MILAN, March 13 Italian high-end furniture firm
Poltrona Frau said on Thursday sales rose 10.5 percent
last year, boosted by steep gains in Italy and from its "Luxury
in Motion" division, which fits out yachts, cars and planes with
Poltrona Frau, which reached a buyout agreement with U.S.
office furnisher Haworth in February, said full-year revenue was
272.85 million euros ($379 million).
The company best known for its deep leather armchairs agreed
to the takeover partly to speed up its growth in foreign
markets, its chief executive said at the time.
Italy, where consumer spending remains strained as the
economy struggles to emerge from recession, continued to be the
group's biggest market last year, growing by 20 percent and
accounting for around 40 percent of sales.
Europe, the Middle East and Africa, which returned 38
percent of sales, grew by more than 11 percent, boosted by
demand for the Cassina brand which has partnered with designers
including Karl Lagerfeld.
Poltrona Frau said it boosted net profit to 4.5 million
euros from roughly 1.1 million euros in the previous year, and
reduced net debt by 10 million euros to 69.3 million euros.
Chief Executive Dario Rinero had pinpointed North America as
an area of focus for the group, but sales in the Americas
overall, currently the group's smallest market, fell 21.6
percent in 2013.
The "Luxury in Motion" division, which counts outgoing major
shareholder Luca di Montezemolo's Ferrari and
Volkswagen as partners, was the fastest-growing
segment of the business, rising more than 30 percent.
Shares in Poltrona Frau barely reacted to the results, and
by 1348 GMT were flat at 2.94 euros, just below Haworth's 2.96
euro offer price. The Italian all-share index was 0.7 percent
higher on the day.
($1 = 0.7192 euros)
(Reporting by Isla Binnie; editing by Keiron Henderson)