SEC Newgate FY turnover and profits grow

SEC Newgate said turnover was up from €47.6m at €65.3m, while gross profits improved from €37.6m to €56.1m and pre-tax profits more than doubled to €3.0m.

Net Debt of €7.4m was down from €8.7m a year earlier.

SEC Newgate also added that given the "very positive result" of 2020, it had decided to propose a dividend of 0.5p per share, reflecting the growth of the group and the board's confidence in its outlook.

Chief executive Fiorenzo Tagliabue said: "We are extremely pleased with the result the group has achieved which has outperformed our original budget for 2020, despite the global pandemic.

"The group has demonstrated great resilience and has delivered on its promise by developing new opportunities, getting closer to our clients and stakeholders, whilst always putting the health and safety of our colleagues at the forefront. Our first-ever dividend distribution, while small in value, is a clear signal of the excellent health of our organisation and our optimism for the future."

As of 1120 BST, SEC Newgate shares were up 7.29% at 103.0p.