Somero Enterprises raises FY guidance

Manufacturer Somero Enterprises raised its full-year guidance on Tuesday thanks to some strong trading momentum at the end of its second half.

Somero said it had seen strong momentum continue throughout the second half, leading it to now expect to exceed previous guidance for 2021 of revenues of roughly $120.0m, adjusted underlying earnings of approximately $42.0m and net cash of about $36.0m.

The AIM-listed group now expects annual revenues of approximately $130.0m, adjusted EBITDA of around $45.0m, and a year-end net cash balance of about $39.0m.

Somero said the momentum had been led by strong trading in North America, healthy contributions to growth from Europe and Australia, with its remaining international markets performing as expected. In North America, market conditions remained healthy and positive, driven in part by demand for new warehousing.

As of 1020 GMT, Somero shares were up 6.30% at 503.87p.