9 May 2017 14:33
9 May 2017
SEC S.p.A.
("SEC" or "the Company")
Trading update and results announcement
SEC, the largest independent advocacy, public relations and integrated communications agency in the Italian market, expects to announce audited results for the year to 31 December 2016 during the second week of June 2017.
The Company expects to report revenue for the year to 31 December 2016 below expectations at approximately EUR 18,4 million (unaudited) and EBITDA of approximately EUR 1,033,000 (unaudited). Net Cash at 31 December 2016 was EUR 2,5 million (unaudited).
During 2016, management time was inevitably focused on the listing process, and putting in the infrastructure to manage the Company as it grows. 2016 was adversely affected by political and social situations in Italy and Spain, and the uncertainty caused by general elections in Germany and France which have resulted in more prudence in EU markets. This has affected our ability to replace previous large contracts such as the Milan Expo in 2015. This has persisted into 2017 although the Company is pursuing a significant number of new leads. Important clients such as like Coca Cola, Unicredit Group and Soundreef have returned to the Company after a short experience with competitor firms which is an encouraging indication of the quality of service offered to clients.
For more information:
SEC S.p.A Fiorenzo Tagliabue (CEO)
| Telephone: +39 335 6008858 |
WH Ireland Paul Shackleton Nick Prowting
IFC Advisory Graham Herring Tim Metcalfe Miles Nolan
| Telephone: +44 207 220 1666
Telephone: +44 203 053 8671 |
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The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.