StockMarketWire.com - Ventilation system manufacturer Titon posted a rise in annual profit as trading bounced back following an easing of Covid lockdowns.

Pre-tax profit for the year through September increased to £1.08 million, up from £0.02 million year-on-year. Revenue climbed 13% to £23.4 million.

Titon more than doubled its annual dividend to 4.5p per share, up from 2p year-on-year.

Looking forward, Tinto said trading in October and November in the UK and Europe was at a similar level to the same months in 2020 despite supply chain issues.

Sales in Korea in October, it added, remained subdued.

'We are seeing ongoing price increases for raw materials, components and labour and expect that to continue throughout 2022, which we are mitigating by applying our sales price increases,' the company said.

It added that it was current recruiting a new chief executive and two independent non-executive directors.

'Customer demand remains strong, but we expect that component shortages will continue to present challenges in 2022, which the group will continue to seek to manage,' Titon said.

'However, the board remains optimistic over the medium-term prospects for the group.'


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