Trading Update

RNS Number : 7424U

Somero Enterprises Inc.

07 December 2021

 

7 December 2021

Somero Enterprises, Inc.

("Somero" or "the Company")

Trading Update

Raising guidance due to strong trading momentum to end H2

Somero® is pleased to provide an update on trading for the current financial year, ending 31 December 2021 ("FY 2021").

The Board is pleased to report that it has seen strong trading momentum continue throughout H2 2021. This, combined with the Company's ability to consistently deliver on customer orders, means that the Company now expects to exceed previous guidance for FY 2021 established in the 8 September 2021 interim results statement. The Company's previous FY 2021 guidance indicated revenues were expected to approximate US$ 120.0m, adjusted EBITDA would approximate US$ 42.0m and net cash would approximate US$ 36.0m. The Board now expects FY 2021 annual revenues will approximate US$ 130.0m, adjusted EBITDA will approximate US$ 45.0m, and year end net cash will approximate US$ 39.0m. 

This strong trading momentum in H2 2021 has been led by strong trading in North America, healthy contributions to growth from Europe and Australia, with the remaining international markets performing as expected. In North America, market conditions remain healthy and positive, driven in part by demand for new warehousing, with customer workloads at high levels and reported project backlogs extending well into 2022.

The Company expects to provide a further update on FY 2021 in January 2022 consistent with prior years. Somero's final 2021 results announcement is scheduled to be released on 9 March 2022.

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  [phone] John Yuncza, CFO Howard Hohmann, EVP Sales finnCap Ltd (NOMAD and Broker) Matt Goode (Corporate Finance)                                                                [phone] Kate Bannatyne (Corporate Finance) Tim Redfern/Richard Chambers (ECM) Alma PR (Financial PR Advisor)                                                [e-mail] David Ison                                                                                                        [phone] Sam Modlin Molly Gretton

 

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