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Last checked at 
27 Jan 2011 07:00
PRESS ANNOUNCEMENT | |
27 January 2011
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Somero Enterprises, Inc ® ("Somero")
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Trading update | |
Somero Enterprises. Inc ("Somero" or the "Company"), the North American manufacturer of patented laser guided equipment used for the spreading and levelling of high volumes of concrete for floors in the construction industry, is pleased to confirm that trading for the year to 31 December 2010 was in line with its expectations.
Market conditions in North America and Europe continue to be soft, although the strength of our emerging markets business has partly helped to offset this. Sales of refurbished machines have run ahead of our expectations and we continue to invest in emerging market opportunities and new product development.
We are pleased to announce the agreement of a new $9.4m borrowing facility to July 2013, establishing a stable platform to support the Group's growth opportunities.
Jack Cooney, CEO of Somero, commented:
"We are pleased with our performance in 2010 and the new borrowing facility, which will support the Company's continued growth.
"We believe that 2010 represented the low-point for conditions in our mature markets of North America and Europe, and look forward to an improvement this year. Activity levels in our emerging markets continued to show strong growth, and we expect this to continue throughout 2011."
Preliminary results for the year ended 31 December 2010 will be announced in May 2011.
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Hawkpoint Partners Limited | +44 (0)20 7665 4500 |
Chris Robinson / Serge Rissi |
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Collins Stewart Europe Limited | +44 (0)20 7523 8000 |
Piers Coombs |
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