|
Somero Enterprises Inc on Tuesday announced a slash to its interim dividend as it reported a weaker half-year revenue and profit. Revenue in the first half of 2025 declined 23% to $39.8 million from $51.8 million, while pretax profit fell 54% to $4.9 million from $10.6 million. Somero Enterprises noted the US as key headwind, with North American revenue down 18% due to dampened project starts and investment confidence linked to tariffs and elevated interest rates, among others. The Fort Myers, Florida-based manufacturer of laser-guided building machinery cut its half-year dividend in half to 4 US cents from 8c a year ago. Somero added: ‘Demand for US non-residential construction remains resilient, supported by positive long-term trends across key end-markets. Global uncertainty - linked to factors including tariffs, persistently high interest rates and restrictive immigration policies - continues to weigh on the pace of projects, however customers report strong levels of bidding activity and healthy backlogs which are expected to extend through year-end.’ Chief Executive Officer Tim Averkamp said: ‘We are encouraged by the underlying resilience of our core markets and expect performance to strengthen as macroeconomic challenges begin to subside. With an eye on the future, I’m pleased with the early developments to refresh our long-term strategic framework which is focused on driving resilience today and positioning the business to capture the substantial opportunities ahead. Our history of operational discipline and adaptability gives us confidence that we will emerge from this period stronger, more agile, and better prepared to seize future opportunities.’ Somero shares were down 1.5% at 221.60 pence each on Tuesday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
