Somero Enterprises Inc. Trading Update (2353A)
June 06 2016 - 1:00AM
UK Regulatory
TIDMSOM
RNS Number : 2353A
Somero Enterprises Inc.
06 June 2016
6 June 2016
Somero Enterprises, Inc.
("Somero" or the "Company")
Trading Update
Somero is pleased to provide an update on trading ahead of its
Annual General Meeting to be held on Tuesday 7 June 2016.
In its annual results announcement on 1 March 2016, Somero
indicated healthy trading momentum in the US had carried forward
into 2016 driven by demand for replacement equipment, fleet
additions, technology upgrades, and new products. Somero is pleased
to report that overall business is progressing well in 2016 with
positive trading in the Company's core US, European and Chinese
markets. In the Latin America, Southeast Asia, Korea and Middle
East territories, while year-to-date trading is somewhat below
previous year levels, the Company remains encouraged by solid
activity in these markets and expects improvement over the rest of
the year.
On a product basis, sales of our new products, the S-10A and
S-940, have been key contributors to growth, along with sales of
the 3-D profiler system, S-15, and STS-11m. In addition, driven by
increased customer project activity, sales of parts and services
have been particularly strong in 2016 to-date.
As previously announced, on 25 April 2016 Somero opened its new
Global Headquarters and Training Facility, providing a
state-of-the-art venue for product demonstration and customer
training. With construction complete the Company expects capital
expenditure in the second half of 2016 to revert to comparable
historical levels.
This positive trading environment, together with margin
improvement due to price increases and cost controls, and solid
operating cash flow generation means the Company's overall results
are tracking comfortably in-line with market expectations for the
full year ending 31 December 2016.
Enquiries:
Somero Enterprises, Inc. www.somero.com
Jack Cooney, CEO +1 239 210 6500
John Yuncza, CFO
Howard Hohmann, EVP Sales
Canaccord Genuity Ltd (NOMAD and Joint Broker)
Bruce Garrow +44 (0)20 7523 8000
Piers Coombs
Mark Whitmore
finnCap Ltd (Joint Broker)
Matt Goode (Corporate Finance) +44 (0)20 7220
0500
Carl Holmes (Corporate Finance)
Tim Redfern (Corporate Broking)
Redleaf Communications Ltd (Financial PR Advisor)
somero@redleafpr.com
Rebecca Sanders-Hewett +44 (0)20 7382 4730
David Ison
Susie Hudson
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTAKNDBABKDKAK
(END) Dow Jones Newswires
June 06, 2016 02:00 ET (06:00 GMT)
Somero Enterprise (LSE:SOM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Somero Enterprise (LSE:SOM)
Historical Stock Chart
From Oct 2023 to Oct 2024