Trading update

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	[phone]
Chris Robinson / Serge Rissi
Collins Stewart plc	[phone]
Piers Coombs

 

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