Italy-based Itema a provider of advanced weaving solutions, including best-in-class weaving machines, spare parts and integrated services, has seen its revenue go up by 25 per cent year on year. Consolidated net profit and cash flow from operations significantly exceeded expectations, with EBT up 30 per cent year on year. Consolidated net turnover from sales of weaving machines registered a 50 per cent increase from the previous year.
Itema, widened its global reach by shipping its weaving machines to 40 countries last year (compared to 39 countries in 2012). Especially remarkable contribution came from the new rapier R9500 which, at just one year from market launch, represented already one-third of the total turnover from weaving machines.
The spare parts business unit was recently restructured to devise and implement a new strategy, which has already started bringing in encouraging results. In 2013, the company implemented a wide range of restructuring and process improvement measures, such as continuing on the path of lean manufacturing across its production facilities, increasing the ability of the company to quickly respond to growing market demands for its products.
Itema started the first quarter of 2014 on a positive note and in line with the strong growth experienced in the same period last year. Nevertheless, the outlook for the rest of 2014 remains cautious.