News blog
Somero Enterprises Inc
- BY: Andrew Hore |
- POSTED: 27/01/2011 |
Somero Enterprises Inc says that it believes that 2010 was the low point for its business in its mature markets.
US-based Somero supplies laser concrete screening equipment that is used to ensure that the concrete floors of warehouses and other buildings are flat. Strong emerging markets demand has partly offset weak North American and European markets. The latter markets are expected to improve this year while emerging markets will continue to grow.
Sales of refurbished machines have been better than expected.
Somero reported a loss of $1.34m on revenue of $10.7m in the first half of 2010. Amortisation accounted for $1.17m of that loss. The operation cash outflow was $252,000.
Somero has negotiated a new $9.4m borrowing facility lasting until July 2013. Net debt was $6.2m at the end of June 2010.
At 24p a share, up 2.5p, Somero is valued at £13.5m.
Download the January edition of AIM Journal at http://www.hubinvest.com/AIMPDFJanuary2011_16.pdf
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