(Alliance News) - Titon Holdings PLC on Wednesday gave an optimistic full-year outlook, with the ventilation systems and window and door hardware supplier saying it continues to perform in line with expectations.

Titon said that trading in its financial year to date has been in line with the company's expectations. Its financial year 2023 runs to September 30.

The Colchester, Essex-based company said that total sales across its UK and European business have shown progress against financial 2022 comparatives. In particular, Titon noted that sales of manufactured products for both its Window & Door Hardware and Ventilation Systems divisions have continued to grow.

Titon explained that supply chain constraints in the UK and Europe have eased, and therefore it has cleared the "vast majority" of the backlog of customer orders.

"Titon is well on the way to returning to its previous high levels of customer service and are now able to offer standard lead times on the majority of new orders. Target stock levels are also now in place for almost all stock items," the company added.

Looking ahead, Titon said it remains confident in the company's prospects. It continues to expect a return to profitability in the second half of financial 2023.

Chief Executive Alexandra French said: "I am pleased to report that sales in the UK and Europe for the first five months of the year have risen against the same period in FY22 and are in line with our expectations."

French added: "Whilst the outlook for the global economy and housing markets in 2023 remains difficult to predict, we remain on track against our FY23 expectations and for the group to return to profitability in H2 FY23."

Back in January, Titon said it swung to a pretax loss of GBP953,000 in the financial year that ended September 30 from a profit of GBP1.1 million in financial 2021.

The company expects to post its first-half results for financial 2023 on May 19.

Shares in Titon were up 1.4% to 71.00 pence each in London on Wednesday afternoon.

By Sophie Rose, Alliance News reporter

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