------------------ ------------------ --------
Operating profit 548 628 1,562
Finance income 4 2 9
Share of profits from
associates 183 162 298
------------------ ------------------ --------
Profit before tax 735 792 1,869
Income tax expense 3 (120) (116) (160)
Profit after income tax 615 676 1,709
---------------------------------------- ---- ------------------ ------------------ --------
Attributable to:
Equity holders of the
parent 485 482 1,333
Non-controlling interest 130 194 376
---------------------------------------- ---- ------------------ ------------------ --------
Profit for the period 615 676 1,709
---------------------------------------- ---- ------------------ ------------------ --------
Earnings per share - basic 5 4.55p 4.59p 12.60p
- diluted 5 4.46p 4.49p 12.27p
Consolidated Interim Statement of Comprehensive Income
for the six months ended 31 March 2016
6 months 6 months Year to
to 31.3.16 to 31.3.15 30.9.15
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
Profit for the period 615 676 1,709
Other comprehensive income
- items which may be reclassified
to profit or loss in subsequent
periods:
Exchange difference on re-translation
of
Net assets of overseas operations 76 83 (90)
-------------------------------------- ---------- ---------- -------
Total comprehensive income
for the period 691 759 1,619
Attributable to:
Equity holders of the parent 511 565 1,258
Non-controlling interest 180 194 361
-------------------------------------- ---------- ---------- -------
691 759 1,619
-------------------------------------- ---------- ---------- -------
The notes on pages 7 to 14 form an integral part of this condensed interim information.
Page 3
Titon Holdings Plc
Consolidated Statement of Financial Position
at 31 March 2016
31.3.16 31.3.15 30.9.15
unaudited unaudited audited
Note GBP'000 GBP'000 GBP'000
Assets
Property, plant and equipment 6 3,443 3,252 3,218
Intangible assets 563 608 623
Investments in associates 979 660 796
Deferred tax 83 28 83
Total non-current assets 5,068 4,548 4,720
Inventories 3,884 3,820 3,786
Trade and other receivables 5,426 4,889 4,992
Cash and cash equivalents 2,458 2,413 2,870
--------- --------- -------------------
Total current assets 11,768 11,122 11,648
Total Assets 16,836 15,670 16,368
------------------------------ ------------- --------- --------- -------------------
Liabilities
Deferred tax 19 19 19
Total non-current liabilities 19 19 19
Trade and other payables 4,015 4,162 4,131
Corporation tax 112 185 125
Total current liabilities 4,127 4,347 4,256
Total Liabilities 4,146 4,366 4,275
------------------------------ ------------- --------- --------- -------------------
Equity
Share capital 1,085 1,056 1,063
Share premium reserve 939 865 891
Capital redemption reserve 56 56 56
Treasury shares (27) (27) (27)
Translation reserve (26) 106 (52)
Retained earnings 9,440 8,372 9,119
------------------------------ ------------- --------- --------- -------------------
Total Equity attributable
to the equity holders
of the parent 11,467 10,428 11,050
Non-controlling Interest 1,223 876 1,043
Total Equity 12,690 11,304 12,093
Total Liabilities and
Equity 16,836 15,670 16,368
------------------------------ ------------- --------- --------- -------------------
The notes on pages 7 to 14 form an integral part of this condensed interim information.
