StockMarketWire.com - Ventilation system manufacturer Titon said it expected its annual revenue to fall by about 23%, though the level of decline had moderated in the fourth quarter.

Revenue for the year through September was seen dropping to around £21 million, including a 7% fall in the fourth quarter.

Sales in the third quarter were hit by a temporarily suspension of UK manufacturing operations in March as a result of UK lockdowns.

Limited production restarted in April and steadily increased into the third quarter.

At 30 September, less than five employees remained on furlough.

'It is impossible to predict what the next 12 months will throw at us,' chief executive Keith Ritchie said.

'The on-going pandemic and public health restrictions to tackle it, are likely to continue to impact the economies and therefore housing markets, for our customers wherever they are based.'

'These factors give us reason for short-term caution but, in the longer term, there is a continuing focus on good indoor air quality in the UK and Europe, which we believe will lead to increased sales, particularly of our mechanical ventilation products.'

'This trend, combined with the strong financial position of the group gives us reassurance and strong conviction about our future.'


At 9:09am: [LON:TON] Titon Holdings PLC share price was +4.5p at 86p



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