Trading Update

RNS Number : 8818V

Somero Enterprises Inc.

20 January 2012

 

Press Announcement

20 January 2012

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

TRADING UPDATE

Somero Enterprises, Inc (R) ("Somero" or the "Company"), the North American manufacturer of patented laser guided equipment used for the spreading and leveling of high volumes of concrete for floors in the construction industry, is pleased to report that trading for the full year to 31 December 2011 was slightly above its expectations, and that all banking covenants were passed at the full year. The Company has continued to see an increase in customer activity, and sales of Large line equipment in particular were ahead of expectations in the US and emerging markets, with a corresponding positive impact on margins. Given the continuing global economic uncertainty, however, the Company remains cautious about the overall market and continues to focus on developing new products, growing emerging market sales and controlling costs. Jack Cooney, CEO of Somero, commented: "We are pleased with the Company's full year performance. In particular, trading in December was very strong, after a slow period in October and November. We continue to be encouraged by some signs of improving market conditions in the North American and emerging markets, although conditions in Europe continue to be very difficult. We look forward to 2012 with cautious optimism." Somero anticipates reporting its preliminary results for the year ended 31 December 2011 in early May 2012.

Enquiries

Hawkpoint Partners Limited

Chris Robinson / Serge Rissi

[phone]

Collins Stewart Europe Limited

Piers Coombs

[phone]

 

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