REG - Somero Enterprises - Trading Update

Somero EnterprisesAnnouncement

24/07/2023 07:00

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RNS Number : 8395G  Somero Enterprises Inc.  24 July 2023

24 July 2023

Somero Enterprises, Inc.

("Somero", "the Company" or "the Group")

 

Trading Update

Somero® provides an update on trading for the six months to 30 June 2023
ahead of its interim results announcement, scheduled for release on 31 August
2023.

With non-residential construction and underlying market conditions remaining
healthy across the Company's major markets and following a solid June, trading
for H1 2023 ended at the high end of the guidance range set forth in the 20
June 2023 trading update.

 

As expected, trading in North America was the driver for the overall decline
compared to H1 2022, due to the factors previously reported in the 20 June
2023 trading update, while H1 2023 trading in Europe and Australia reflected
the positive momentum carried forward from H2 2022 with both regions reporting
improvement over the comparable H1 2022 result.  Performance in the European
and Australian markets, supported by healthy market activity, has been driven
by strategic investments in both regions and traction with acquiring new
customer relationships and with increased market penetration of our broader
product offering.  Territories comprising our Rest of World regions
contributed positively to H1 2023 trading on a combined basis as expected,
driven in part by Latin America and the Middle East that both reported
increased revenues compared to H1 2022.

 

Also as indicated in our 20 June 2023 trading update, the Company anticipates
improvement in H2 2023 trading in North America compared to H1 2023 driven by
increased availability of the S-22EZ, supported by direct feedback from
customers indicating healthy non-residential construction activity across a
wide range of project types that translates to extended project backlogs. The
Company also anticipates healthy contributions to H2 2023 trading from Europe
and Australia, and H2 2023 trading comparable to H1 2023 in the Rest of World
territories.

 

As such, the Board remains confident that 2023 results will fall in line with
market expectations with revenues of approximately US$ 120m, EBITDA of
approximately US$ 36m, and year-end cash of approximately US$ 32m.

 

 

 Enquiries:

 Somero Enterprises, Inc.                                       www.somero.com (http://www.somero.com)
 Jack Cooney, CEO                                               +1 239 210 6500
 John Yuncza, President
 Vincenzo LiCausi, CFO
 Howard Hohmann, EVP Sales

 finnCap Ltd (NOMAD and Broker)                                 +44 (0)20 7220 0500
 Matt Goode/Seamus Fricker/Fergus Sullivan (Corporate Finance)
 Tim Redfern/Harriet Ward (ECM)

 Alma PR (Financial PR Advisor)                                 somero@almapr.co.uk
 David Ison                                                     +44 (0)20 3405 0205
 Rebecca Sanders-Hewett
 Pippa Crabtree

 

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