Somero Enterprises reports "exceptional" year

7th Apr 2015 08:26

Somero Enterprises, a manufacturer of laser-guided machinery, said it had an "exceptional" trading year thanks to a strong performance in the US and China.Revenues rose 31.5% to $59.3m while income before tax nearly doubled to $12.4m.The company said its performance was boosted by an experienced sales team in North America, continued strength of China's economy, and ongoing investment in the Asian market.Sales in China increased by 44% to $9.5m during the year. Somero expects to triple its revenues in the country by 2018.Showing confidence in the business, Somero increased its dividend to 4 cents, resulting in a total dividend for the year of 5.5 cents, a 150% rise from the year beforePresident and chief executive Jack Cooney said: "With the US in its recovery mode, our penetration in emerging markets, and the positive upswing of momentum in Europe, we are already ahead of our five year growth plan projections."Shares were up 7.36% to 124p on Tuesday at 09:17.