ITALTILE, the retailer of ceramic tiles and bathroom accessories, has lifted headline earnings per share by 33% for the six months ended 31 December. Trading through two branded national retail chains, CTM and Italtile, the group reported turnover of R533,2 million, an improvement of 31% over the prior comparable reporting period (2000: R407,4 million). Trading profit increased 35% to R50,1 million (2000: R37,0 million), while headline earnings per share improved 33% to 191 cents (2000: 144 cents). An interim dividend of 35 cents has been declared, an increase of 21% (2000: 29 cents). The group remains ungeared, with the balance sheet reflecting cash reserves of R92 million. Italtile would be launching a joint venture element to enhance its existing franchise model, aimed at adding value to the business while encouraging entrepreneurship. Negotiations have been finalised to convert existing group owned stores to this model, and by June 2002, it was anticipated that two CTM and three Italtile joint venture franchises would be operational. – Sapa
Tuesday February 12, 2002