Italtile says consumers across the board are coming under increasing financial pressure .
Cash-strapped consumers are not just scaling back on home renovations as they come under financial pressure – their spare cash is going to backup power and boreholes to cope with service delivery interruptions, says Italtile.
SA’s largest manufacturer and retailer of tiles reported on Monday trading profit fell 15% to R2.3 billion in its year to end-June, with a slight rise in revenue unable to offset a squeeze on margins.
The owner of CTM, TopT and U-Light cut its dividend 13% to 53c, also under pressure as consumers were battered by high inflation and a rise in interest rates.
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