Trading Statement

RNS Number : 9324G

Somero Enterprises Inc.

13 June 2013

 



13 June 2013

Somero Enterprises, Inc ("Somero" or the "Company")

Trading Update

Since reporting on progress at the time of our Annual General Meeting at the end of April, trading has continued to be encouraging and reflects an ongoing healthy pattern of demand for Somero's products and service.  As a result, the Board believes that overall results for the current year are likely to be ahead of current market expectations.

Group revenue growth in the first half of the current year is on track to be around 25% ahead of the comparable period last year and with gross margins of just over 50%, EBITDA is also expected to show good growth in H1.  With the benefit of the steady recovery the Company is experiencing, the Group is in a good position to invest in certain incremental sales and personnel costs to help drive growth in the medium and longer term.   This is expected to have some impact on our reported net operating margin in H2, so may lead to a greater proportion of the Company's overall profitability in the current financial year being reported in H1.

Jack Cooney, CEO, said:

"I am delighted to be able to report that Somero is continuing to experience a steady recovery in demand for our globally leading products.  With our sound balance sheet as well as our growing revenues, we are in a great position to invest in new hires and in our sales efforts to drive future growth and we look forward to delivering a good first half performance this year."

For further information, please contact:

Somero Enterprises, Inc   Jack Cooney, CEO Mike Niemela, CFO	Tel: [phone]
Canaccord Genuity Limited Chris Robinson   Piers Coombs	Tel: [phone] Tel: [phone]

 

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