SECO, IN 2019 REVENUES GROW BY OVER 20%

The Board of Directors approves the 2019 financial results

Arezzo – May 11th 2020 – The Board of Directors of SECO SPA, a 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, presented today its 2019 financial results.

In the full year 2019 the SECO Group delivered consolidated revenues at Euro 66.5 million, showing an increase on 2018 of 22%, 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.

With its headquarters in Arezzo (Italy) and 380 employees in Italy, USA, Germany, China and Taiwan, SECO in 2019 has expanded its reach in the market by completing two strategic acquisitions. In China it strengthened its investments in research & development and manufacturing capabilities by acquiring a majority shareholder position in Fannal Electronics CO. Ltd. In the United States SECO acquired 100% of InHand Electronics, a Maryland-based 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, infotainment and field operations equipment markets.

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 – stated Massimo Mauri, CEO – We are extremely confident and we intend to continue, also thanks to FII Tech Growth Fund’s support, accelerating our technological developments and innovation projects.

During the emergency SECO continued to remain active, since it is considered a critical and important supplier to biomedical products. The company immediately put in place remote working and safety measures for its plants by managing shifts, partitioning common areas, measuring employee temperatures and supplying all safety and protection gear for workers, from masks to sanitizing gel, gloves and goggles. The Chinese plant was closed from December 31st 2019 to February 10th 2020.

SECO recently presented to the market Respira, an innovative device specifically developed for Covid patients and with respiratory deficiencies. Respira is a non-invasive portable pulmonary ventilator created in partnership with IBD, an innovative Italian company operating in the biomedical market, which will be manufactured upon receipt of the necessary certifications.

About 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. www.seco.com

About FII Tech Growth

FII Tech Growth, with a fundraising target of €150 million, is the first Italian late-stage technology investment equity fund. It is managed by Fondo Italiano d’Investimento SGR and is dedicated to invest in the growth of small and medium-sized Italian 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