AGM Statement

RNS Number : 4077N

Somero Enterprises Inc.

18 May 2015

 

Somero Enterprises, Inc ("Somero" or the "Company")

AGM Statement

To coincide with tomorrow's Annual General Meeting, Somero today provides an update on current trading.

Strong momentum has continued into 2015 with solid, broad-based growth across North America, Europe, Middle East, Southeast Asia and Latin America with sales from the majority of our product lines. The S-22E and new products such as the S-15R, the S-485 along with our 3D Profiler System yielded results ahead of our forecasts.

Activity level for our North American customers in 2015 remains high due to pent up demand and the backlog for new project starts. The healthy North American project pipeline, coupled with technology upgrades to our large line S-22E, have driven increased demand for Somero equipment.  In addition, the introduction of the S-485, a new market entry, has contributed to the growth in North America. Internationally, the Middle East, Latin America, and Southeast Asia have begun 2015 ahead of pace over last year, with Southeast Asia performance driven by accelerated activity in Indonesia and Vietnam. Europe continues to show signs of improvement from a variety of countries, reinforced by increased customer inquiries, a leading indicator of future sales performance.

With respect to China, which currently represents a small proportion of the group's revenues, 2015 started slower than expected. However, we are now beginning to see positive momentum in job mobilizations, giving confidence that the construction season is underway and we expect to continue to see increased demand in the medium-term with the region well into its fifth consecutive year of strong sustainable growth.

On a group level, 2015 performance to date remains in line with management expectations and indicates the Company is well positioned for another year of solid growth. With the potential exception of Russia, which we expect to remain a challenging market for the foreseeable future, the board remains confident that each region has the potential for positive growth in 2015

For further information, please contact:

Somero Enterprises, Inc                                                                      Tel: [phone]

Jack Cooney, CEO

John Yuncza, CFO

Howard Hohmann, Executive Vice President of Sales

Canaccord Genuity Limited (Nominated Adviser & Broker)               Tel: [phone]

Peter Stewart

Piers Coombs

Mark Whitmore

 

END

 

 

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