Italtile, at six-month high, pays dividend and continues expansion
The bathroom-ware group expects to achieve profit growth in the first six months of its new financial year
The share price of bathroom-ware company Italtile rose to a six-month high on Tuesday after it said it is optimistic that demand for home improvements will be more robust in early 2021, pressing ahead with a final dividend payment in spite of Covid-19.
The owner of CTM and TopT is also reinstating an R800m capital spending programme and continuing its store rollout, said CEO Jan Potgieter, with sales since June exceeding the group’s expectations. “It seems Covid-19 has changed lifestyles and priorities, and there seems to be a bit of a reallocation to home improvements,” he said.