(Alliance News) - Seco Spa reported Monday that it closed the first quarter of the year with an adjusted net income of EUR2.4 million from EUR4.5 million as of March 31, 2023.

Revenues in the period stood at EUR47.2 million from EUR54.6 million in 2023.

Adjusted Ebitda was EUR10.4 million as of March 31 from EUR12.0 million in the same period last year.

Adjusted Ebit was EUR5.7 million from EUR8.1 million in Q1 2023.

Adjusted net debt changes to EUR57.3 million as of March 31 from net debt of EUR52.0 million as of Dec. 31, 2023.

In addition, the company has and appointed Clarence Nahan as Head of Corporate Development & Investor Relations.

Massimo Mauri, CEO of Seco, commented, "In a complicated market environment, we recorded a quarter of revenue growth, which was widely expected. The good margin results achieved through growth in the software business demonstrate how Seco has built a solid and resilient business model."

Seco trades in the red by 2.6 percent at EUR3.33 per share.

By Claudia Cavaliere, Alliance News reporter

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