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Somero announces supplemental dividend following strong NA performance
StockMarketWire.com
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Machinery manufacturer Somero today announced that fourth quarter trading exceeded the board's expectations, driven by robust trading activity in North America.
Subject to audit, the board expects to report revenue of approximately $88.0 million (£64.1 million) for the period, significantly ahead of market expectations of $80.0 million (£58.3 million) and annual adjusted EBITDA of approximately $26.0 million (£19 million) also significantly ahead of market expectations of $21.0 million (£15.3 million).
Further, the board expects to declare a supplemental dividend owing to profits converted efficiently to cash flow due to a particularly strong collection of accounts receivable and a solid reduction of inventory from the levels reported as at 30 June 2020. This has resulted in net cash as at 31 December 2020 of approximately $35.0 million (£25.5 million), substantially ahead of previous guidance of $26 million (£18.9 million).
The company said it is 'confident in the long-term growth opportunity from new products' after all product categories grew compared to 2019 on a full-year basis.
The board expects 2021 will be another profitable year with healthy cash generation, modest revenue growth and EBITDA comparable to 2020 due to planned investment in resources for future growth.
At 9:11am: (LON:SOM) Somero Enterprises Inc share price was 0p at 237.5p
Story provided by StockMarketWire.com
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