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Italy's Seco rises as record results, China deals fuel AI push

By Reuters News

By Mirko Miorelli

Nov 9 (Reuters) - Shares in Italian group Seco IOT.MI rose as much as 10% on Monday after the company said third-quarter adjusted core earnings rose 38% from a year earlier, supported by market expansion and demand for Edge AI products.

Seco said third-quarter adjusted earnings and sales hit record highs as the group added customers and focused on "strategic end markets," CEO Massimo Mauri said in a statement.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew to €14.7 million ($16.41 million) in the quarter, while quarterly net sales rose 24% to €59.6 million, with contributions from the Asia-Pacific and EMEA regions.

During a post-results call, Mauri said fourth-quarter performance was expected to be broadly in line with the third quarter despite ongoing supply chain difficulties, citing a strong backlog that was up 42% from a year earlier.

Seco said it would provide its full-year 2027 revenue guidance in December.

https://www.reuters.com/graphics/SECO-SHARES/egvbgrwmypq/chart.png

ASIA PACIFIC EXPANSION

On November 2, Seco signed agreements to acquire a 60% stake in China-based Zhejiang Qiyang Intelligent Technology and the remaining 45% stake in Fannal Electronics.

Executives said the acquisitions would deepen Seco's footprint in Asia-Pacific, creating a China hub for research, manufacturing and sales and helping the group target fast-growing sectors including robotics, industrial automation and energy.

"We do expect China will contribute around more or less 50 million as a revenue in the region," Mauri said, adding that the company also expects purchasing, supply-chain and cross-selling synergies from the transactions.

($1 = 0.8961 euros)

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