Somero Enterprises Inc. Trading Update (3746E)
July 07 2021 - 1:00AM
UK Regulatory
TIDMSOM
RNS Number : 3746E
Somero Enterprises Inc.
07 July 2021
7 July 2021
Somero Enterprises, Inc.
("Somero" or "the Company")
Trading Update
Raising guidance due to stronger than anticipated trading in the
US to end H1
Somero(R) is pleased to provide an update on trading for the
current financial year, ending 31 December 2021 ("FY 2021")
following the end of its first half ended 30 June 2021 ("H1
2021").
The Board is pleased to report that due to stronger than
anticipated trading in the US to end H1 2021 and with this momentum
carrying over to begin H2 2021, it now expects to exceed previous
guidance for FY 2021 established in the 6 May 2021 trading update.
The Company's previous FY 2021 guidance indicated revenues were
expected to approximate US$ 100.0m, adjusted EBITDA would
approximate US$ 31.0m and net cash would improve consequentially
from the original US$ 27.4m target established in our 10 March 2021
final FY 2020 results statement. The Board now expects FY 2021
annual revenues will approximate US$ 110.0m, adjusted EBITDA will
approximate US$ 35.0m, and year end net cash is expected to exceed
US$ 33.0m.
Group H1 2021 trading has been stronger than previous years with
trading in North America in the last two months of H1 2021 having
exceeded our previous expectations. This higher than anticipated
momentum is carrying over to begin H2 2021, with customer workloads
at high levels and project backlogs extending into 2022. This is
due in part to catch up on projects previously slowed by COVID
restrictions and is also supported by a healthy and active US
non-residential construction market. H1 2021 trading in the US
reflected strong contributions from products across the portfolio
but with particularly good performance in the boomed screed
category, driven by the demand for new warehousing required to keep
pace with growth in e-commerce operations.
H1 2021 performance in Europe and Australia was in line with the
expectation for meaningful contributions to growth from both
regions in FY 2021 and all other regions performed as expected. H1
2021 trading of new products was also in line with the expectation
to contribute meaningfully to growth in 2021. 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.
Somero's interim results announcement is scheduled to be
released on 8 September 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/Richard Chambers (ECM)
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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