Last checked at 19 May 2014 07:00
19 May 2014
Somero Enterprises, Inc ("Somero" or the "Company")
AGM Statement
To coincide with tomorrow's Annual General Meeting, Somero today provides an update on current trading.
At the time of reporting our final results in early April 2014, we reported that sales in March had been very strong following a slower start to the year impacted by the extreme weather in North America. Trading in April has also been very strong and as a result, the Company's overall results for the year-to-date are now considerably ahead of the position at the same time last year.
Trading in North America, which accounted for more than half of the Company's sales in 2013, is unusually strong at the moment, possibly reflecting some catch up from the beginning of the year but also our clients investing in their equipment capacity as the key annual construction work period gets underway.
Our investment in Somero's training, sales and marketing capabilities in China and India is also underway and helping to drive continued strong sales leads in these important emerging markets for the Company. Europe, Scandinavia and Australasia are also performing well.
Our revenues in Russia, however, have latterly been impacted by the uncertainties in the Ukrainian region as well as the rise in interest rates. Sales in South America are also slow, principally due to the adverse movement in currency exchange rates.
Overall, although we are still at an early stage in the year, we are experiencing strong trading and increasing confidence across the broad majority of our client base. As a result, the Company's overall results for the first four months are running ahead of plan and if these conditions continue, we are highly likely to deliver results ahead of current market expectations for the full year.
For further information, please contact:
Somero Enterprises, Inc Tel: +1 239 210 6507
Jack Cooney, CEO
Mike Niemela, CFO
Canaccord Genuity Limited (Nominated Adviser & Broker) Tel: +44 20 7665 4500
Chris Robinson
Piers Coombs