Somero Enterprises FY to be slightly ahead of views

Somero Enterprises said on Tuesday that its full-year results are likely to be slightly ahead of market views thanks in part to a strong performance in June.

The company, which manufactures technologically-advanced concrete placing equipment, said trading in June was much stronger than in May and the same month last year thanks to solid activity in North America.

Meanwhile, China, the Middle East and Europe each contributed satisfactorily to overall growth, it said.

“The strong performance in June and the continuation of the positive trading environment together with margin improvement and solid operating cash flow generation mean the company now expects to report results slightly ahead of current market expectations for the full year ending 31 December 2016.”

In its update on 6 June, Somero had said overall results were tracking comfortably in line with market expectations for the full year due to good trading in the group’s core North American, Chinese and European markets.

At 1428 BST, Somero shares were up 4.4% to 165.50p.