Italtile wants to pursue the acquisition of 73.5 percent of Ceramic Industries for R3.61 billion, after it was turned down by the Competition Commission last year. Photo: Simphiwe Mbokazi

Italtile, with brand CTM, Italtile Retail and TopT, will continue to expand locally, with new store openings. 

In the results, the group reported 4% increase in system-wide turnover to R6.21bn, up from R5.96bn as compared to last year. The group said turnover included the partial or full contribution of the 10 corporate TopT stores opened during the period. Like-on-like retail store turnover for the period increased by 2.7%.  

The group’s basic earnings per share (Eps) rose by 3% to 90.3 cents, up from 87.8c, while headline earnings per share (Heps) decreased 1 percent to 85.7c, down from 86.9c.

Trading profit increased by 2 percent to R1.06bn, up from R1.05bn, and it was offset by high pre-opening expenses.  Average price inflation of 4.3% was lower than the prior comparative period of 6.5%.

Chief executive Jan Potgieter said sespite the competitive landscape, CTM maintained its share of the market, while Italtile Retail and TopT continued to grow their respective customer bases in both existing and new markets.

“All three brands grew sales and total value of the average basket, however Italtile Retail and CTM recorded lower profitability, while TopT’s profits rose,” he said.