Titon Holdings makes ventilation systems and window and door hardware, mostly for UK housebuilding. When new-build activity slumped in 2023-24, sales fell by about a fifth, and a new chief executive began a turnaround. The 2025 financial year showed better margins and profit, but the first half of 2026 slipped back to a small loss at the EBITDA level, and the company expects only £0.3m of EBITDA for the full year.
Ventilation and window hardware for new homes
Titon has two divisions. Mechanical Ventilation Systems made £8.6m of sales in FY25 (year to September 2025). Window and Door Hardware made £7.2m. The company says UK residential construction and window-making are its core markets. It also sells in Europe and the US, where sales are small.
The group owns its factory at Haverhill, valued at £5.8m in October 2025, and has no debt apart from lease liabilities. It sold its 51%-owned South Korean subsidiary in December 2024. The company has not said when or how it was founded. 17 Oct 2025 15 May 2024 16 Dec 2024 30 Apr 2026
The housing slump and a new boss
In January 2024 Titon reported a wider loss for FY23 and halved its dividend to 1.0p. Tom Carpenter, hired from Belden Inc., took over as chief executive on 23 April 2024. Jamie Brooke became non-executive chair on 2 January 2024.
Sales for the six months to March 2024 fell 24.6% to £9.1m. The company blamed the weak new-build market and a prior-year comparison that included clearing an ERP-system order backlog. The board paused the dividend. In July 2024 it said full-year results would come in below expectations, and it started a gross margin improvement programme. It had said in March and May that it expected a return to profitability in the second half, and that did not happen. FY24 sales fell 22% to £15.5m and the reported loss before tax was £2.4m. The shares ended September 2024 at 65p. 22 Nov 2023 22 Dec 2023 25 Jan 2024 15 May 2024 11 Jul 2024 23 Jan 2025
“The trading performance of the Group over the six-month period to 31 March 2024 has been impacted by the contraction in the new build residential market.” 15 May 2024
Leaving Korea, rebuilding margins
In October 2024 Titon agreed to sell its South Korean operations for £750,000. Those operations had added £645,000 to the group loss in FY23. The sale closed in December for £710,178 net, and the company took a £1.3m inventory write-off in FY24. It said the proceeds would fund the strategic actions from its July review.
In January 2025 the company set a target of 10% blended organic revenue growth and a 15% net margin by 2028. Gross margin rose from 27.5% to 30.1% in the first half of FY25, and the order book grew from £1.1m to over £3m in a year. Ventilation sales rose in the UK domestic market while hardware sales fell as the company rebuilt its UK hardware sales team. 24 Oct 2024 16 Dec 2024 23 Jan 2025 30 Apr 2025
A better year, then a stumble
FY25 was the best year of the period. Sales rose 2.1% to £15.8m, ventilation sales rose 19.4%, and hardware sales fell 13.3%. Gross margin reached 32.9%, underlying EBITDA (operating profit before interest, tax, depreciation and one-offs) was £0.8m against £5k a year earlier, and cash reached £3.5m. The shares rose from 65p to about 95p between September 2024 and January 2026.
The first half of FY26 was weaker. Sales rose 5.6% to £8.1m, but gross margin fell to 29.3% and EBITDA turned to a £26,000 loss. The company cited product mix, delayed higher-margin project phases and new products that start at lower margins. Hardware sales fell 9.8%. The shares fell from 92.5p in February to 72.5p in March 2026. 17 Oct 2025 15 Jan 2026 30 Apr 2026 19 Mar 2026
Buying G-Pack, then a profit guide-down
On 1 June 2026 Titon paid £1.0m cash for G-Pack Manufacturing, which adds window and door hardware products. G-Pack made £1.3m of sales and £0.19m of EBITDA in FY25. Titon expects it to add to earnings in its first full year, and expects the price to fall below 2.5 times EBITDA if planned savings arrive over 36 months.
In August 2026 the company guided to FY26 sales of about £17m, up 7.5%, and underlying EBITDA of £0.3m. It said some ventilation projects had been delayed and hardware sales were subdued. Cash was £2.2m. 1 Jun 2026 12 Aug 2026
What worked, what did not
Ventilation drove the recovery. Regulation and building-safety rules supported demand, and the order book grew. Hardware has shrunk in two of the last three years, with weak UK and European sales offset only partly by the US.
The company's forecasts have been uneven. It expected a return to profit in the second half of FY24 and missed. FY25 came in line with expectations. In FY26 margins fell back even as sales grew, because the sales mix shifted and some project phases slipped. Titon has lost less money than before the turnaround, but the move to sustained profit is not finished. 11 Jul 2024 23 Jan 2025 15 Jan 2026 30 Apr 2026 12 Aug 2026
A new chief executive and a chair who buys shares
Carpenter has run the company since April 2024. He pitched a more outward-facing business, a revived hardware business and better margins. His record shows margin gains in FY25, a cleaned-up Korea exposure and one acquisition. Hardware has not yet returned to growth.
Chair Jamie Brooke bought 22,222 shares at 90p in December 2025 and 33,000 at 80p in August 2026. Harwood Capital held 28.0% in April 2024. In July 2026 shares from the estate of the late John Anderson passed to Tyson and Kimberly Anderson. 22 Nov 2023 15 May 2024 2 Dec 2025 7 Aug 2026 17 Apr 2024 14 Jul 2026
Cash in the bank, profits thin
Titon has no debt beyond leases and £2.2m of cash. UK new-build and window-making markets remain subdued, and the board says Middle East events have raised uncertainty and input cost volatility. The company says the order book is growing, though some ventilation projects have slipped into FY27. Hardware sales are weak. 30 Apr 2026 12 Aug 2026
FY27 is when the fixes are due
Management expects improved ventilation margins from the start of FY27 and rescheduled ventilation projects to begin in FY27. A new hardware product suite is due in the first half of FY27, and outsourced production is due to move to Haverhill in FY27. The board is also reviewing further small acquisitions.
The 2028 target was first stated on 23 January 2025: 10% blended organic revenue growth and a 15% net margin by 2028. In April 2026 the company called these its medium-term objective and gave no date. The date has not been repeated since, and the company has not said it dropped it. 12 Aug 2026 15 Jan 2026 23 Jan 2025 30 Apr 2026
“While there remains more to do, we believe the Group is now better positioned to benefit as market conditions improve.” 30 Apr 2026
Written by AI from Titon Holdings's own announcements since Oct 2023 · every paragraph links to its sources