Page 4
Titon Holdings Plc
Consolidated Interim Statement of Changes in Equity
at 31 March 2016
Share Share Capital Translation Treasury Retained Total Non- Total
capital premium redemption reserve Shares earnings controlling Equity
reserve reserve interest
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October
2014 1,056 865 56 23 (27) 8,023 9,996 682 10,678
--------------- -------- -------- ----------- ------------ --------- --------- -------- ------------ --------
Translation
differences
on overseas
operations - - - 83 - - 83 - 83
Profit for the
period - - - - - 482 482 194 676
--------------- -------- -------- ----------- ------------ --------- --------- -------- ------------ --------
Total
comprehensive
income for
the
period - - - 83 - 482 565 194 759
--------------- -------- -------- ----------- ------------ --------- --------- -------- ------------ --------
Dividends paid - - - - - (157) (157) - (157)
Share-based
payment
expense - - - - - 24 24 - 24
At 31 March
2015 1,056 865 56 106 (27) 8,372 10,428 876 11,304
--------------- -------- -------- ----------- ------------ --------- --------- -------- ------------ --------
Translation
differences
on overseas
operations - - - (158) - - (158) (15) (173)
Profit for the
period - - - - - 851 851 182 1,033
--------------- -------- -------- ----------- ------------ --------- --------- -------- ------------ --------
Total
comprehensive
income for
the
period - - - (158) - 851 693 167 860
--------------- -------- -------- ----------- ------------ --------- --------- -------- ------------ --------
Dividends paid - - - - - (132) (132) - (132)
Share-based
payment
expense - - - - - 28 28 - 28
Ordinary
shares
issued 7 26 - - - - 33 - 33
At 30
September
2015 1,063 891 56 (52) (27) 9,119 11,050 1,043 12,093
--------------- -------- -------- ----------- ------------ --------- --------- -------- ------------ --------
Translation
differences
on overseas
operations - - - 26 - - 26 50 76
Profit for the
period - - - - - 485 485 130 615
--------------- -------- -------- ----------- ------------ --------- --------- -------- ------------ --------
Total
comprehensive
income for
the
period - - - 26 - 485 511 180 691
--------------- -------- -------- ----------- ------------ --------- --------- -------- ------------ --------
Dividends paid - - - - - (188) (188) - (188)
Share-based
payment
expense - - - - - 24 24 - 24
Ordinary
shares
issued 22 48 - - - - 70 - 70
At 31 March
2016 1,085 939 56 (26) (27) 9,440 11,467 1,223 12,690
--------------- -------- -------- ----------- ------------ --------- --------- -------- ------------ --------
The notes on pages 7 to 14 form an integral part of this condensed interim information.
Page 5
Titon Holdings Plc
Consolidated Interim Statement of Cash Flows
for the six months ended 31 March 2016
6 months 6 months Year
to
to 31.3.16 to 31.3.15 30.9.15
unaudited unaudited audited
Note GBP'000 GBP'000 GBP'000
Cash generated from operating activities
Profit before tax 735 792 1,869
Depreciation of property, plant
& equipment 197 198 403
Amortisation on intangible assets 82 83 163
Increase in inventories (44) (281) (363)
Increase in receivables (354) (198) (491)
(Decrease) / increase in payables
and other current liabilities (174) 350 454
Profit on sale of plant & equipment (5) (3) (4)
Share based payment - equity settled 24 24 52
Interest received (3) (2) (8)
Share of associate's profit (183) (162) (298)
-------
Cash generated from operations 275 801 1,777
----------------------------------------- ---- ---------------- ---------------- -------
Income taxes paid (133) (75) (234)
----------------------------------------- ---- ---------------- ---------------- -------
Net cash generated from operating
activities 142 726 1,543
----------------------------------------- ---- ---------------- ---------------- -------
Cash flows from investing activities
Purchase of plant & equipment 6 (422) (298) (498)
Purchase of intangible assets (22) (33) (128)
Proceeds from sale of plant & equipment 5 24 52
Interest received 3 2 8
----------------------------------------- ---- ---------------- ---------------- -------
Net cash used in investing activities (436) (305) (566)
----------------------------------------- ---- ---------------- ---------------- -------
Cash flows from financing activities
Exercise of share options 70 - 33
Dividends paid to equity shareholders 4 (188) (157) (289)
Net cash used in financing activities (118) (157) (256)
----------------------------------------- ---- ---------------- ---------------- -------
Net (decrease) / increase in cash
& cash equivalents (412) 264 721
Cash & cash equivalents at beginning
of the period 2,870 2,149 2,149
----------------------------------------- ---- ---------------- ---------------- -------
Cash & cash equivalents at end of
the period 2,458 2,413 2,870
----------------------------------------- ---- ---------------- ---------------- -------
Cash & cash equivalents comprise:
Cash at bank 2,458 2,413 2,870
Cash & cash equivalents at end of
the period 2,458 2,413 2,870
----------------------------------------- ---- ---------------- ---------------- -------
The notes on pages 7 to 14 form an integral part of this condensed interim information.
Page 6
Notes to the Condensed Consolidated Interim Statements
at 31 March 2016
1 Basis of preparation
Titon Holdings Plc (the 'Company') is a company domiciled in England. The condensed consolidated interim financial statements of the Group for the six months ended 31 March 2016 comprise the Company and its subsidiaries (together referred to as the 'Group').
