ITEMA 2013 earnings before tax shoot up 30%

12 Feb '14

4 min read

Itema, the leading global provider of advanced weaving solutions, including best-in-class weaving machines, spare parts and integrated services, announced financial results for the second half (2H2013) and full year (FY2013) ended December 31, 2013. Also Itema announced the launch of ItemaLab – a new Itema R&D incubator in collaboration with KilometroRosso, and of Itema Academy – a program to recruit and retain high-caliber young and promising new graduates, in partnership with Confindustria Bergamo.

Highlights:

-Itema Closes a Strong Full Year 2013

-Profit and Cash Flow Significantly Exceeded Expectations

-Earnings Before Tax (EBT) Up 30% YOY

-Group Turnover Up 25% YOY

-Turnover of Weaving Machines Up 50% YOY

-One-Third of Turnover from Weaving Machines from New R9500 Rapier

-Lean Manufacturing Across Global Manufacturing Sites

-New Product Developments in the Pipeline

-Experienced New Hires, including New Group Sales & Marketing Director

-Launch of Itema Academy and ItemaLab

“We ended 2013 with another great result following on the momentum of the first half of the year. Itema’s revenue, including from the sale of weaving machines and spare parts, was up 25% year on year at some €250 million,” said Carlo Rogora, CEO of Itema.

“We made record-breaking progress across the entire range of our products. I am also very excited about announcing that we are continuing to invest in R&D through ItemaLab and now we will also invest in young talent through our brand-new Itema Academy.”

Itema closes a strong FY2013, with a record first half and solid second half of the year. Consolidated Net Profit and Cash Flow from operations significantly exceeded expectations, with EBT up 30% YOY.

Consolidated Net Turnover from sales of weaving machines registers a 50% increase from the prior year, due to the sound commercial actions implemented during the course of 2013.

Especially remarkable contribution to the Company’s stellar performance came from the new rapier R9500 which, at just one year from market launch, represented already one-third of the total turn-over from weaving machines.

Itema widened its global reach by shipping the Itema-branded weaving machines to 40 countries last year (compared to 39 countries in 2012).

More ITEMA Group News... More Textiles News - Italy...