Buoyant construction continues have boosted the first half performance of Somero Enterprises Inc (LON: SOM) with North American demand particularly strong. This led management to upgrade its guidance for the full year, having already upgraded in July.
Somero designs, assembles and supplies concrete levelling equipment. It is expanding its manufacturing facility in Michigan and that will increase capacity by more than one-third. That will cost $9.5m and enable annual revenues to grow to $175m. This should be completed next year.
In the six months to June 2021, revenues increased from $35.3m to $64.4m, which was much higher than the first half of 2019 prior to Covid-19. Pre-tax profit more than trebled from $7.5m to $23.5m. There was $16m of cash generated from operations. ...