Last checked at 14 Jan 2014 07:00
Somero Enterprises Inc.("Somero" or the "Company")
14 January 2014
Since our trading update in October, the Company has seen a pattern of continued growth in orders versus the prior period.
Whilst demand has continued to be strong across core existing Somero product ranges, new products have also contributed significantly. There was also healthy demand across our geographic coverage, with the United States, Europe, Australia, China and the Middle East all seeing revenues in the second half ahead of those in the first half. It is also encouraging that European orders in 2013 have grown year on year for the first time since going into the downturn. The strongest absolute growth in revenues in 2013 versus 2012 has been in North America, followed by China.
In our October 2013 trading update we commented the Board believed EBITDA would be at least 10% ahead of expectations and possibly up to 20% ahead. The Board is pleased to announce that it now expects to report EBITDA for the year just completed to be above the top end of this guidance and in excess of double the US$4.2m EBITDA reported in the prior financial year.
Based on the continued momentum we have seen across the business in the second half of 2013, the Board expects to deliver further material growth in 2014. Our final results will be announced on April 8.
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