Mon, 10th Aug 2020 07:00
10 August 2020
SEC Newgate S.p.A.
("SEC Newgate" or the "Group")
SEC Newgate (AIM: SECG), the international communications, advocacy and research group, today provides an update on Group trading for the six months ended 30 June 2020. This is ahead of release of the Group's unaudited interim results which is expected to be on the week commencing 21 September.
For the first half of the year, despite the challenges and impact of Covid-19, SEC Newgate expects to report interim results* for the Group ahead of management expectations:
· Profit before tax for the period to 30 June 2020 is expected to exceed €1.5 million
· Consolidated Group turnover of €31.5 million, reflecting the first full half-year contribution of Porta Communications, following its acquisition during H2 2019 (H1 2019: €13.7 million).
· Group implementation of cost savings of €3.4 million year-to-date, which is the combined effect of local governments' assistance and operational cost reductions realized by the management
· Group net debt (excluding finance leases and restricted cash) as at 30 June 2020 was €6.1 million (FY19: € 8.7 million).
* All figures unaudited
These positive results reflect in part the restructuring process the Group started soon after the merger between SEC S.p.A. and Porta Communications plc in September 2019, creating a top 30 global PR firm.
Additionally, the Group has performed profitably across its three key markets: the UK, Australia and Italy, with other markets also delivering positive results, particularly Belgium and France.
Following the period, SEC Newgate commenced operations in the US market through SEC Newgate US LLC, based in New York and Washington. This represents the Group's first expansion into the North American market.
SEC Newgate has also now launched a state-of-the-art platform, TRUE®, in Italy, supported by Artificial Intelligence and developed by a team of university researchers including Bocconi (Milan) and Imperial College (London). TRUE® marks a new benchmark in semantic and reputational assessment, delivering comprehensive and real time measures of both sentiment and judgment based on all available public sources. The platform, has been set up to work in Europe's 5 most significant languages (English, French, Italian, German and Spanish) and will be progressively launched in other markets.
Fiorenzo Tagliabue, Group CEO of SEC Newgate, commented:
"Current trading reflects the Group's healthy state, despite the pandemic that hit the global economy. We believe our focus on clients, global strategic approach to targeting international prospects, and investments in innovation are the keys to unleashing the Group's success and its ability to grow its profitability. During the second half of the year we are going to launch the English release of TRUE®, allowing us to offer this ultimate tool in reputation management and prediction to a wider panel of international clients."
- Ends -
For further information please contact:
SEC Newgate S.p.A.
Fiorenzo Tagliabue (Group CEO)
Telephone: +39 335 6008858
Emma Kane (Deputy Group CEO,
CEO Newgate Communications UK)
Telephone: +44 (0) 20 3757 6860
Sergio Penna (Group CFO)
Telephone: +39 338 835 7936
Richard Johnson / Benjamin Cryer
Telephone: +44 207 614 5900
Notes to Editors
· Further information is available at www.secnewgate.com
· On 3 September 2019, SEC S.p.A. and Porta Communications Plc merged to create SEC Newgate S.p.A.
The Group's principal brands are: ACH SEC Global (Spain); Cambre Associates (Belgium); Cambre Maroc (Morocco); Clai (France); Kohl PR (Germany); Martis Consulting (Poland); SEC Latam (Colombia); Newgate Communications (Abu Dhabi, Australia, Greater China, Singapore, UK); Newington (UK); Publicasity (UK); SEC Newgate S.p.A. (Italy); SEC Newgate US LLC and 2112 (UK).