Titon Holdings PLC announce an Interim dividend of 1.5p per share approved by the Board to be paid on 1 July 2022.
Other financial highlights include:
Group net revenue fell by 1.7% as a result of weaker trading conditions in Korea and reduced European sales, offset by pleasing growth in UK revenues
EBITDA decreased to £0.28 million (H1 2021: £1.13m), reflecting the fall in revenues as well as lower gross margins (28% in H1 2022 against 31.9% in H1 2021) driven by industry-wide input and overhead cost inflation, and component sourcing challenges and some restructuring expenses
o Price increases were implemented in the period to seek to recover cost increases, with further price increases expected in the second half of the financial year
Loss before tax of £0.25m (H1 2021: profit of £0.55m) after depreciation and amortisation charges of £0.49m (H1 2021: £0.51m)
Cash balance of £3.73m at the end of the period (H1 2021: £4.63m) after the payment of dividends to Titon shareholders, as well as the resumption of capital expenditure following the COVID-19 pandemic and a decision to build inventory levels and put in place long-term orders with suppliers to mitigate against supply shortages