Massimo Mauri, CEO of SECO, commented: “In what continues to be a challenging market environment, we saw revenues decline this quarter. This was largely expected, and we managed to mitigate its impact thanks to the strength and resilience of our business model. In particular, the expansion of Clea, our software business, allowed us to improve again our gross margins. In this context, management continues to be focused on delivering its long-term profitable growth strategy, lead by innovation and creating value for its customers.”
Results:
- 1H24 Net sales: €95.3M, -15% YoY
- Clea business: €12.6M (13% of Net sales), +17% YoY
- Gross margin: €50.3M (53% of Net sales), +312 bps YoY
- Adjusted EBITDA: €15.8M (17% of Net sales), -40% YoY
- Adjusted Net income: €3.9M (4% of Net sales), -69% YoY
- For the full year, the Company expects Revenues to exceed €180M, maintaining a 50%+ Gross Profit Margin
- 2025 to normalize, with organic top-line growth back to 15%+ and profitability in line with historical levels