The IASB has issued the following revised and updated IFRIC amendments which have been adopted although, with the exception of IFRSs 9 and 15 where the Group is still assessing the possible future effect of these Standards, they have no impact on the Group's reporting:
* Annual Improvements to IFRSs 2010-2012 Cycle. These
amendments affect the following IFRSs - IFRS 2
Share-based Payment, IFRS 3 Business Combinations,
IFRS 8 Operating Segments, IFRS 13 Fair Value
Measurement, IAS 16 Property, Plant and Equipment,
IAS 38 Intangible Assets, IAS 24 Related Party
Disclosures and IAS 38 Intangible Assets.
* Annual Improvements to IFRSs 2011-2013 Cycle. These
amendments affect the following IFRSs: IFRS 1
First-time Adoption of International Financial
Reporting Standards, IFRS 3 Business Combinations,
IFRS 13 Fair Value Measurement and IAS 40 Investment
Property.
* Accounting for Acquisitions of Interests in Joint
Operations: Amendments to IFRS 11. The amendments
require the acquirer of an interest in a joint
operation in which the activity constitutes a
business, as defined in IFRS 3 Business Combinations,
to apply all of the principles on business
combinations accounting in IFRS 3 and other IFRSs
except for those principles that conflict with the
guidance in IFRS 11. In addition, the acquirer shall
disclose the information required by IFRS 3 and other
IFRSs for business combinations.
* Clarification of Acceptable Methods of Depreciation
and Amortisation: Amendments to IAS 16 and IAS 38.
The amendment to IAS 16 clarifies that the use of
revenue-based methods to calculate the depreciation
of an asset is not appropriate because revenue
generated by an activity that includes the use of an
asset generally reflects factors other than the
consumption of the economic benefits embodied in the
asset.
* Agriculture: Bearer Plants: Amendments to IAS 16 and
IAS 41. The amendments change the financial reporting
for bearer plants, such as grape vines, rubber trees
and oil palms.
* Equity Method in Separate Financial Statements
(Amendments to IAS 27). The amendments introduce an
option for an entity to account for its investments
in subsidiaries, joint ventures, and associates using
the equity method in its separate financial
statements. The accounting approach that is selected
is required to be applied for each category of
investment.
* Annual Improvements to IFRSs (2012-2014 Cycle). These
amendments affect the following IFRSs: IFRS 5
Non-current Assets Held for Sale and Discontinued
Operations (Prospective application), IFRS 7
Financial Instruments: Disclosures (Retrospective
application), IAS 19 Employee Benefits (Beginning of
earliest period presented), IAS 34 Interim Financial
Reporting (Retrospective application).
* Disclosure Initiative: Amendments to IAS 1. The IASB
has issued amendments to IAS 1 Presentation of
Financial Statements as part of an initiative to
improve presentation and disclosure in financial
reports.
* Investment Entities: Applying the Consolidation
Exception (Amendments to IFRS 10, IFRS 12 and IAS
28). The narrow-scope amendments to IFRS 10
Consolidated Financial Statements, IFRS 12 Disclosure
of Interests in Other Entities and IAS 28 Investments
in Associates and Joint Ventures introduce
clarifications to the requirements when accounting
for investment entities.
* IFRS 15 Revenue from Contracts with Customers. IFRS
15 is intended to clarify the principles of revenue
recognition and establish a single framework for
revenue recognition. IFRS 15 supersedes: IAS 11
Construction Contracts, IAS 18 Revenue, IFRIC 13
Customer Loyalty Programmes, IFRIC 15 Agreements for
the Construction of Real Estate, IFRIC 18 Transfers
of Assets from Customers and SIC-31 Revenue-Barter
Transactions Involving Advertising Services.
The core principle is that an entity should recognise revenue
to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or services.
* IFRS 9 Financial Instruments. This IFRS replaces IAS
39 Financial Instruments: Recognition and Measurement
in its entirety and uses a single approach to
determine whether a financial asset is measured at
amortised cost or fair value.
