Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Somero Enterprises (SOM)

  Print      Mail a friend

Friday 12 January, 2018

Somero Enterprises

Trading Update

RNS Number : 6762B
Somero Enterprises Inc.
12 January 2018

12 January 2018

Somero Enterprises, Inc.

("Somero" or the "Company")


Trading Update

Somero® provides the following update on trading for the financial year ended 31 December 2017.


The Board is pleased to report that the Company delivered strong, profitable growth and healthy cash generation in the six months since 30 June 2017 exiting 2017 with its strongest trading month of the year.  As a result of the strong H2 performance, the Board now expects 2017 revenues will be slightly ahead of market expectations of $84.7m, EBITDA will be comfortably ahead of market expectations of $26.0m driven by the volume increase and effective operating cost management, while net cash at 31 December 2017 is expected to be not less than $18.5m, well ahead of market expectations of $16.5m.

The Company continues to make good progress in the implementation of the strategy to grow through product innovation and geographic expansion, with key contributions to 2017 growth coming from $1.0m in new product revenues and nearly $5.0m in net increased revenues from non-US territories.  H2 2017 trading in four of the Company's six regions grew compared to H2 2016, led by strong contributions from North America, Europe and the Company's Rest of World territories. 

In North America, H2 2017 trading not only grew compared to H2 2016, but also compared to H1 2017 as the pace of Boomed-screed sales increased and as sales of Ride-on screeds, 3-D Profiler Systems and parts & accessories all contributed to the year-over-year growth.  The high level of activity in the US in H2 2017 reflects strength in the underlying commercial construction industry and the strong pipeline of projects that remain in front of our US customer base we had previously anticipated.  Europe contributed significantly to H2 2017 growth reflecting the region's broad-based, accelerating economic recovery and the Company's investments to increase sales coverage.   The Rest of World region also contributed significantly to H2 2017 growth, with India the most significant contributor to growth in the region which has been driven by the addition of in-country sales leadership.  In China, H2 2017 trading grew compared to H2 2016 and improved from H1 2017 driven by recent demand generation and marketing initiatives as the Company works to gain traction in its effort to penetrate this significant market.  In Latin America, while H2 2017 trading was down compared to H2 2016, the region reported healthy growth for the full year 2017 over 2016.  The Board continues to see meaningful near-term growth opportunities In the Middle East, although trading in H2 2017 was below the prior year.

On a product basis, demand in H2 2017 was balanced across the product range, with particularly strong contributions to growth from the Boomed-screed and Ride-on screed categories, as well as from parts and accessories sales driven by a high level of utilization of the installed base of Somero equipment world-wide.  A key contributor to H2 2017 growth also came from new products, led by the SP-16 Concrete Line Pulling and Placing System. 

US Tax Law Changes - Impact on Somero Results

Somero expects its future US after-tax earnings and cash flows to be positively impacted by the recently-enacted changes to US corporate tax law, due primarily to the reduction of the US federal corporate income tax rate from 35% to 21% which became effective on 1 January 2018. The ultimate impact of the change in the US corporate income tax rate is subject to many complex provisions in the legislation which Somero is reviewing.

Included in the US tax law change is a one-time deemed repatriation tax on cumulative foreign-sourced profits for corporations.   While the analysis is not complete, Somero expects any one-time repatriation tax will not be material, will be more than offset by the benefit of a lower US corporate tax rate in 2018, and can be paid over an eight-year period.  Somero is also reviewing the re-measurement of its deferred tax position to reflect the lower future US corporate income tax rate.  Any impact from the re-measurement of the Company's deferred tax position will be reflected as a one-off, non-cash charge included in the Company's 2017 results.


Following record results in 2017, the Board is confident in the Company's ability to deliver another year of profitable growth in 2018 as the underlying market conditions in our core markets remain positive and as the Board continues to see significant growth opportunities in our other territories.  The Board's confidence is further supported by recently enacted pro-growth US corporate tax law changes which are expected to stimulate increased economic activity in the Company's largest market.

In addition, considering the Company's continued, healthy cash generation and strong year-end financial position, the Board plans to review the Company's cash position alongside cash requirements for 2018 as part of its review of the final dividend for 2017.  While no decision has been made with regard to future dividends, including any special dividends, the Board has concluded the growth and increased complexity of the business necessitates an increase to the level of net cash to be maintained by the Company to a minimum of $15m at 31 December each year going forward.  A decision on the use of excess cash above the increased net cash reserve will be announced as part of the 2017 earnings announcement scheduled to occur on 14 March 2018. 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.





Somero Enterprises, Inc.                                                                    

Jack Cooney, CEO                                                                                            +1 239 210 6500

John Yuncza, CFO

Howard Hohmann, EVP Sales


finnCap Ltd (NOMAD and Broker)

Matt Goode (Corporate Finance)                                                              +44 (0)20 7220 0500

Carl Holmes (Corporate Finance)

Tim Redfern (Corporate Broking)


Redleaf Communications Ltd (Financial PR Advisor)                      [email protected]

Elisabeth Cowell                                                                                              +44 (0)20 7382 4730



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

a d v e r t i s e m e n t