6th May 2021 10:58
(Alliance News) - SEC Newgate SpA said on Thursday that it had outperformed its original budget for 2020, despite the impact of the Coronavirus pandemic.
The Italian public relations firm said full-year revenue was up 37% year-on-year to EUR65.3 million from EUR47.6 million.
Pretax profit for the year also improved, more than doubling to EUR3.0 million from EUR1.3 million the previous year. Net debt was down by 15% to EUR7.4 million compared to EUR8.7 million in 2019.
The Milan-based business proposed a dividend of 0.5 pence per share, reflecting the "growth of the group and the board's confidence in the outlook".
Commenting on the results, Chief Executive Fiorenzo Tagliabue said: "We are extremely pleased with the result the group has achieved which has outperformed our original budget for 2020, despite the global pandemic.
"The group has demonstrated great resilience and has delivered on its promise by developing new opportunities, getting closer to our clients and stakeholders, whilst always putting the health and safety of our colleagues at the forefront. Our first ever dividend distribution, while small in value, is a clear signal of the excellent health of our organisation and our optimism for the future."
Shares were up 7.3% to 103.00 pence in London on Thursday morning, after the announcement.
By Will Paige; [email protected]
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