Page 7
Notes to the Condensed Consolidated Interim Statements
at 31 March 2016
1 Basis of preparation (continued)
Otherwise, the condensed interim financial statements have been prepared using accounting policies set out in the Report and Accounts 2015 and have been applied consistently to all periods presented in these financial statements. They are in accordance with IAS 34. The six months results for both 31 March 2015 and 2016 have neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board. The financial information for the year end 30 September 2015 does not constitute the full statutory accounts for that period. The Company's Report and Accounts 2015 have been delivered to the Registrar of Companies. The independent auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.
The condensed interim financial statements do not constitute full accounts within the meaning of Section 434 of the Companies Act 2006.
The interim report was approved by the Board and authorised for issue on 11 May 2016. Copies of the interim report will be sent to shareholders in the next few weeks.
This statement is being sent to shareholders, will be available on the Group's website at www.titonholdings.com and from the Company's registered office at International House, Peartree Road, Stanway, Colchester, Essex CO3 0JL.
2 Segment reporting
In identifying its operating segments, management generally follows the Group's reporting lines, which represent the main geographic markets in which the Group operates. The segment reporting below is shown in a manner consistent with the internal reporting provided to the Board, which is the Chief Operating Decision Maker (CODM). These operating segments are monitored and strategic decisions are made on the basis of segment operating results.
The Group operates three main business segments which are:
Segment Activities undertaken include:
United Kingdom Sales of passive and powered ventilation products
to house builders, electrical contractors and window
and door manufacturers. In addition to this, it
is a leading supplier of window and door hardware.
South Korea Sales of passive ventilation products to construction
companies.
All other Sales of passive and powered ventilation products
countries to distributors, window manufacturers and construction
companies
Inter-segment revenue is transacted on an arm's length basis and charged at prevailing market prices for a specific product and market or cost plus where no direct comparative market price is available. Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Research and development entity-wide financial expenses are not allocated to the business activities for which R&D is specifically performed and it is not therefore reported as a separate operating segment. Sales Administration and Other Expenses are not currently allocated to operating segments in the Group's reporting to the CODM, and Other Expenses include mainly central and parent company overheads relating to group management, the finance function and regulatory requirements.
The measurement policies the Group uses for segment reporting under IFRS 8 are the same as those used in its financial statements.
The total assets for the segments represent the consolidated total assets attributable to these reporting segments. Parent company results and consolidation adjustments reconciling the segmental results and total assets to the consolidated financial statements, are included within the United Kingdom segment figures stated below.
Page 8
Notes to the Condensed Consolidated Interim Statements
at 31 March 2016
2 Segment reporting (continued)
Business segment United South All other Total
Kingdom Korea countries
GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 31 March
2016
Segment revenue 6,031 3,365 1,454 10,850
Inter-segment revenue - - 263 263
------------------------------- --------- -------- ----------- --------
Total Revenue 6,031 3,365 1,717 11,113
------------------------------- --------- -------- ----------- --------
Segment profit 1,115 499 238 1,852
Unallocated expenses
Research and Development
expenses (295)
Sales Administration expenses (341)
Other Expenses (485)
Finance income 4
Profit before tax 735
Tax expense (120)
------------------------------- --------- -------- ----------- --------
Profit for the period 615
------------------------------- --------- -------- ----------- --------
Depreciation and amortisation 253 26 - 279
------------------------------- --------- -------- ----------- --------
Total assets 11,443 4,950 443 16,836
------------------------------- --------- -------- ----------- --------
Total assets include:
Investments in associates 979 - - 979
Additions to non-current
assets (other than financial
instruments and deferred
tax assets and excluding
changes in value of the
non-current asset investment
in the associate) 420 23 1 444
------------------------------- --------- -------- ----------- --------
The South Korean Segment profit includes the Group's share of the profits from the Associate.
Page 9
Notes to the Condensed Consolidated Interim Statements
at 31 March 2016
2 Segment reporting (continued)
Business segment United South All other Total
Kingdom Korea countries
GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 31 March
2015
Segment revenue 6,094 3,445 1,160 10,699
Inter-segment revenue - - 265 265
------------------------------- --------- -------- ----------- --------
Total Revenue 6,094 3,445 1,425 10,964
------------------------------- --------- -------- ----------- --------
Segment profit 1,195 661 140 1,996
Unallocated expenses
Research and Development
expenses (278)
Sales Administration expenses (349)
Other Expenses (579)
Finance income 2
Profit before tax 792
Tax expense (116)
------------------------------- --------- -------- ----------- --------
Profit for the period 676
------------------------------- --------- -------- ----------- --------
Depreciation and amortisation 265 16 - 281
------------------------------- --------- -------- ----------- --------
Total assets 11,204 4,155 314 15,673
------------------------------- --------- -------- ----------- --------
Total assets include:
Investments in associates 660 - - 660
Additions to non-current
assets (other than financial
instruments and deferred
tax assets and excluding
changes in value of the
non-current asset investment
in the associate) 285 46 - 331
------------------------------- --------- -------- ----------- --------
The South Korean Segment profit includes the Group's share of the profits from the Associate.
