24th Jul 2023 11:09
Somero Enterprises Inc - Fort Myers, Florida-based laser-guided concrete levelling machinery - Says revenue for the six months ended June 30 was at the top end of guidance of between USD54.8 million and USD58.2 million. This reflects a decline of at least 15% from USD68.5 million a year prior, driven by weaker North American trading. Expects improved trading in North America in the second half of the year due to the increased availability of its S-22EZ laser screen machine. Somero also anticipates "healthy" contributions to trading in the second half of 2023 from Europe and Australia. Remains confident 2023 results will fall in line with market expectations of USD120 million in revenue, down 10% from USD133.6 million in 2022, and earnings before interest, tax, depreciation and amortisation of USD36 million, down 22% from USD46 million. Year-end cash is expected to be about USD32 million, down from USD33.7 million a year before. Read More
