Titon Holdings has revealed disappointing half-year profits some 19% lower than the same period last year. The company blamed competition and the fact that sales growth came from lower margin product lines. Titon also said it expects its second half results to be broadly similar to the first.
In the six months ended March 31, pretax profit dropped 19.1 pct to £568,000 from £702,000 the year before, on sales of £8.434m, up from £8.004m.

Titon shares fell 53.5 pence to 74 a near 42% decline on the announcement.

According to a report in the FT, the company said it had been 'hit by a lack of clarity in the building regulationsfor ventilation', which has led to the company having to concentrate on 'reselling other manufacturers' products, which led to lower margins'

Source

Glass Age