Somero bags 'record' results after North America success

For the year ended 31 December, profit before tax increased 13% to $29.1m, on revenue up 10% to $94.0m.

Chief executive Jack Cooney said: "2018 was a record year for Somero by all measures. We delivered record revenues of $94.0m, comfortably surpassing the five-year strategic target we set out in 2014 to reach $90.0m in revenue by 2018. These revenues translated to record profits and cash flow from operations and allowed for the return of a significant amount of cash to shareholders in the period."

Sales in North America, the AIM-listed company's largest market, grew 12% to reach $64.7m as a high-level of non-residential construction activity, along with a shortage of skilled labour, increased demand for Somero equipment and led to strong second-half trading in which sales grew 16% compared to the same six-month period the year before.

Meanwhile, sales were also "particularly strong" in the 'Rest of the World' after strong demand from Australia and India led to 36% growth to reach $6.4m.

The company had cash and cash equivalents of $28.2m at 31 December, up from $19.0m at the same point the year before, while the full year regular dividend payment to shareholders of 19.0 US cents per share, up 23% over the year before.

"Somero begins 2019 financially stronger than ever and well-positioned to capture growth in new and existing markets with a strong product offering. With the opportunities that lie ahead and the steps we have taken to position the company for the future, I am confident the company will deliver strong results and dividends for our shareholders," said Cooney.

Somero Enterprises' share price was up 3.38% at 387.66p at 1044 GMT.