Italtile lowers growth outlook due to SAs depressed prospects.
Bathroom-ware company Italtile, which owns CTM and U-Light, said on Friday that it had given up hope for an improved second-half performance as SA consumers battle escalating living costs and limited wage inflation.

The group said in a trading update on Friday that system-wide turnover grew 1.4% to R5.4bn in its half year to end-December and it was now expecting a similar performance in its second half.

System-wide turnover refers to group turnover, including franchisees, but excludes sales from owned supply chain businesses to its stores.

“Consumer confidence and investment sentiment remained subdued in the absence of transformational economic and sociopolitical reforms, continued policy uncertainty and an increasingly unstable power supply,” the company said.