Titon Holdings

19 Sep 2018 /

An interview with Keith Ritchie – Chairman

Formed in 1972, Titon is a leading UK supplier of Ventilation Systems and Window Hardware. Organic growth has come about through changes in the UK Building Regulations which has driven up ventilation requirements for residential buildings.

What were the business issues you faced before you spoke to Hardman & Co?

We have been listed on the main market since 1988. As a relatively small company in this market, we get little attention, and nobody automatically writes research on us. We wanted to get on the radar of both institutional and private investors, and to get access to potential new investors.

Why did you choose Hardman & Co?

In July 2015 Hardman & Co sent us a paper on the building materials sector, written by Tony Williams. There were around 17 companies included and it was the first time that we had been covered. They followed it up with a phone call, and we were interested. It was as much a case of them choosing us, as us choosing them!

What has Hardman & Co done for you since?

The starting point was to put together a large research note, which has been updated regularly since then. They then invited us to one of the quarterly investor forums, where we were able to present Titon to an invited audience that included institutions, sophisticated investors, private client brokers and retail investors. Over the first six months we met and presented to ten different institutions, many of which we did not know. Hardman & Co has kept the momentum going through updates and the inclusion of Titon in their monthly newsletter. We are also now working in partnership with Hardman & Co on our annual results. We sent the first draft to Tony Williams who made a number of useful drafting suggestions before it was finalised.

What have been the results of working with Hardman & Co?

The share price is now a lot higher! Over the time that we have worked together, we have done well as a company, but Hardman & Co have made a significant contribution to this growth. The investment community is much more aware of us, and there are a number of new shareholders on our register, both institutional and private. Overall, they have delivered a very good service.