Italtile (ITE) Results Snapshot 1H22

ITE diluted HEPS grew by +8.9% y-y to 83.6cps in 1H22, while turnover declined by -0.7% y-y. GPM increased to 45.8% from 44.4% , and expense to sales ratio declined from 19.9% to 19.5% in the period, as a result OPM improved from 29.4% to 31.2%. ITE paid a dividend of 34cps (1H21: 31cps, dividend cover of 2.5x).