SEC Newgate financial results 'in line' with management expectations post-merger

SEC Newgate has published an annual turnover of €47m (£40m) - which is "in line with management expectations".

It is the first update since Porta and SEC agreed to merge in September last year, although the international comms group said the figures are not directly comparable as the trading impact and breakdown of the merger would be published at a later date.

SEC Newgate predicts its consolidated total turnover will be in excess of €47m, with consolidated unadjusted operating profit of around €2.3m, and consolidated unadjusted profit before tax of about €1.6m (subject to year-end adjustments). Year-on-year operating profit was €2.3m (£1.95m). 

In 2018, the combined turnover of Porta and SEC Newgate as separate entities was $79.1m (£65m). However, the combined 2019 revenue only includes four months of Porta results, making direct comparisons meaningless.

SEC Newgate expects to report results for the combined group in line with management expectations.

Fiorenzo Tagliabue, group chief executive of SEC Newgate, said: "The unaudited consolidated figures reflect the significant progress we have made since the merger in September 2019.

"Our three-year strategic plan is being implemented, an example of which was our replacement €3m banking facility secured with Deutsche Bank, on preferable terms with no security or covenants, reflecting the improved financial stability of the group.

"Our agile teams are now working together across the communications spectrum building and protecting brands, reputations and business. We are committed to creating positive change for our people, clients and shareholders and have had a strong start to the new financial year."

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