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Italtile - AGM results and market update
Shareholders were advised that, at the annual general meeting ("AGM") of Italtile held today, 13 November 2025, all the resolutions as set out in the notice of AGM were passed by the requisite majority of shareholders, save for, ordinary resolution numbers 2.4 and 5.2, which were withdrawn at the AGM.
Market update
The global and South African macro-economic challenges have persisted into the new financial year. During the period 1 July to 30 October 2025, Italtile has achieved modest retail growth of 2% year on year as consumer spending remains constrained. The market has continued to experience pressure from low priced imports causing a decline in revenue at Ceramic Industries. As a result, the Group's systemwide turnover for the period was 1% lower year on year.
In Retail, we have been encouraged by some green shoots in the project market. While retail tile volumes have increased as we have gained market share, average selling prices have continued to decrease compared to the same period last year. Competition remains rife and poor consumer confidence has resulted in continued margin pressure on tile products.
While we have focused on managing costs and efficiencies across the business, double digit increases in the cost of municipal services have led to overall costs rising 1% in the first quarter of FY2026.
We welcome the reduction in interest rates, but disappointingly low GDP growth has diminished any favourable impact and there is little sign of improvement in the building industry activity.
The outlook we provided at the end of the previous financial year remains unchanged.
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