Titon Holdings LON:TON reported modest revenue growth and improved profitability for the year to 30 September 2025, supported by a sharp rise in sales of mechanical ventilation systems and continued cost discipline, despite ongoing weakness in its window and door hardware division.
The ventilation and hardware manufacturer said group revenue rose 2.1 per cent to £15.8mn, up from £15.5mn a year earlier. The company expects to report underlying EBITDA and loss before tax in line with board expectations, with overall results bolstered by a one-off benefit from the sale of previously written down stock.
Chief executive Tom Carpenter said the year marked “growth, operational improvement, gross margin enhancement and strategic progress,” adding that the group had built a “more responsive and dynamic culture” as it sought to balance investment with tight cost control.
Record sales for Titon ventilation systems
The company’s mechanical ventilation systems business was the clear driver of performance, posting a 19.4 per cent rise in revenue to £8.6mn, aided by strong UK demand where sales surged 26.8 per cent. Titon said this reflected its increased focus on domestic ventilation markets and the benefits of product development and efficiency improvements. The unit achieved its highest sales to date, with management confident that the momentum would continue into 2026.
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In contrast, the window and door hardware segment endured another challenging year. Revenue fell 13.3 per cent to £7.2mn, affected by subdued demand conditions and what the company described as “poor sales execution”.
During the year, Titon reorganised and strengthened its sales operations, appointing a new sales director and making targeted improvements to customer service. Carpenter said these measures had “positioned the business for a return to growth in FY26,” supported by an improving order pipeline.
Both divisions delivered stronger gross profit margins in the second half, reflecting the group’s shift towards higher-margin products and tighter operational controls. These gains helped offset the impact of higher employment costs stemming from increases to the UK’s National Insurance and minimum wage.
Titon said it remained debt-free, ending the year with £3.5mn in cash, providing a solid platform for future investment. The company also reported an uplift in the value of its property assets, which were independently assessed at £5.8mn, up from £5.4mn in 2022. The group noted that if the site were valued in parts, the uplift could be around 15 per cent higher, compared with a carrying value on the balance sheet of just £1.6mn.
Titon cautiously optimistic for next FY
Carpenter said the outlook for the next financial year was “cautiously optimistic”, though he warned that wider market conditions remained difficult. “We recognise that the wider construction market is unlikely to offer much support, so our focus is firmly on creating our own success through market share gains,” he said.
He added that while cost pressures from labour, materials and energy persisted, Titon’s ventilation division was “benefiting from product development and efficiency improvements”, with stable order volumes and ongoing margin enhancement.
The company expects the window and door hardware division to return to growth next year as the operational changes take effect.
“Looking ahead to FY26,” Carpenter said, “our mechanical ventilation business continues to perform well, and the remedial actions in window and door hardware should begin to deliver results. We remain alert to macroeconomic risks but confident in our ability to drive steady progress.”
