The Somero Enterprises Inc Board has declared an interim dividend for the six months ended June 30, 2023 of 10.0 US cents per share. This dividend will be paid on October 20, 2023 to shareholders on the register as of September 22, 2023.
Other financial highlights include:
H1 2023 revenues were US$ 58.9m (H1 2022: US$68.5m)
o Non-residential construction markets remain healthy across a wide range of sectors and customers report high activity levels and extended project backlogs
o Three of the Company's four regions reported revenues up over H1 2022 with Europe, Australia and ROW demonstrating the continued success of the international strategy in growing a combined 29%
o North America revenues declined 24% as the conversion of continued favorable non-residential construction activity into trading was impacted by delayed project starts and pauses, primarily due to elevated interest rates, and tightened bank lending standards
o Limited availability of the relaunched S-22EZ further tempered trading in H1 2023, now in full production
H1 revenue translated efficiently to profits and operating cash flow
o H1 2023 adjusted EBITDA margin of 29.5% (H1 2022: 35.3%)
o US$ 8.8m cash flow from operations (H1 2022: US$ 12.8m)
Expected improvement in H2 2023, trading in line with expectations for 2023 revenues of approximately US$ 120.0m, EBITDA of approximately US$ 36.0m, and year-end cash of approximately US$ 32.0m
