Business Weekly - Cambridge, UK

The company said that first half pre-tax profit had grown to £439k from £420k a year ago, and revenues were up 5.8 per cent, growing to £8.7m from £8.2m for the same period last year. It declared an unchanged dividend from last year of 2.3p per share.

Export sales have continued to show steady growth, Titon said, but the steep fall in US building activity and the weakness of the dollar have limited overall export growth to six per cent.

It added that it expected to see significant annual savings from closing its in-house zinc component die-casting, and sourcing it instead from its Slovenian supplier, Titus Lama, which will buy Titon's entire die casting plant and equipment. Titon would retain all product design rights.

The company's shares have seen a marginal gain, growing 1.24 per cent, or 1.5p to 1212.5p.