Somero Enterprises Inc. (DI) (SOM)

Sector:

Engineering

Index:

FTSE AIM 100

347.00p
   
  • Change Today:
      2.00p
  • 52 Week High: 378.00
  • 52 Week Low: 257.00
  • Currency: UK Pounds
  • Shares Issued: 55.04m
  • Volume: 102,770
  • Market Cap: £191.00m
  • RiskGrade: 192

Somero confident despite weaker set of full-year results

By Josh White

Date: Tuesday 05 Mar 2024

LONDON (ShareCast) - (Sharecast News) - Concrete levelling equipment specialist Somero Enterprises reported a weaker set of final results for 2023 on Tuesday, following declines in its core North American market.
The AIM-traded firm experienced a decrease in revenue of 9.7% to $120.7m, while adjusted EBITDA fell 20.7% to $36.5m, and net income followed with a 17.1% decline to $25.7m.

Despite the reductions, the company maintained a strong operational cash flow of $24.4m.

On the operational front, Somero said it maintained a strategic focus on international expansion, reporting significant growth in both the European and Australian markets.

Additionally, parts and servicing revenue experienced healthy increases throughout the year.

Somero said it invested in operations by relocating to a larger facility in Australia to accommodate growing demand, and expanding its footprint with a new site in Belgium.

The company relaunched the S-22EZ screed during the period, and had two additional new products scheduled for release in 2024.

One of the launches included Somero's first electric model, the S-940e, positioning the company to meet evolving industry demands.

Chief executive officer Jack Cooney expressed a mix of satisfaction and optimism.

"To have successfully navigated a challenging year and delivered against market expectations set in June is a good result, and I am proud of how our employees around the world rose to the challenge," he said.

"While trading in the US was subdued by factors outside of our control, the underlying market remains active and healthy."

Looking ahead, Coomey said the outlook was positive, with customers continuing to report high levels of activity and healthy backlogs.

"We will continue to build on our success overseas in 2024 while bolstering our product offering, remaining agile, adaptive, and optimistic about growth opportunities available to us globally."

At 1215 GMT, shares in Somero Enterprises were down 4.68% at 329.8p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

SOM Market Data

Currency UK Pounds
Share Price 347.00p
Change Today 2.00p
% Change 0.58 %
52 Week High 378.00
52 Week Low 257.00
Volume 102,770
Shares Issued 55.04m
Market Cap £191.00m
RiskGrade 192

SOM Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
83.96% above the market average83.96% above the market average83.96% above the market average83.96% above the market average83.96% above the market average
87.50% above the sector average87.50% above the sector average87.50% above the sector average87.50% above the sector average87.50% above the sector average
Price Trend
19.06% below the market average19.06% below the market average19.06% below the market average19.06% below the market average19.06% below the market average
33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average
Income
75.63% above the market average75.63% above the market average75.63% above the market average75.63% above the market average75.63% above the market average
64.71% above the sector average64.71% above the sector average64.71% above the sector average64.71% above the sector average64.71% above the sector average
Growth
78.57% below the market average78.57% below the market average78.57% below the market average78.57% below the market average78.57% below the market average
86.67% below the sector average86.67% below the sector average86.67% below the sector average86.67% below the sector average86.67% below the sector average

SOM Dividends

  Latest Previous
  Final Special
Ex-Div 11-Apr-24 11-Apr-24
Paid 10-May-24 10-May-24
Amount 13.19¢ 7.40¢

Trades for 22-Jul-2024

Time Volume / Share Price
15:29 23,893 @ 349.00p
15:26 8,689 @ 347.10p
16:25 7,000 @ 345.00p
16:19 307 @ 347.50p
16:13 1,719 @ 349.00p

SOM Key Personnel

CEO Jack Cooney
CFO Vincenzo LiCausi
COO Jesse Aho

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