News blog
Somero Enterprises Inc
- BY: Andrew Hore |
- POSTED: 04/11/2008 |
Somero Enterprises Inc is cutting costs by a further $5m and says that its 2008 figures will be much worse than expected.
Trading deteriorated in October as many customers found it difficult to obtain the finance to acquire Somero’s laser concrete screening equipment. The rise in the value of the US dollar has also made it more difficult to sell the equipment.
It does not look as though trading will improve in the last two months of 2008.
The $5m cost reduction will be made at the beginning of 2009. Somero has already chopped $2.5m off of its costs.
At the time of the interim statement, house broker Collins Stewart had expected full year earnings per share to fall from 17.6p to 10.2p. The outcome is likely to be much lower than that.
Somero shares have fallen 9.5p to 13p each, which values the company at £4.04m.
Somero paid a maintained interim dividend and it will need to decide whether to maintain its final dividend for 2008. A maintained dividend would give the shares a yield of around 23% - depending on the exchange rate.
© 2025 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|