Profits double to €15.5m and revenues increase 70% to €150m at SEC Newgate driven by organic and acquisition growth.
On a pro-forma basis revenues soared to €181.1m
Milan, Italy, Tuesday 4 April – SEC Newgate S.p.A., the global strategic communications and advocacy group, today announces its consolidated, unaudited results for the year ended 31 December 2022.
The results highlight another outstanding year for the Group, with Profit Before Tax, net of extraordinary costs, more than doubling to €15.5m (2021: €5.7m) and revenues up 70% to €150.0m (2021: €88.6m), demonstrating significant resilience in a turbulent and increasingly uncertain macro-economic climate.
The announcement highlights the Group’s excellent progress since it delisted from the London Stock Exchange in March 2022, with €49.0m of funding from Three Hills Capital Partners as a minority shareholder.
Organic growth was strong across the Group at 13%. During the year, the Group’s acquisition programme centred on completing its presence across the Americas, welcoming Global Strategy Group in April 2022 and Mexico headquartered consultancy another Company in November 2022 to the SEC Newgate group. The foundations are now laid for further growth in those markets, as well as enabling the Group to attract more multi-jurisdictional mandates.
- Revenues up 70% to €150m (2021: €88.6m) of which organic growth was 13%;
- On a pro-forma basis, accounting for 2022 acquired companies’ revenues for the entire year (namely Global Strategy Group and another) revenues reached €181.1m;
- Gross Profit up 67% to €111.9m (2021: €66.9m);
- EBITDA up 100% to €23.7m (2021: €11.4m);
- PBT up 100% to €15.5m (2021: €5.7m).
- Continued growth in the intercompany business referrals, up 52% on average on a quarterly base with respect to Q4 of 2021;
- Won 24 industry awards over the year as well as 16 mentions in Powerbooks and other publications dedicated to individual professionals’ recognition;
- Global headcount of almost 1,200 people (2021: 700) across more than 50 offices on five continents of whom 51% identify as female at Director level;
- Publication of the second SEC Newgate ESG Monitor, demonstrating the Group’s growing expertise and focus on ESG globally and research;
- SEC Newgate had client teams at COP26, COP27 and will have a strong presence at COP28.
Fiorenzo Tagliabue, Group CEO of SEC Newgate S.p.A., said:
“2022 has been another exceptional year which has continued the momentum and significant growth achieved in each of the last three years since the creation of SEC Newgate.
“Our focus over the last 12 months has been ensuring that we can offer our clients the best possible advice, consistently across jurisdictions. Our expanded footprint across the Americas has been a key element in this strategy and our global footprint and comprehensive, integrated offering enables us to solve and manage complex reputational and policy issues for our clients as they navigate an increasingly volatile macro-economic environment.
“These results are testament to the exceptional work and commitment of the senior leadership team and every colleague across the Group, coupled with the entrepreneurial spirit and vibrant culture that are hallmarks of our Group. Thank you all.”