Last checked at 20 Jan 2015 07:00
Somero Enterprises, Inc ("Somero" or the "Company")
Trading update
Somero is pleased to provide the following update on trading post the end of our financial year.
In our November 2014 trading update we commented the Board believed EBITDA would meet full year expectations. Since then, the Company has seen continued growth in sales. Due to particularly strong trading in December, the Board is pleased to announce that it now expects to report EBITDA for the year to 31 December 2014 slightly ahead of market expectations. Demand has continued to be strong across our core existing product range whilst new products have contributed significantly. We have also seen a broad geographic base to our growth, with H2 2014 top line growth driven by sales in North America, China, South East Asia, Latin and South America and Europe.
Based on the continued momentum we have seen across the business in the second half of 2014, the Board expects to deliver further growth in 2015. The Company is also in final discussions to purchase the freehold on our headquarters building in Florida for an estimated consideration of $2.15m. This is expected to have a longer term benefit on the Company's overall cost base.
Somero's final results for the year ending 31 December 2014 will be announced on 7 April 2015.
For further information, please contact:
Somero Enterprises, Inc Tel: +1 239 210 6507
Jack Cooney, CEO
Howard Hohmann, Executive Vice President of Sales
Neil Mathur, CFO
Canaccord Genuity Limited (Nominated Adviser & Broker) Tel: +44 20 7665 4500
Peter Stewart
Piers Coombs
Chris Robinson