REG - Somero Enterprises - Trading Statement

Somero EnterprisesAnnouncement

19/11/2020 07:01

RNS Number : 7955F
  
Somero Enterprises Inc.
  
19 November 2020
  
 

19 November 2020
Somero Enterprises, Inc.
("Somero" or "the Company")
 
Trading Update
Positive momentum heading towards year end, exceeding revised guidance
Somero® provides the following update on trading for the current financial year, ending 31 December 2020.
The Board is pleased to report that as a result of positive trading momentum from the end of H1 2020 continuing through H2 2020, it now expects to exceed its previous reinstated expectations for FY 2020.  In the 9 September 2020 interim results statement, the Company reinstated guidance for FY 2020, indicating revenues were expected to approximate US$ 75.0m, adjusted EBITDA was expected to approximate US$ 19.0m, and ending net cash was expected to approximate US$ 20.0m.  Based on the strong, profitable trading and healthy cash generation in H2 2020, the Board now expects FY 2020 annual revenues will approximate US$ 80.0m, adjusted EBITDA will approximate US$ 21.0m, and ending net cash will approximate US$ 26.0m.  
The improved performance has been led by healthy trading in an active US market, strong contributions from new products - particularly the SRS-4 and the recently launched Broom + CureTM - and an increase in revenues from the SkyScreed family of products due to an easing of job-site restrictions in H2 2020.  The strong cash generation in H2 2020 is a direct result of effective working capital management and healthy cash collections.  Performance in the Company's non-US markets, and the remaining products in the Company's portfolio, are tracking generally in line with previous expectations. 
The Company expects to provide a further update on FY 2020 in January 2021 consistent with prior years.  
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.



 
 
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
Carl Holmes (Corporate Finance)
Tim Redfern (Corporate Broking)
 
Alma PR (Financial PR Advisor)                                                             somero@almapr.co.uk
Rebecca Sanders-Hewett                                                                          +44 (0) 2034 050 205
David Ison
Sam Modlin



 

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