Somero Enterprises Inc. Trading Update (6989X)
May 06 2021 - 1:00AM
UK Regulatory
TIDMSOM
RNS Number : 6989X
Somero Enterprises Inc.
06 May 2021
6 May 2021
Somero Enterprises, Inc.
("Somero" or "the Company")
Trading Update
Strength in US market driving healthy trading ahead of previous
guidance
Somero(R) provides the following update on trading for the
current financial year ending 31 December 2021.
The Board is pleased to report that as a result of stronger than
anticipated trading momentum in the US in the first four months of
the year alongside signs of improving activity levels in Europe and
Australia, it now expects to exceed previous guidance for FY 2021
established in the 10 March 2021 final FY 2020 results statement.
The Company's previous guidance for FY 2021 indicated revenues were
expected to grow in the single mid-digit percentage range from the
US$ 88.6m reported for FY 2020, adjusted EBITDA would grow modestly
from the US$ 26.1m reported for FY 2020 and ending net cash would
approximate US$ 27.4m. The Board now expects FY 2021 annual
revenues will approximate US$ 100.0m, adjusted EBITDA will
approximate US$ 31.0m, and a consequential improvement in the
anticipated year end net cash position.
2021 trading momentum in the US reflects an active market and
healthy sales across the Company's product portfolio with
particularly good performance in the boomed screed category driven
by demand for new warehousing required to keep pace with the growth
in e-commerce operations. Despite the lingering effects of COVID-19
restrictions, early positive 2021 performance in Europe and
Australia supports the expectation for meaningful contributions to
growth from both regions in 2021. All other regions are performing
as expected. New products, such as the SRS-4, the Somero
Broom+Cure(TM) and the SkyScreed(R) 36, all released in 2020, are
also anticipated to contribute meaningfully to growth in 2021.
The Company continues to make good progress on its new product
growth strategy and continues to make the investment in sales and
support staff accordingly. In April 2021, the Company added to its
product portfolio by introducing the Somero SkyStrip(R), a plywood
sheet stripping machine that reduces lost labor time due to common
injuries incurred during the shoring removal process. The Company
continues to work on a pipeline of new products targeted to expand
the Company's addressable market and anticipates release of an
additional new product before the end of 2021.
This Announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 as retained as part of UK
law by virtue of the European Union (Withdrawal) Act 2018 as
amended. Upon the publication of this Announcement, this inside
information is now considered to be in the public domain.
Enquiries:
Somero Enterprises, Inc. www.somero.com
Jack Cooney, CEO +1 239 210 6500
John Yuncza, CFO
Howard Hohmann, EVP Sales
finnCap Ltd (NOMAD and Broker)
Matt Goode (Corporate Finance) +44 (0)20 7220 0500
Kate Bannatyne (Corporate Finance)
Tim Redfern (Corporate Broking)
Alma PR (Financial PR Advisor) somero@almapr.co.uk
David Ison +44 (0)20 3405 0205
Sam Modlin
Molly Gretton
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END
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