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Tiletoria
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Tiletoria specialises in ceramic and
porcelain wall and
floor tiles. During the year it added to
that basket by broadening the range to include some granite and
marble. It also extended its range of taps, sanitary ware,
bathroom accessories, basin cabinets, etc.
Tiletoria
opened in Johannesburg (DecoPark, North Riding) in June 2010.
The branch is gearing up to become a major player in the Gauteng
region. Initial trading has been good and this branch shows
enormous potential.
In July 2010 Tiletoria relocated its
branch in Durban to
larger premises. The resultant disruption
to business was greater than anticipated and turnover in the new
branch has been lower than expected. Steps have been
taken to
improve the branch and management |
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expects an improved year there with all
the new facilities which are in place. Two factory shops have
also been opened – one in Cape Town and one in Durban – to sell
lower priced and discounted stock.
Trading conditions in
the building materials sector during the year have been tough.
The construction sector in South Africa is struggling to shake
off the effects of the recession. Notwithstanding this,
Tiletoria
increased its turnover by 46% to over R250 million,
but
profitability fell as once-off costs of the two new
branches in Johannesburg and Durban were expensed.
As a
result, Tiletoria did not make a meaningful contribution to the
Invicta Group operating profit during the year under review.
Trading conditions in the coming year are expected to
be
as tough as in the past year. It will be a year of consolidation
for Tiletoria and management will focus
on ensuring that all
branches are profitable and that the business is cash positive. |
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