Thursday March 27, 01:05 PM
Titan Europe profit up, undercarriage business hit
LONDON (ShareCast) - Titan Europe (LSE: TSW.L - news) reported a 49.3% rise in full-year pre-tax profit, but a major weakening in the
North American construction market hit the group's undercarriage business where revenues fell by nearly £20m.The maker of wheels for the construction, agricultural and mining markets also said talks regarding an offer approach are ongoing and shareholders will be kept informed as appropriate. Profit before income tax increased to £21.5m from £14.4m, mainly as a result of reduced net interest expense as a consequence of the ITM EuroBond repurchases strategy carried out in 2006. Revenue including joint ventures increased 5.5% to £388.5m. The largest increase was achieved in the wheel division where revenue increased by 11.2% to £144.8m. The group said the US market for construction remains under continued pressure and it does not anticipate any obvious relief from the difficult market conditions for the North American undercarriage business. "Despite the uncertainty around the global economy the trading environment experienced in 2007 seems set to continue in 2008," said the group. "Today we are experiencing growth in mining products in South America, Australia and European markets, and agricultural wheels in the Continental European countries counterbalancing the slowdown in the construction market mainly suffered in North America," it added. Titan proposed a final dividend of 4.33p per share, taking the total dividend for the year up 8.3% to 6.5p.
|
Send Article by Email
