H1 Revenues May Dip 35%, Says Titan Europe
Worcestershire based wheel manufacturer Titan Europe Plc has warned that its anticipated revenue for the first half of this year may be 35 per cent lower than a year ago. The company, whose two major shareholders are Mefro Wheels GmbH and Titan International subsidiary Titan Luxembourg Sarl, notes this figure in particular reflects the further weakening its second quarter performance.
“Trading conditions remain difficult with the construction market continuing to be severely hit by the global recession,” stated a June 29 company trading update. “The directors expect by the half-year, based on constant exchange rates, that construction market volumes will be down by about 50 per cent whilst agricultural and mining markets will be down by between 25-30 per cent.