7th Jan 2016 08:29
LONDON (Alliance News) - Somero Enterprises Inc on Thursday said it expects revenue to be ahead of current market expectations for 2015, after trading in the second half of the year was boosted by a strong final quarter and monthly sales reached an "all-time high" in December, while earnings before interest, tax, depreciation and amortisation should be "materially ahead" due to improved margins.
"Demand in the second half of 2015 has remained robust across our core product range with North America and Europe contributing significantly to sales growth while performance in China was healthy and remained stable. The particularly strong finish to the year in Europe and full year performance in the Middle East notably exceeded the board's prior expectations," Somero said.
The demand seen in North America at the end of the year was driven by technology upgrades and fleet additions, highlighting "lengthy project backlogs" for the company's customers that extend "well into" 2016.
Somero, which manufactures concrete placing equipment, said it is too early to provide detail guidance for 2016, although the company is "confident" of another year of growth.
The company will report annual earnings for 2015 on March 1.
Shares in Somero were up 11% at 131.30 pence early morning on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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