SEC Newgate: full-year results to match market expectations

SEC Newgate says it expects its first full-year results as a merged entity to be "in line with market expectations".

CEO Fiorenzo Tagliabue: 'We have started the new financial year in a strong financial position'
CEO Fiorenzo Tagliabue: 'We have started the new financial year in a strong financial position'

The London-listed company, formed in September 2019 from the merger of Porta and Italian group SEC, said today it expects turnover for the year to 31 December 2020 to be about €65m, with unadjusted pre-tax profit of approximately €3m and unadjusted operating profit in the region of €4.2m. Net debt at 31 December was about €5.75m, excluding an adjustment relating to lease costs.

Chief executive Fiorenzo Tagliabue said: “Our first full year as SEC Newgate has ended very positively due to the huge effort made across our group and, in particular, by our teams in Australia, the UK, Italy and Brussels. We have started the new financial year in a strong financial position and with a significant pipeline as we continue to build a diversified, dynamic group that is helping clients clearly demonstrate their purpose, value and impact locally, nationally and internationally.”

Last month the group announced it had increased its stake in London-based public affairs specialist Newington to 100 per cent and merged it with sister shop SEC Newgate UK. That was the first step to rebranding all its agencies SEC Newgate by the year end, excluding consumer-focused Publicasity.

The group employs about 600 staff in 36 offices across six continents.

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