Titon Holdings announce an interim dividend of 1.5p per share

DividendMax Ltd.

Titon Holdings announce an interim dividend of 1.5p per share

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

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