Somero annual profit to beat forecasts after revenue surge

3rd Sep 2013 10:41

Somero Enterprises' revenues surged in the first half, prompting the company to predict full-year profits well ahead of expectations.Group revenue at the US-based company jumped by 30% to $21.0m (£13.5m) in the six months ended June 30th. North American sales were up 28% to $12.2m. AIM-listed Somero makes laser-guided equipment to spread and level concrete floors in commercial construction. The US construction industry has begun to recover this year from its slump during the financial crisis.In emerging markets, revenues increased 59% to $5.4m. Sales in China rose 59% and in Latin American they were up 35%. Australian income jumped 154% but there was an 11% fall in Korean sales.Sales in Europe, the Middle East and Africa rose 4% to $3.3m with Russian revenues more than doubling. Jack Cooney, President and Chief Executive, said: "Trading continues to be encouraging and I am very pleased that the company can now invest in measures aimed at supporting growth into the medium and longer term."With August having just delivered another good month's trading, the board now expects EBITDA [earnings before interest, tax, depreciation and amortisation] for the full year to be around 15% ahead of previous expectations."