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Italy's SECO sees revenues up 30% in Q1

(Reuters) - Italy's SECO sees revenues to increase 30% in the first quarter of 2023 compared with the same period of last year, the high-tech company said on Wednesday, after releasing its full-year preliminary figures.

SECO expected to post revenues between 55 million euros and 56 million euros ($59.1-60.2 million) in the first three months of 2023, in line with expectations of a double-digit annual growth that had been previously disclosed.

"Observing the evolution of backlog and order intake in the last months, we can affirm that demand remains solid. Based on these data, we believe we can express sustained growth rates in 2023, already from the first quarter," Chief Executive Massimo Mauri said in a statement.

SECO, which specialises in the development of the "Internet of things", reported 200 million euros in preliminary net sales in 2022, helped by a 22% rise in the fourth quarter thanks to, among other things, a "robust" expansion in high-potential markets such as the U.S and the Europe, Middle East and Africa (EMEA) area.

($1 = 0.9305 euros)

(Reporting by Federica Urso; editing by Federico Maccioni)