Italtile finalising results

Cape Town - Italtile [JSE:ITE] is currently finalising its results for the year ended June 30 2015.

The group’s basic earnings per share (EPS) will be between 75.1 cents and 76.9c, reflecting an increase of between 36% and 39% compared to the previous corresponding period in 2014.

Headline earnings per share (Heps) will be between 70.8c and 72.8c, reflecting an increase of between 23% and 26% compared to the previous corresponding period.

The group’s basic EPS from continuing operations will be between 75.1c and 76.9c, reflecting an increase of between 31% and 34% compared to the previous corresponding period. Heps from continuing operations will be between 70.8c and 72.8c, reflecting an increase of between 21% and 24% compared to the previous corresponding period.

Earnings growth includes the impact of an IFRS 2 charge of R12m related to the Italtile staff share scheme, the increased contribution of R62m to group profit from associates Ceramic Industries and Ezeetile and net finance income of R11m from the settlement of long-term debt and improved net cash holdings of the group.

A lower effective tax rate, a fair value gain of R14m derived from the reclassification of a subsidiary, a once-off gain of R19m related to Italtile Mauritius and once-off losses related to discontinued operations in the prior comparative period of R20m also impacted earnings growth.

"System-wide turnover from continuing operations for the year ended June 30 2015 will be between 16% and 19% higher than the prior comparative period.

The company said this performance reported for the year is attributable to continued implementation of the group’s business optimisation programme in key areas across the group, which identified opportunities for best practice improvement and resulted in good growth.

Fin24
Source: http://www.fin24.com/Companies/Retail/Italtile-finalising-results-20150730