Titan Europe cuts 35 percent of jobs

(Reuters) - Wheelmaker Titan Europe (TSW.L) warned of a first-half loss, and said it expected revenue for the period to be 35 percent lower than a year ago due to further weakening in its markets during the second quarter.

The company, which manufactures tracked and wheeled movement systems for mining, construction and agricultural vehicles, also said it had cut 35 percent of jobs since the beginning of the year to the end of May.

The company said trading conditions remained difficult, with the construction market continuing to be severely hit by the global recession. It expects construction market volumes to be down by about 50 percent and agricultural and mining markets to be down by 25 percent to 30 percent.

However, Titan Europe said there are signs of small improvements in order books in the later months of the current year.

Trading performance for the year ending December 31 remains in-line with market forecasts, the company said.

Titan Europe shares closed at 28.5 pence on Friday on the London Stock Exchange.

(Reporting by Balachander Surianarayanan in Bangalore; Editing by Anne Pallivathuckal)