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Somero Enterprises Inc

  • BY: Andrew Hore |
  • POSTED: 27/01/2009 |

Somero Enterprises Inc says that its 2008 revenues and earnings will be in line with downgraded expectations.

In November 2008, Somero warned that trading had deteriorated in October. Cost cutting has helped the company to weather the tougher conditions. The 2009 cost base will be 42% lower than in 2008.

House broker Collins Stewart had slashed its earnings per share forecast by two-thirds to 3.7p.

Somero’s laser concrete screening equipment is used to make sure concrete floors are flat.

The results also include significant restructuring charges. China and Middle East sales were better than expected. The longer-term potential for the business appears good.

Net debt is below $10m. Management has renegotiated its loan agreement to make it more flexible.

Shares in Somero rose 1p to 17p a share, which values the company at £5.29m.

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