Somero Enterprises Inc. Trading Update (8731S)
19 July 2022 - 4:00PM
UK Regulatory
TIDMSOM
RNS Number : 8731S
Somero Enterprises Inc.
19 July 2022
19 July 2022
Somero Enterprises, Inc.
("Somero" or "the Company")
Trading Update
Somero(R) is pleased to provide an update on trading ahead of
its interim results announcement scheduled to be released on
Wednesday, 7 September 2022.
Driven by positive momentum from a highly active US
non-residential construction market, healthy market conditions and
elevated activity levels in the European and Australian markets,
Group trading in H1 2022 ended higher than the comparable H1 2021
period.
As expected, H1 2022 trading in North America remained strong,
increasing from H1 2021, reflective of customers with sizable
workloads and project backlogs that extend well into 2023. The
breadth and variety of project activity in the US translated to
healthy take rates across the Somero product portfolio including
continued, strong performance in the boomed screed category.
The European market was active during H1 2022, reflective of
positive non-residential construction market conditions and a busy
customer base with healthy, extended project backlogs. While H1
2022 trading in Europe was down compared to H1 2021, due largely to
logistics challenges that delayed machine shipments, based on the
H1 2022 momentum and activity levels alongside anticipated catch-up
on shipment delays to start H2 2022, second half 2022 trading is
anticipated to accelerate, and Europe is anticipated to contribute
to full-year 2022 growth.
H1 2022 trading in Australia was also strong, improving from H1
2021, reflecting similar positive market conditions as the US and
Europe, in line with the expectation that the region will
contribute meaningfully to 2022 growth. Trading in all other
regions also fell in line with expectations, including in China
where revenues were down compared to H1 2021 due to the previously
announced reduced Company focus on the region and the severe impact
of COVID restrictions.
New products, including the SkyScreed(R), the S-PS50 Laser
Screed(R) and the Somero Broom+Cure(TM) , contributed meaningfully
to H1 2022 sales while the Company continues to make good progress
in identifying opportunities to penetrate untapped market segments
and with development of new solutions for customers.
During the first six months of 2022, the also Company made
substantial progress with the Houghton, Michigan building expansion
project anticipated to be completed by the end of Q3 2022 and with
adding new personnel necessary to support future growth of the
business, particularly in our primary US, Europe and Australian
markets.
While cognizant of the uncertain macro economic environment, the
Board continues to anticipate healthy trading to continue in H2
2022, a view underpinned by direct feedback from customers in the
US, Europe & Australian indicating high workloads and extended
project backlogs. As such, the Board is pleased to confirm 2022
results are anticipated to fall in line with market expectations
for revenues of approximately US$ 138.8m, EBITDA of approximately
US$ 47.7m, and year-end cash of approximately US$ 39.9m.
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, President
Vincenzo LiCausi, 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
Pippa Crabtree
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END
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