Titon Holdings PLC on Monday said that its financial year trading in UK and Europe was better than it expected.

The Colchester, Essex-based maker of ventilation systems and window and door hardware said in the financial year ended September 30, trading surpassed its own expectations it set out in May.

However, profit made at its South Korean business deteriorated, citing year-end taxation and other provision adjustments. In financial 2022, South Korean’s business had a pretax loss of £209,000, widened from a loss of £14,000 a year prior.

‘Titon Korea is expected to remain loss-making in FY23/24 due to the continuing challenging

conditions in that market, and the group is taking steps to progress its plan to streamline the

Korean corporate structure and operations,’ the company said.

For financial 2022, Titon had reported a group pretax loss of £953,000, swung from a profit of £1.1 million a year prior.

Titon shares were flat at 80.00 pence per share on Monday afternoon in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.