Somero Enterprises Inc - Fort Myers, Florida-based laser-guided concrete levelling machinery - Says revenue for the six months ended June 30 was at the top end of guidance of between $54.8 million and $58.2 million. This reflects a decline of at least 15% from $68.5 million a year prior, driven by weaker North American trading. Expects improved trading in North America in the second half of the year due to the increased availability of its S-22EZ laser screen machine. Somero also anticipates ‘healthy’ contributions to trading in the second half of 2023 from Europe and Australia. Remains confident 2023 results will fall in line with market expectations of $120 million in revenue, down 10% from $133.6 million in 2022, and earnings before interest, tax, depreciation and amortisation of $36 million, down 22% from $46 million. Year-end cash is expected to be about $32 million, down from $33.7 million a year before.

Current stock price: 347.24 pence, down 2.2% on Monday

12-month change: down 21%

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