Last checked at 5 Aug 2011 07:00
PRESS ANNOUNCEMENT
5 August 2011
Somero Enterprises, Inc ®
Period end trading update
Somero Enterprises, Inc® ("Somero" or the "Company"), the North American manufacturer of patented laser guided equipment used for the spreading and leveling of high volumes of concrete for floors in the construction industry, confirms that, whilst trading for the half year to June 30, 2011 was slightly below its expectations, all banking covenants were passed.
We have continued to see an increase in customer support calls and spare parts sales, consistent with increasing levels of customer activity. Given the continuing uncertainty, however, we remain cautious about the overall market and are focusing on developing new products, growing emerging market sales and controlling costs. When this uncertainty subsides we expect increased customer activity to translate into higher levels of demand for our products.
Jack Cooney, CEO of Somero, commented:
"Our performance in the first half was slightly weaker than anticipated. In particular, trading in April and May was slow, causing us to implement a further cost restructuring. We expect sales growth in emerging markets to continue, and our focus remains on cost control and new products.
"Our customers' activity and sales are increasing but confidence levels are low, and future performance in North America and Europe is difficult to predict. We are encouraged, however, by strong inquiry levels as we enter the second half of the year."
Somero will report half year results by early September 2011.
Enquiries:
Hawkpoint Partners Limited +44 (0)20 7665 4500
Chris Robinson / Serge Rissi
Collins Stewart plc +44 (0)20 7523 8000
Piers Coombs