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Somero Enterprises Inc - Fort Myers, Florida-based laser-guided concrete levelling machinery specialist - Expects revenue for the first half of 2023 to drop between 15% and 20% from $68.5 million a year prior. Predicts 2023 revenue to be around $120.0 million, down 12% from $136.6 million the year before. Cites delayed starts to non-residential construction projects in the US, driven by higher interest rates and tightened lending standards. Says trading momentum in Australia and Europe remains positive.
Chief Executive Officer Jack Cooney said: ‘Our proven operating model provides the company the flexibility, through a high level of variable costs, to adapt quickly and effectively to changing conditions. This continues to be a key strength of the company. As such, we have been able to mitigate the impact of reduced near-term volumes on profitability without compromising our long-term growth initiatives.’
Current stock price: 285.90 pence, down 13% on Tuesday morning in London
12-month change: down 22%
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