19th Nov 2020 16:09
(Alliance News) - Somero Enterprises Inc on Thursday said that due to a good trading momentum from the end of the first half of 2020 into the second, it expects to beat its previous expectations for the year.
The US-based concrete levelling equipment company's strong, profitable trading and "healthy" cash generation in the second half of the year has led it to expect 2020's annual revenue to be approximately USD80 million, adjusted earnings before interest, tax, depreciation and amortisation to be USD21 million, and ending net cash to be USD26 million.
Back in September, Somero's interim results showed that indicating revenue was expected to reach approximately USD75 million, adjusted Ebitda to be USD19 million and ending net cash to be USD20 million.
Somero's improved performance has been due to healthy trading in the US market, strong contributions from new products such as the SRS-4 and the Broom + Cure, and a revenue increase from the SkyScreed family of products.
In 2019, Somero generated USD89.3 million, adjusted Ebitda of USD28.7 million and net cash amount of USD23.8 million.
Shares in Somero were up 22% at 281.74 pence in London on Thursday.
By Zoe Wickens; [email protected]
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