The leading provider of advanced weaving solutions, ITEMA Group has announced the financial results for the first quarter of 2018.
The Italian tech company registered a 15 per cent growth, taking their turnover to € 80.5 million.
The technology provider stated that key textile markets such as China, Turkey and India are preferring ITEMA’s machines which has helped it garner growth.
In the press statement issued, ITEMA claimed that of the total revenue generated, 92 per cent has come from the overseas markets.
Not only the sales of weaving machines is flourishing for the Italian company, last year, the Group launched a diversification strategy after which it bought 61 per cent stake in Lamiflex, a leading supplier of technical composite products, which also registered a 6 per cent Y-o-Y increase in its business this year, contributing significantly to ITEMA’s revenue.
Carlo Rogora, CEO, ITEMA Group cited that the quarterly results are a reflection of the company being considered as a technological leader in the textile segment and the focus it has shown in growing internationally.
The CEO further claimed that ITEMA has more than doubled the sales of its weaving machines since 2012 because of constant innovations that propelled the company towards developing smart weaving machines which gave ITEMA the title of industry’s technological benchmark.
Markedly, the company recently launched its new R95002 denim rapier weaving machine at ITM 2018 exhibition. The machine has been introduced to completely eliminate waste margin on a fabric that leads to measurable savings for the denim makers.
Interestingly, the company is also considering listing on the Italian Stock Market, with an IPO citing market conditions. More updates on this will be shared as and when received.