Somero Enterprises Boosts Annual Dividend After Record Performance

14th Mar 2018 12:01

LONDON (Alliance News) - Somero Enterprises Inc said on Wednesday it posted record revenue and profit for 2017, leading to a hiking of its dividend by 40%.

The laser-guided equipment manufacturer reported pretax profit for the year at USD25.7 million, up 21% from USD21.3 million, on revenue rose which to USD85.6 million from USD79.4 million.

Somero attributed revenue growth to strong performance in all of its core geographic markets apart from China and the Middle East. Revenue from non-US markets rose and now consists of 32% of Somero's total revenue, and US growth was underpinned by a high volume of construction activity and a shortage of skilled labour.

On a product basis, growth was led by sales of Ride-on screeds, 3-D profiler systems, and the SP-16 concrete hose line pulling and placing system.

Somero Enterprises declared a final dividend of 12.75 US cents per share, bring the total payout to 15.5 cents for 2017, up 40% from 11.1 cents the prior year. In addition, the company paid a supplementary dividend of 3.6 cents.

"2017 was a strong trading year for Somero delivering a financial performance ahead of market expectations. We delivered record revenues, profits and cash flow from operations for our shareholders. We have made significant progress on executing our strategy and now, as we enter the last year of the five-year plan we established back in 2014, we are closing in on achieving our target of USD90 million of revenue in 2018," said Chief Executive Officer Jack Cooney.

Shares in Somero Enterprises were up 4.2% at 375.00 pence on Wednesday.

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