Itema turnover soars 15% to €80.5 million in Q1FY18

The company’s core business, manufacturing and marketing of best-in-class weaving machines, registered unprecedented sales results over the same period of 2017. For the reported period, there was an exceptional leap for Itema weaving machines which increasingly represent the preferred choice and continue to gather the appreciation of weavers in the main textile markets such as China, Turkey and India.

"The excellent results achieved in this first part of 2018 are the result of two crucial strategic decisions taken by the group: our positioning as technological leader in the sector and our dedication to international growth. Since 2012, Itema succeeded in more than doubling the sales of its weaving machines collecting constantly increasing profits thanks to our tireless and steady commitment to continuous innovation which led us to develop breakthrough and smart weaving solutions, enabling our group to become the industry technological benchmark. Research and innovation (in which the group invests 3 per cent of its turnover every year) will continue to be our driver," Carlo Rogora, Itema Group CEO, said.

The group also confirms its firm determination in strengthening its leadership and growing not only organically but also through targeted acquisitions, thus creating significant synergies along the respective supply chains to grow not only in the textile machinery sector, but also to expand into new, highly innovative industries.

"With this precise objective in mind Itema also recently considered a listing on the stock market, with an IPO which passed all the tests for obtaining the admission to the Italian Stock Exchange but did not arrive at completion solely due to the - sudden - changes in the equity market conditions that held back investor momentum. Our decision is an objective assessment of what we see as best for Itema in this specific moment, particularly taking into account that our positive net financial position and our excellent market results enable us to continue autonomously along our growth path," Rogora added.

"With our shareholders’ full-fledged support we will therefore proceed in building an even more solid and competitive group at a global level and in concentrating our extensive R&D efforts on offering better, smarter, faster solutions, increased performances, reduced consumption and enhanced user-friendliness," Rogora concluded. (RR)

Fibre2Fashion News Desk – India