14th Jan 2014 11:40
LONDON (Alliance News) - Shares in the concrete-flooring specialist Somero Enterprises Inc were trading higher Tuesday morning, after it said that it expects earnings for the year at the top end of its guidance, and more than double the previous financial year.
The group said that it has seen continued growth in order since its previous trading update, on October 8 2013, when it said its earnings before interest, taxes, depreciation and amortisation would be at least 10% and as much as 20% ahead of expectations.
Somero Enterprises said that it now expects to report earnings for the year just completed to be above the top end of the 20% guidance, and in excess of double the USD4.2 million in earnings reported in the prior financial year.
"Based on the continued momentum we have seen across the business in the second half of 2013, the Board expects to deliver further material growth in 2014," the company said in a statement.
The group said that demand for its core products remains strong, while new products are also contributing significantly.
It said that the strongest growth in revenues in 2013 was in North America and China, whilst there was also healthy demand in Europe, Australia and and the Middle East, which all saw revenues in the second half ahead of those in the first half. The group said that European orders returned to growth for the first time since the economic downturn.
Somero Enterprises shares were trading 7.6% higher at 120.00 pence per share on Tuesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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