Page 10
Notes to the Condensed Consolidated Interim Statements
at 31 March 2016
2 Segment reporting (continued)
Business segment United South All other Total
Kingdom Korea countries
GBP'000 GBP'000 GBP'000 GBP'000
12 months ended 30 September
2015
Segment revenue 12,461 7,161 2,636 22,258
Inter-segment revenue - - 601 601
------------------------------- --------- -------- ----------- --------
Total Revenue 12,461 7,161 3,237 22,859
------------------------------- --------- -------- ----------- --------
Segment profit 2,606 1,264 286 4,156
Unallocated expenses
Research and Development
expenses (535)
Sales Administration expenses (568)
Other Expenses (1,193)
Finance income 9
------------------------------- --------- -------- ----------- --------
Profit before tax 1,869
Tax expense (160)
------------------------------- --------- -------- ----------- --------
Profit for the period 1,709 ------------------------------- --------- -------- ----------- -------- Depreciation and amortisation 528 38 - 566 ------------------------------- --------- -------- ----------- -------- Total assets 11,352 4,600 416 16,368 ------------------------------- --------- -------- ----------- -------- Total assets include: Investments in associates 796 - - 796 Additions to non-current assets (other than financial instruments and deferred tax assets and excluding changes in value of the non-current asset investment in the associate) 527 99 - 626 ------------------------------- --------- -------- ----------- --------
The South Korean Segment profit includes the Group's share of the profits from the Associate.
Page 11
Notes to the Condensed Consolidated Interim Statements
at 31 March 2016
2 Segment reporting (continued)
IFRS 8 requires entity-wide disclosures to be made about the regions in which it earns its revenues and holds its non-current assets which are shown below.
6 months ended United Europe USA South All Total
31 March 2016 Kingdom East other
Asia regions
Revenues GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
by entities' country
of domicile 6,800 - 685 3,365 - 10,850
by country from
which derived 6,024 723 685 3,365 53 10,850
---------------------- --------- -------- -------- -------- --------- --------
Non-current assets
By entities' country
of domicile 4,065 - 2 1,001 - 5,068
---------------------- --------- -------- -------- -------- --------- --------
One customer accounted for more than 10% of Group revenue and sales to this customer totalled GBP3.365m (included within South East Asia).
6 months ended United Europe USA South All Total
31 March 2015 Kingdom East other
Asia regions
Revenues GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
by entities' country
of domicile 6,708 - 546 3,445 - 10,699
by country from
which derived 6,094 600 546 3,445 14 10,699
---------------------- --------- -------- -------- -------- --------- --------
Non-current assets
By entities' country
of domicile 4,299 - 1 251 - 4,551
---------------------- --------- -------- -------- -------- --------- --------
One customer accounted for more than 10% of Group revenue and sales to this customer totalled GBP3.445m (included within South East Asia).
12 months ended United Europe USA South All Total
30 September 2015 Kingdom East other
Asia regions
Revenues GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
by entities' country
of domicile 13,906 - 1,191 7,161 - 22,258
by country from
which derived 12,461 1,389 1,191 7,189 28 22,258
---------------------- --------- -------- -------- -------- --------- --------
Non-current assets
By entities' country
of domicile 3,898 - 1 821 - 4,720
---------------------- --------- -------- -------- -------- --------- --------
Sales to Browntech Sales Co. Ltd (the Group's associate undertaking in South Korea), of GBP7.161m represent 32.2% of Group Revenue. There are no other concentrations of revenue above 10% during the year (see Note 7 - Related party transactions).
