Titon Holdings (LSE:TON) was on the back foot as higher interim losses and a downbeat forward outlook were accompanied by a dividend cut.
Losses rose to £450,000 in the six months to 31 March 2023 from £250,000 in the year-ago period, even though sales rose by 5%, with the windows and ventilation systems specialist warning that full-year results will also be lower than previously forecast.
A drop in new houses being built and ongoing problems in Korea were blamed, though on the plus side its European ventilation arm is booming.
The interim dividend is being cut by two-thirds to 0.5p, with AIM-listed Titon holding cash of £1.6mln at the end of the first half.
Shares dropped 12% to 76.5p.