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Share Price Information for Somero (SOM)

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190.00    2.00 (1.06%)
Bid:
185.00
Ask:
195.00
Spread: 10.00 (5.405%)
Market Cap: £100.53m
SOM Live PriceLast checked at - London Stock Exchange

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Trading update

17 Aug 2010 07:00

RNS Number : 1615R
Somero Enterprises Inc.
17 August 2010
 

PRESS ANNOUNCEMENT

 

17 August 2010

 

 

Somero Enterprises, Inc ®

 

Pre-close 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 half year to 30 June 2010 was in line with its expectations, and that all banking covenants were passed at the half year.

 

The Company continues to focus on cost reduction and control while continuing to invest in emerging market opportunities and new product development. Sales of refurbished Large and Small line equipment were significantly ahead of expectations across all regions. This is an early stage indicator of economic recovery within emerging markets and a positive indication of the acceptance of our technology in those geographies.

 

Jack Cooney, CEO of Somero, commented:

"We are pleased with the Company's first half performance. Although the Company experienced only modest growth over the period in North America and Europe, we are encouraged by some early signs of improving market conditions in the emerging markets where we continue to make good progress.

 

Looking forward, we hope to continue to expand on our investment in the emerging markets and in new product development."

 

Somero will report half year results in mid September 2010.

 

Enquiries:

 

 

 

Hawkpoint Partners Limited

+44 (0)20 7665 4500

Chris Robinson / Serge Rissi

 

 

 

Collins Stewart plc

+44 (0)20 7523 8000

Piers Coombs

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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