Page 12
Notes to the Condensed Consolidated Interim Statements
at 31 March 2016
3 Tax
6 months 6 months Year to
to 31.3.16 to 31.3.15 30.9.15
GBP'000 GBP'000 GBP'000
Current income tax:
Corporation tax expense (120) (127) (208)
Adjustment in respect of prior years - 29 11
---------- ---------- -------
(120) (98) (197)
---------- ---------- -------
Deferred tax:
Origination and reversal of temporary
differences - (15) 37
Adjustment in respect of prior years - (3) -
---------- ---------- -------
- (18) 37
-------------------------------------- ---------- ---------- -------
Income tax expense (120) (116) (160)
-------------------------------------- ---------- ---------- -------
Tax for the interim period is charged at 25.0% (six months to 31 March 2015: 22.6%) 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 2016 of 1.25p per share, amounting to a total dividend of GBP135,000 was approved by the Directors of Titon Holdings Plc on 11 May 2016. These consolidated interim statements do not reflect the dividend payable.
The interim dividend will be payable on 24 June 2016 to the shareholders on the register on 3 June 2016. The ex-dividend date is 2 June 2016.
The following dividends have been recognised and paid by the Company:
6 months 6 months Year
to
to 31.3.16 to 31.3.15 30.9.15
Date Pence
Paid per GBP'000 GBP'000 GBP'000
share
Final in respect of the
year end 30.09.14 20.02.15 1.50 - 157 157
Interim in respect of the
year end 30.09.15 23.06.15 1.25 - - 132
Final in respect of the
year end 30.09.15 19.02.16 1.75 188 - -
---------- ---------- ---------
188 157 289
---------- ---------- ---------
Page 13
Notes to the Condensed Consolidated Interim Statements
at 31 March 2016
5 Earnings per ordinary share
Basic earnings per share has been calculated by dividing the profits attributable to shareholders by the weighted average number of ordinary shares in issue during the period, being 10,663,414 (six months ended 31 March 2015: 10,505,650; year ended 30 September 2015: 10,575,600).
Diluted earnings per share has been calculated by dividing the profits attributable to shareholders by the weighted average number of ordinary shares and potential dilutive ordinary shares during the period, being 10,877,509 (six months ended 31 March 2015: 10,746,848; year ended 30 September 2015: 10,863,888).
6 Property, plant and equipment
Additions and disposals
During the six months ended 31 March 2016, the Group acquired assets with a cost of GBP444,000 (six months to 31 March 2015: GBP298,000; year ended 30 September 2015: GBP498,000).
7 Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.
Transactions between subsidiary companies and the associate company, which is a related party, were as follows:
Sale of goods Amount owed by related
party
6 months 6 months Year 6 months 6 months Year
to 31.3.16 to 31.3.15 to to 31.3.16 to 31.3.15 to
to 30.9.15 to 30.9.15
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Browntech Sales
Co. Ltd 3,365 3,445 7,161 1,985 2,104 1,976
------------ ------------ ------------ ------------ ------------ ------------
There have been no additional significant or unusual related party transactions to those disclosed in the Group's Annual Report for 30 September 2015.
8 Liability statement
Neither the Group nor the Directors accept any liability to any person in relation to the Interim Statement except to the extent that such liability could arise under English Law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with section 90A of the Financial Services and Markets Act 2000.
Page 14
Directors and Advisors
Directors
Executive
KA Ritchie (Chairman)
D A Ruffell (Chief Executive)
T N Anderson
N C Howlett
Non-executive
J N Anderson (Deputy Chairman)
Secretary and registered office
D A Ruffell
International House
Peartree Road
Stanway
Colchester
Essex CO3 0JL
COMPANY REGISTRATION NUMBER
1604952 (Registered in England & Wales)
WEBSITE
www.titonholdings.com
auditors REGISTRARS AND TRANSFER OFFICE
BDO LLP Capita Registrars Ltd
55 Baker Street Northern House
London Woodsome Park
W1U 7EU Fenay Bridge
Huddersfield
HD8 0LA
BANKERS
Barclays Bank Plc
Witham Business Centre
Witham, Essex
CM8 2AT
SOLICITORS
Barlow Robbins LLP
The Oriel
Sydenham Road
Guildford
GU1 3SR
Page 15
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DMGMKVMRGVZM
(END) Dow Jones Newswires
May 12, 2016 02:00 ET (06:00 GMT)
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