SECO’s SHAREHOLDER MEETING APPROVES THE 2019 FINANCIAL STATEMENT

THE BOARD OF DIRECTORS: IPO PROJECT IS APPROVED, BANKS AND ADVISORS ARE NOMINATED 

 

2019 delivers a 22% increase in revenues compared to the previous year, throughout the first months of 2020 both revenues and margins continue to grow 

 

Arezzo – June 29th 2020 – The Shareholder Meeting of SECO SPA, a company established by Daniele Conti and Luciano Secciani in 1979, a leading high-tech manufacturer of computer miniaturization and “ready-to-use” IoT integrated systems, with shareholder FII Tech Growth fund backed by Cassa Depositi e Prestiti, approved today its 2019 financial results. The Board of Directors has also approved the IPO project to go public on the Star segment of Borsa Italiana (Milan Stock Exchange) and has nominated Marco Greco’s Value Track as the Financial Advisor and Goldman Sachs and Mediobanca as joint Global Coordinator, Mediobanca will also function as Sponsor. SECO will also rely on the legal support of Studio Gatti Pavesi Bianchi and White & Case, while Auro Palomba’s Community Group will be the communication advisor. Deloitte will be in charge of the financial audits and KPMG will support the company on Business Plans aspects. 

 

“This is an important historical moment for SECO – said Massimo Mauri chief executive officer of SECO SpA – the italian company that in 1999 presented the first PC integrated with a touch screen, today decided to initiate the IPO process in order to go public, which we expect can happen in 2021. 

SECO is a global technology leader – the Ceo continued – in the last three years we invested over 15 million euro in research and development thanks to Fondo Italiano’s support, activated a growth path and strategic acquisition activity. Through the IPO we want to raise the financial resources to further accelerate the growth and strengthen our global presence. SECO represents an Italian excellence with a success track-record of over 40 years in which we built strong and long-lasting relationships with important customers, who are global leaders within their sectors” 

 

SECO’s Shareholders Meeting approved the 2019 financials at December 31st 2019. In the twelve months the consolidated revenues reached 66.5M Euro, with a 22% increase on 2018, thus solidifying the growth trend from the previous years. Margins have grown, due to a focus on greater value-added products, proportionally, with an EBITDA reaching Euro 11.5 million with a growth on 2018 of 28% and with an improved incidence on revenues from 16.5% in 2018 to 17.3% in 2019. 

 

The outlook for 2020, even with the Covid-19 emergency, remains very positive. 

 

“We are pleased with the results achieved in 2019, also the first 2020 quarter, even in these emergency circumstances, shows a significant increase in revenues and margins which are aligned with our expectations  – stated Massimo Mauri. 

 

SECO recently presented to the market Biorespira an innovative device that focuses on Covid patients and those affected by respiratory deficiencies. It is a pulmonary ventilator co-developed with IBD, an innovative biomedical company. Biorespira will be manufactured as soon as the necessary certifications will be released.  

 

SECO 
SECO is an Italian group with a leading global position in the sector of embedded technology and Internet of Things (IoT). Since 1979, it has been designing and producing embedded systems – industrial computers that are integrated into a client’s machine or tool, activating its functions and permitting interaction through touch/video interfaces. SECO collaborates with a broad network of strategic suppliers in the international high-tech panorama (including Intel®, AMD, NXP, NVIDIA®, Wind, and Telenor), as well as with universities, research centers and innovative start-ups, and operates on a global scale with offices in Italy, Germany, the U.S., India and Taiwan, employing more than 380 people. The industrial sectors in which SECO products are utilized range from biomedicine to wellness, industrial automation to transportation, and it has clients that are market leaders, such as Cimbali, Esaote, Evoca, and Technogym. In 2019 SECO further expanded its reach by completing two important acquisitions. It strengthened its investments in research and development and production capabilities in China by acquiring a majority stake in Fannal Electronics CO. Ltd. In the United States it acquired 100% of InHand Electronics, based in Maryland, a leading provider of low-power rugged embedded systems and software to original equipment manufacturers of handheld, portable, Internet of Things (IoT), and wireless devices for the military/defense, industrial, medical, transportation and infotainment markets. For more information: www.seco.com 

 

Fondo Italiano Tecnologia e Crescita 

Fondo Italiano Tecnologia e Crescita is an equity fund managed by Fondo Italiano d’Investimento SGR and is dedicated to invest in the growth of companies with high-tech business models. The fund announced its first closing in September 2017 with Cassa Depositi e Prestiti as cornerstone investor. Fondo Italiano d'Investimento SGR currently manages a total of eight investment funds, dedicated to institutional investors, for a total of about Euro 3 billion of Assets Under Management. www.fondoitaliano.it 

 

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