Trading Update

RNS Number : 6520B

Somero Enterprises Inc.

19 April 2012

 

PRESS ANNOUNCEMENT
19 April 2012
Somero Enterprises, Inc ®
Trading update

Following a budget review, Somero Enterprises, Inc (the "Company") is pleased to announce that trading in the first quarter of 2012 has been significantly ahead of expectations. As a result, for the full year ending December 2012, the Board now believes revenues are likely to be some 15% ahead of current market expectations. The Board believes the strong demand for Somero's products has been driven in equal part firstly by unusually benign weather conditions in the Company's main markets during the early months of the year, and secondly by an upturn in underlying demand, in particular for Somero's new small line machine, the S-840 and by continuing strong sales of parts. If demand continues during the second quarter of the financial year, the Company is planning to add some costs in training, marketing and sales initiatives to take full advantage of a stronger sales environment.  However, the anticipated increase in revenues should help drive the Company's operating margins and profitability, with the result that the Board's updated budget for the year ending December 2012 now estimates Somero's EBITDA will be approximately double the level of current market forecasts.
Enquiries
Somero Enterprises, Inc	[phone]
Jack Cooney, CEO
Mike Niemela, CFO
Canaccord Genuity Hawkpoint Limited (Nominated Adviser)	[phone]
Chris Robinson / Serge Rissi
Canaccord Genuity Limited (Broker)	[phone]
Piers Coombs

 

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