26/11/2001

Art'e', the Bologna-based art company, expects its sales for the current financial year to rise 11% on the year to 38.2 million euros, while operating profits will increase a healthy 30%. In a presentation to Milan's financial community on Thursday, Art'e', which is listed on Milan's high-tech Nasdaq-style Nuovo Mercato, said it aims to grow its core business (the sale of works of art) by 25% per year from here to 2005. Oddly enough, the company saw record orders in October despite the terrorist attacks in New York. "Since September 11, we have met with growing demand from the general public for our work," Art'e' chairman Marilena Ferrari told analysts. October's orders for 10 billion lire, 37% up on the year, will feed through into sales in the first quarter of next year. Thanks to a solid net financial position (23.5 million euros in the third quarter 2001), Art'e' said it is considering acquisitions, indicating that the next move could be a joint venture with a company in Spain. The Bologna company also said it intends to set up a network of art galleries. "On 21st of February we will open our first gallery in Brera (Milan) after which others will open in Rome and Naples," Ferrari said, adding she expects sales of around 2.6 million euros at each of the galleries will break-even by year-end 2002. (Stephen Jewkes)