Italy's SECO sees double-digit revenue growth next year -CEO (updated)
12/09/2022 16:42
(Adds comments by CEO, financial details, share move)
MILAN, Sept 12 (Reuters) - Italian high-tech company SECO
IOT.MI expects revenue to grow in "double digits" next year as
it is also benefitting from Western companies shifting their
supply chains to Europe in the face of geopolitical tensions,
CEO Massimo Mauri said on Monday.
SECO, which specialises in the development of "Internet of
things" systems connecting devices like cars and medical devices
to the internet, doubled its core profit in the first half of
this year while confirming its 200 million-euro sales guidance
for 2022. urn:newsml:reuters.com:*:nFWN30H0FG
"European and U.S clients prefer having a global supplier
based in Europe rather than in Asia, given the current
circumstances. This is helping us," Mauri told Reuters.
He added it was too early to say whether the company will
top its annual targets this year but he did not rule out a
positive surprise.
"We historically exceed targets ... We are working to do
that. For 2023 we are forecasting a double-digit growth in
revenue."
Shares in the Milan-listed company were trading over 6%
higher on Monday, outperforming a 2.3% rise in Italy's all-share
index .FTITLMS .
Mauri said SECO is eyeing some acquisition targets in the
United States as part of its growth strategy but he added M&A
will be an issue only in 2023.
The company is still experiencing the impact of a global
semiconductor shortage, the executive noted.
"We are expecting a gradual back to normal ... which we
believe could materialise between the end of the first quarter
and the beginning of the second quarter next year", Mauri said.
(Reporting by Elvira Pollina in Milan, Editing by Keith Weir
and Matthew Lewis)
((elvira.pollina@thomsonreuters.com;))