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Somero Enterprises Inc

  • BY: Andrew Hore |
  • POSTED: 23/11/2009 |

Somero Enterprises Inc says that its 2009 figures will be below expectations and anticipates that 2010 will remain tough.

Somero has cut costs substantially. Operating costs are expected to fall from $24m in 2008 to $10.8m in 2009 and then to $8.3m in 2010.

US-based Somero supplies laser concrete screening equipment that is used to ensure that the concrete floors of warehouses and other buildings are flat. Revenues of $20m are required to pass 2010 bank covenants.

Interim revenues fell from $31m to $13.4m in the first half of 2009. The reported loss was $2m. Net debt was halved to $4.8m after a share placing.

At 15p a share, down 1.5p on the day, Somero is valued at £9.31m.

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