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Somero revises full-year expectations as profitability increases
StockMarketWire.com
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Construction technology company Somero Enterprises has raised its forecast for its full-year performance after trading conditions and cash generation improved.
Based on 'strong, profitable trading and healthy cash generation' in the second half of 2020 so far, Somero said it was on track to generate an annual revenue of approximately $80 million, up from its previous forecast of $75 million.
Earnings before interest, taxes, depreciation, and amortisation were expected to reach $21 million for the year, up by $2 million from the previous prediction.
By the end of the year, Somero's board said it expected to have $26 million in net cash.
Improved performance was led by 'healthy trading in an active US market', the company said, while it also experienced strong contributions from new products.
Its Sky Screed measuring products also generated higher revenues as restrictions on construction sites were eased.
At 2:01pm: (LON:SOM) Somero Enterprises Inc share price was 0p at 237.5p
Story provided by StockMarketWire.com
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