Italtile glides over tough economy

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Italtile glides over tough economy

Published Date: 2018-12-05 | Source: Stephen Gunnion | Author: Stephen Gunnion | Comments

Italtile glides over tough economy

The tile and sanitary ware group says sales have trended positively despite tough trading conditions.

Italtile says trading conditions have remained tough over the past five months. However, the tile and sanitary ware group says changes implemented over the period says sales have trended positively over the period, with stronger results for the second half than over the first few months.

In a trading sales update for the five months to end-November, Italtile reported a 7% rise in total retail store turnover, with like-on-like turnover up by 5.8%. Manufacturing sales, which includes Ceramic Industries and Ezee Tile Adhesive, grew by 7.6%. Ceramic Industries and Ezee Tile Adhesive Manufacturing contributed to manufacturing sales for the full period, compared with just two months last year. It increased its stake in Ceramic to 95.47% and Ezee to 71.54% in October last year.

The group said its TopT and Italtile brands delivered double-digit growth, while CTM recorded a positive turnaround, largely due to increased efficiencies, combined with the benefits of a high-profile multi-media advertising campaign which it says has been well received by clients.

Its shares rose 3.7% to R14 yesterday.





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