REG - Somero Enterprises - Trading Update

Somero EnterprisesAnnouncement

07/12/2021 07:00

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RNS Number : 7424U  Somero Enterprises Inc.  07 December 2021

7 December 2021

Somero Enterprises, Inc.

("Somero" or "the Company")

 

Trading Update

Raising guidance due to strong trading momentum to end H2

Somero® is pleased to provide an update on trading for the current financial
year, ending 31 December 2021 ("FY 2021").

The Board is pleased to report that it has seen strong trading momentum
continue throughout H2 2021. This, combined with the Company's ability to
consistently deliver on customer orders, means that the Company now expects to
exceed previous guidance for FY 2021 established in the 8 September 2021
interim results statement. The Company's previous FY 2021 guidance indicated
revenues were expected to approximate US$ 120.0m, adjusted EBITDA would
approximate US$ 42.0m and net cash would approximate US$ 36.0m. The Board now
expects FY 2021 annual revenues will approximate US$ 130.0m, adjusted EBITDA
will approximate US$ 45.0m, and year end net cash will approximate US$
39.0m.

This strong trading momentum in H2 2021 has been led by strong trading in
North America, healthy contributions to growth from Europe and Australia, with
the remaining international markets performing as expected. In North America,
market conditions remain healthy and positive, driven in part by demand for
new warehousing, with customer workloads at high levels and reported project
backlogs extending well into 2022.

The Company expects to provide a further update on FY 2021 in January 2022
consistent with prior years. Somero's final 2021 results announcement is
scheduled to be released on 9 March 2022.

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 (https://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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