Following the Group's Trading update on 2 December 2011 confirming that its revenues and order book fully support market forecasts for 2011 trading, the Board of Directors of Titan Europe Plc has reviewed the Preliminary Results for the year ended 31 December 2011, prior to completion of Audit.
Subject to Audit adjustments, it is anticipated that Group Trading profit is likely to be comfortably ahead of market expectations. In addition, recent changes in taxation legislation in Italy will also benefit the Group in 2011 and therefore, it is anticipated that the reported Earnings per share for the 2011 financial year will be well ahead of current expectations. Net debt is also likely to be lower than current market forecasts.
The new financial year sees the Group start with a strong order book. Titan Europe's continued commitment to innovation and customer support has led to new international business wins which we believe demonstrates the relative buoyancy in the mining sector and reflects the Group's strategy to 'globalise'; maximising the links created with our clients through technology, quality and service.
Although early in the new financial year, the Board believes that the business is capable of further progress in 2012.
The Group's Preliminary Results are expected to be announced in late March 2012.