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Italtile's profits of R611m for year

14 Aug 2013

Tile manufacturer and retailer Italtile on Wednesday (14 August) reported a 16% rise in headline earnings per share from continuing operations to 47.3c for the year to June.

Headline earnings have been adjusted for a R13m profit achieved on the disposal of property in SA and a R5m impairment on group property in Australia.

A final dividend of 8.0c per share has been declared‚ which together with the interim dividend of 8.0c produces a total dividend for the year of 16c per share‚ an increase of 14%. A special dividend of 50c per ordinary share has also been declared.

Group turnover increased by 11% to R3.82bn‚ while revenue from group-owned stores and entities grew 16% to R2.05bn. Trading profit improved 18% to R611m.

For the full year‚ gross margins declined slightly‚ a function of the group's decision to absorb increased costs and currency fluctuations rather than pass them on to franchisees and customers.

Italtile is a franchisor and retailer of local and imported tiles‚ sanitaryware, laminated flooring and other related home-finishing products in SA.

Its national branded retail store network comprises 117 CTM‚ Italtile and TopT stores‚ aimed at homeowners in the LSM (living standards measures) three to 10.

The group has a property investment portfolio and vertically integrated supply chain.

Gauteng‚ North West‚ Mpumalanga and the Free State recorded good growth‚ while Limpopo and the coastal markets were more subdued.

The company said difficult trading conditions are expected to continue‚ made worse by the rand's weakness. Competition in the building materials industry was likely to intensify.

Source: I-Net Bridge

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