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Somero Enterprises Inc

  • BY: Andrew Hore |
  • POSTED: 17/08/2010 |

Somero Enterprises Inc says that trading is in line with expectations and it continues to focus on reducing its costs.

US-based Somero supplies laser concrete screening equipment that is used to ensure that the concrete floors of warehouses and other buildings are flat. Sales of refurbished equipment have been strong and this is an indicator of the start of a recovery.

Growth in North America and Europe is modest at the moment but emerging markets are showing progress.

Somero is trading within its banking covenants. Net debt was $5.9m at the end of 2009.

Revenues more than halved to $24.2m in 2009. Somero reported a loss of $16.m, including a goodwill write-off of $13.5m.

At 19p a share, Somero is valued at 10.7m.

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