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.

Target	Promise	Said	Status
2024
31 May 2024	Release interim results in May 2024	26 Mar 2024	✓ Kept
	“The Group will report more fully on the first six months' trading at the time of our interim results which we expect to release in May 2024” Result Interims published 15 May 2024. “Titon Holdings Plc ("Titon", the "Group" or the "Company"), a leading international manufacturer and supplier of ventilation systems and window and door hardware, today announces its unaudited interim results for the six months ended 31 March 2024 ("H1 2024").”15 May 2024 · Half-year Results
30 Sep 2024	Return UK and European business to profitability in H2 FY24	4 Dec 2023	✗ Missed · target changed
	“the Board continues to anticipate a return to profitability in H2 FY24 in the core UK based business” Also stated 26 Mar 2024 · 15 May 2024 Result July 2024 warning put full-year results below expectations; FY24 underlying loss widened to £0.9m. “trading in the UK and Europe through to the end of the FY23/24 period is expected to be below the Group's prior expectations, leading to an increased expected loss for the period”11 Jul 2024 · Trading Update and Board Change
30 Sep 2024	Develop a 3-5 year strategy by end of FY24	25 Jan 2024	✓ Kept
	“we are now starting our strategic planning process, aiming to have a 3-5-year strategy by the end of FY24.” Result Strategic review in July 2024 and 2028 targets in January 2025. “Completion of a review of the Group's strategy and the initiation of a comprehensive 5-year transformation strategy to streamline operations, enhance the Group's capabilities, diversify the business, improve and focus the product range on select core markets, and prioritise high-margin opportunities for Titon.”23 Jan 2025 · Annual Report
2025
30 Sep 2025	Positive operating cash flow in FY25	23 Jan 2025	✓ Kept
	“the Group anticipates generating positive cash flows from operations in the coming year” Result Net cash rose to £3.5m at FY25 year-end. “Net increase in cash of £1.2m (FY24: £0.1m) driven by improved operating cash flows, a 14% reduction in year-end inventory and the receipt of £0.7m consideration from the sale of the South Korean operations.”15 Jan 2026 · Annual Report “Year-end net cash of £3.5m (2024: £2.3m)”15 Jan 2026 · Annual Report
30 Sep 2025	FY25 performance in line with Board expectations	25 Mar 2025	✓ Kept
	“the Board maintains its optimism in the outlook for the Group, and continues to expect the Company's FY25 performance be in line with its expectations” Result October 2025 and January 2026 results were in line with expectations. “As a result, we remain confident in our ability to deliver performance in line with the Board's expectations.”30 Apr 2025 · Unaudited Interim Results to 31 March 2025 “Underlying1 EBITDA2 and loss before tax for FY25 expected to be reported in line with the Board's expectations”17 Oct 2025 · Full Year Trading Update
2026
30 Sep 2026	Return window and door hardware to growth in FY26	17 Oct 2025	✗ Missed · target changed
	“positioned this business unit for a return to growth in FY26” Also stated 15 Jan 2026 Result August 2026 said hardware sales were subdued and new products slip to H1 FY27. “In Window and Door Hardware ("WDH"), sales have reduced more than expected year-on-year, as residential construction remains subdued.”12 Aug 2026 · Trading Statement “a new suite of products due to be released in the first half of FY27 which the Group expects to drive growth.”12 Aug 2026 · Trading Statement
30 Sep 2026	FY26 revenue and profits in line with Board expectations	19 Mar 2026	… In progress
	“the Board continues to expect the Group to achieve full year revenue and profits in line with its expectations.” Also stated 30 Apr 2026 Result Not yet due.
1 Oct 2026	Improved ventilation margins from start of FY27	12 Aug 2026	… In progress
	“Titon expects to see improved MVS margins from the start of FY27” Result Not yet due.
Today · 10 Oct 2026
2027
31 Mar 2027	Release new hardware products in H1 FY27	12 Aug 2026	… In progress
	“a new suite of products due to be released in the first half of FY27 which the Group expects to drive growth” Status so far Not yet due.
2028
31 Dec 2028	Achieve 10% organic revenue growth and 15% net margin by 2028	23 Jan 2025	… In progress
	“our goal of delivering 10% sales growth and a 15% net margin by 2028” Also stated 30 Apr 2025 · 30 Apr 2026 Status so far Not yet due.
2029
31 May 2029	G-Pack effective EV/EBITDA multiple under 2.5x within 36 months	1 Jun 2026	… In progress
	“Subject to the successful delivery of planned operational synergies over the first 36 months following Completion, the effective EV/EBITDA acquisition multiple is expected to reduce to under 2.5x” Status so far Not yet due.