Titon Holdings
TON · AIM · Construction and Materials · mcap £9.0m · 77.5p
Titon designs and makes ventilation systems and window and door hardware, mainly for UK and European housebuilding. It owns its Haverhill factory in Suffolk.
The case for
- FY25 gross margin rose to 32.9% from 28.0% and EBITDA to £811k from £5k. 15 Jan 2026
- Net cash of £3.5m at FY25 year-end, and no debt in August 2026. 15 Jan 2026 12 Aug 2026
- Ventilation revenue grew 19% in FY25 and is guided up mid-to-high teens in FY26. 17 Oct 2025 12 Aug 2026
- Chair Jamie Brooke bought shares in December 2025 and August 2026. 2 Dec 2025 7 Aug 2026
The case against
- Revenue of £15.8m is still below the £19.8m of FY23, and FY26 EBITDA is guided to just £0.3m. 23 Jan 2025 12 Aug 2026
- Window and door hardware fell 13% in FY25 and sales remain subdued. 17 Oct 2025 12 Aug 2026
- H1 FY26 underlying EBITDA was a £0.03m loss and net cash fell. 30 Apr 2026
- Management's 2028 goal of a 15% net margin is far above current profitability. 23 Jan 2025 12 Aug 2026
Both sides use only facts from the company's announcements · not investment advice
Company filings. Not investment advice.