(Alliance News) - Seco Spa reported Monday that it ended 2023 with adjusted net income up to EUR22.9 million from EUR20.5 million in 2022.

The adjusted figure is before the effects of nonrecurring transactions and transactions that directors consider unrelated to operating performance.

Revenues increased to EUR209.8 million from EUR200.9 million, driven by sales volume growth in EMEA, the U.S., and APAC, with a notable increase to EUR187.3 million in Edge Computing revenues while the rest of the revenue is attributable to the Clea business.

Adjusted Ebitda rose to EUR50.6 million from EUR44.0 million while adjusted operating income improved to EUR34.1 million from EUR28.0 million.

Gross margin increased to EUR111.1 million from EUR94.3 million. The indicator shows a significant year-on-year improvement of 601 basis points. This performance is mainly related to the expansion of the Clea business, with a higher contribution of software to total sales, a favorable sales mix for the Edge Computing business, and the gradual reduction in the cost of components and raw materials used by SECO in its production processes, as an effect of a gradual resolution of the shortage environment along the supply chain.

Adjusted net financial debt increased from a net debt of EUR118.8 million as of December 31, 2022 to a net debt of EUR52.0 million as of December 31, 2023. This change is mainly related to a capital increase totaling EUR65.0 million by 7-Industries BV, combined with cash generation by the group.

Seco's stock is up 3.4 percent to EUR3.49 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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