Group expects to achieve profit growth in the first six months of its new financial year
Bathroom-ware company Italtile, which owns CTM and U-Light, is optimistic that demand will be more robust in early 2021, pressing ahead with a final dividend payment in spite of Covid-19 uncertainty.
The group declared a final dividend of 10c a share for its year to end-June, from 19c previously, saying it had gained market share even though it took a sales hit from the pandemic. Sales fell 7% to R9.3bn to end-June, while profit for the year fell 22% to R1bn. Total dividend for the year was 33c, from 41c previously.During the lockdown only marginal sales were recorded in April, while in May and June, store sales grew 3% and 11% respectively.The group expects pressure on consumers to persist in the last half of 2020, the first six months of its new financial year, but be more robust in early 2021.
“Our goal throughout this period was to come through the crisis well, and in certain respects, better than before,” CEO Jan Potgieter said. “The double-digit growth delivered in June to August, with a leaner team, less stock and healthy brands, is rewarding evidence of this,” he said.
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