25 May 2012

Somero still standing

20/01/2012 Ben Jaglom

AIM-quoted laser technology outfit Somero Enterprises (SOM) has announced that all of its 2011 banking covenants were passed.

The company - which specialises in equipment used to make concrete floors level - announced in a trading update for the year to December that results were 'slightly above its expectations' adding it has 'continued to see an increase in customer activity'.

The AIM-quoted venture enthused that sales of 'large line equipment' were ahead of expectations in the US and emerging markets, something it said had a' corresponding positive impact' on margins.

However it warned that as a result of what it said was the 'continuing global economic uncertainty' it remains 'cautious' about the market, noting that it is focused on 'developing new products, growing emerging market sales and controlling costs'.

Chief executive officer Jack Cooney insisted the company was 'encouraged' by what he described as 'improving market conditions in the North American and emerging markets' adding that conditions in Europe 'continue to be very difficult'.

Analysts at Collins Stewart are forecasting 2011 sales of $21.8 million, and adjusted pre-tax profits of $200,000. The shares are up 0.75p to 10.75p this morning, which is still some way off the brokers 20p target. Somero remains a geared play on recovery in the US market, but the launch of new products augurs well. One to watch.

Tags: AIM minnows, British businesses on AIM, Concrete floors, Industrial Engineering on AIM

Sector: Industrial Engineering

Companies: Somero Enterprises

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