Italtile cut its dividend as its profit was down more than a tenth in its annual results, which SA’s biggest retailer and manufacturer of tiles, bathroom items and related products said “failed to meet our expectations”.

The company, valued at about R16.4bn on the JSE, said on Monday in its results for the year to end-June that its profit was down 14% to R1.7bn, headline earnings per share (HEPS), a common profit measure in SA, down 13% to 132.3c and the annual payout was reduced by the same margin to 53c...

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