Wrap Text
Business Update and Voluntary Trading Statement for the Year ended 30 June 2026
ITALTILE LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1955/000558/06)
Share code: ITE ISIN: ZAE000099123
("Italtile") or ("the Company")
BUSINESS UPDATE AND VOLUNTARY TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2026
This update pertains to the annual financial year ended 30 June 2026 ("Review Period") compared to
the prior corresponding period ended 30 June 2025 ("Prior Period").
BUSINESS UPDATE
Trading conditions
The South African economy delivered modest, steady growth for most of the Review Period. In recent
months, however, geopolitical conflict has increased fuel and transport costs and constrained both
investment in construction and household discretionary spending.
The trading environment continued to be characterised by intense competition and an imbalance
between excess supply and weak demand. This was particularly evident in the tile manufacturing
segment where global over-capacity, the persistent dumping of cheaper products in South Africa and
other African markets introducing trade barriers to protect their local industries, have prompted the
International Trade Administration Commission of South Africa (ITAC) to announce provisional anti-
dumping duties on ceramic and porcelain wall and floor tiles in July 2026.
The manufacturing imbalance, intense competition, and demand constraints have continued to drive
price deflation. Together with high growth in transport, fuel, gas, and municipal costs, this has caused
notable margin pressure in manufacturing.
Operating performance
Italtile maintained stable performance across most business units, with revenue and margins broadly
sustained. Ceramic Industries Proprietary Limited ("Ceramic Industries") was the exception, weighing
significantly on Group results.
System-wide retail turnover reported by CTM, Italtile Retail and TopT was stable against the Prior
Period. Italtile Retail performed well, delivering improved sales and volumes, while CTM remained
stable despite a slightly weaker second half following the franchising of four stores, which affected
comparatives with the Prior Period. TopT also recorded modest positive sales growth.
Our webstores performed well with increased traffic and sales, underpinned by improved, innovative
digital content and a personalised sales experience.
Sales in the integrated import supply chain businesses declined by 6% in the prevailing retail
environment; however, this was more than offset by strong margin improvements due to exchange-
rate gains and improved buying.
Combined manufacturing sales reported by Ceramic Industries and Ezee Tile Adhesive Manufacturers
Proprietary Limited to Group and third-party customers declined by 1% compared with the Prior
Period. Margins at Ceramic Industries remained under severe pressure, both from predatory market
pricing and strong growth in energy-related costs.
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The Group continued to generate strong cash flow, keeping cash balances resilient despite notable
share buybacks and capex during the year as well as the highest dividend paid in Italtile's history.
Leadership
Shareholders are referred to announcements on 2 December 2025 and 13 July 2026 advising
respectively that Lance Foxcroft had stepped down from his position as CEO of the Group and of
Ceramic Industries due to changed family circumstances. Brandon Wood was appointed as CEO
Designate of Italtile from January 2026 and assumed the position of Group CEO on 1 July 2026. Several
key management changes have also been made in the past year across the different businesses to
strengthen our teams, and more appointments are imminent.
Outlook
Although the current macro environment does not support rapid topline growth, we remain focused
on the factors within our control: maintaining lean, efficient, cost-competitive and flexible operations.
We are also strengthening our long-term fundamentals by responding to market needs, using our
world-class technology to improve quality and drive product innovation, enhancing selling skills and
delivering an exceptional customer experience.
Organic growth will be supported by extending our leading brand positions in South Africa, developing
stronger teams and management depth, and continuing to invest in new product development and
excellent customer service. We will also continue to leverage Group synergies across our vertically
integrated portfolio of complementary businesses.
VOLUNTARY TRADING STATEMENT
The Group is currently finalising its results for the Review Period.
In terms of paragraph 6.26 of the JSE Limited Listings Requirements, shareholders are advised that
earnings per share ("EPS") and headline earnings per share ("HEPS") for the Review Period are
expected to be in the range outlined below:
Year ended 30 June Year ended 30 June Percentage decrease
2026 2025
(cents) (cents) (%)
EPS 109.7 – 115.9 125.6 12.7 – 7.7
HEPS 109.5 – 115.7 125.1 12.4 – 7.5
PUBLICATION OF RESULTS
The Group's results for the Review Period are expected to be published on SENS on or about 24 August
2026.
The above information has not been reviewed and reported on by the Group´s external auditors.
Johannesburg
11 August 2026
Sponsor
Merchantec Capital
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Date: 11-08-2026 08:47:00
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