In a Stock Exchange statement today Titon says that in the three-month period up from 1 October there was a substantial squeeze on demand for its products.
“As anticipated, the market slowdown experienced towards the end of the last financial year has worsened, resulting in overall revenues for the three months to 31 December 2008 to be 17.1% lower than the corresponding period of 2007,” says the group.
Previous cost control and working capital management programmes have delivered the results expected but Titon warns that having seen the further deterioration in demand additional cost saving measures are being drawn up.
Titon had a cash balance of ВЈ2.4m at the end of December.
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