Italtile increases profit despite tough competition

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Cape Town - Italtile's interim results show an increase of 12% in trading profit to R594m compared to the previous six month period.

System-wide turnover was up 14% to R3.50bn and the dividend declared was up 14% to 16.0 cents per share.

Eleven new stores were opened during the interim period.
   
According to Italtile's CFO Brandon Wood, despite testing trading conditions, the group’s Italtile Retail and CTM brands retained market share across their trading regions and merchandise categories, while TopT grew market share in its existing and new markets. Furthermore, improved turnover and profitability were reported by each of the Supply Chain businesses, ITD, Cedar Point and Distribution Centre, while the combined contribution of associates Ceramic Industries and Ezee Tile to Group profit grew by 27% to R56m.

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