28th Jun 2021 14:42
SEC Newgate SpA - Italian strategic communications and advocacy firm - Agrees new lease for 14,000 square foot self-contained office building in Farringdon London. Says lease is for 10 years, with a five-year tenant-only break. From late 2021, the offices will host SEC Newgate UK and some of the company's wider finance and corporate operations.
The company says: "Due to IFRS 16 treatment, the lease costs related to the new contract will generate an increase of the fixed asset depreciation in 2021, with substantial savings to be fully included in the group's consolidated financial statements from 2022 onwards."
Expects total cash savings of over EUR5 million over the first five years of the lease. Says it will save EUR1 million annually from 2022 on.
Current stock price: 95.00 pence, down 7.3% on Monday afternoon
Year-to-date change: sharply up from 45.00p
By Scarlett Butler; [email protected]
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