Italtile H1 earnings up on business optimisation programme
A host of focused business optimisation initiatives have bolstered JSE-listed Italtile’s earnings for the first half of the year.
The group on Monday posted a 28% rise in headline earnings a share to 35.7c and a 34% increase in earnings a share to 36.7c.
Italtile’s turnover increased by 18% to R1.6-billion during the six months to December, while the group’s profit for the period increased by 37% to R355-million.
By the end of December, Italtile held cash and cash equivalent reserves of R209-million, which reflected R109-million of capital expenditure, higher inventory levels at R494-million and the repayment of R100-million towards a long-term loan.
The business optimisation programme, which was introduced at the end of the prior period, focused on investing in and improving the use of systems and technology to better align the supply chain and the retail operation, as well as the pursuit of a comprehensive human resources programme designed to overcome the significant deficit of personnel with adequate, relevant skills.
Further, “intensified” focus on improving insight into and understanding of market demand had enabled greater alignment of stockholding and merchandising with customer expectations, driving higher sales volumes.
The programme was being bedded down and further investment would be injected into systems, technology and human resources to achieve the programme’s goals.
The full implementation of the optimisation programme was expected to take up to three years.
Italtile declared an interim gross cash dividend of 12c a share for the six months to December, a 33% rise on the 9c achieved in the prior corresponding period.
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