Italian leather specialist Natuzzi has reported a continued improvement in group margins for Q1 trading, with its UK market showing strong growth.
Natuzzi revealed that total sales for the three months ended 31 March 2016 were slightly down by 1.5% to €120.7m from €122.6m, while EBITDA reported a profit of €4.3m, compared to a loss of €1.4 m in Q1 2015.
EBIT also performed in a positive way, improving from a loss of €4.9m in Q1 2015 to a profit of €1.1m in Q1 2016, with the group Net Result therefore also improving to a loss of €0.2m, from €-9.8m in Q1 2015.
Within the UK, Natuzzi posted a market growth of 7.2%, becoming the second largest after the USA, while confirming the opening of its 30th outlet in the Brent Cross Retail Park.
Pasquale Natuzzi, chairman and CEO, commented: “The first quarter 2016 results have continued to build upon the improving margins of previous quarters. In the first three months of 2016, with revenue slightly contracting, Natuzzi brand sales accounted for 71% of core Group revenue.
“The Retail expansion of the Natuzzi brand continued, with the opening of 10 new sales points, of which 5 in China - a key market with growth of 11.5% in the first quarter of the year.”