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magazineSuperb results push shares in Somero to an all-time high
Somero Enterprises (SOM:AIM) 376.5p
Gain to date: 31.8%
Original entry point: Buy at 285.62p, 23 March 2017
Shares in concrete levelling specialist Somero Enterprises (SOM:AIM) hit an all-time high of 379p following the publication of its full year results on 14 March.
The 2017 numbers were very impressive with pre-tax profit up 21% to $25.7m, a 40% increase in the ordinary dividend, the declaration of a special dividend and the continuation of a debt-free balance sheet.
The company tells Shares that the performance was down to the sales team capturing business opportunities, good execution and positive market conditions.
As well as winning new business, existing customers are either buying more equipment from Somero to expand their fleet or upgrading old kit with new technology – the latter particularly the case in Europe. Approximately 15% of revenue comes from sales of spare parts and components.
Product development continues to be very important. For example, it is looking to engineer solutions to place concentrate on multiple stories of high-rise properties.
Important information:
These articles are provided by Shares magazine which is published by AJ Bell Media, a part of AJ Bell. Shares is not written by AJ Bell.
Shares is provided for your general information and use and is not a personal recommendation to invest. It is not intended to be relied upon by you in making or not making any investment decisions. The investments referred to in these articles will not be suitable for all investors. If in doubt please seek appropriate independent financial advice.
Investors acting on the information in these articles do so at their own risk and AJ Bell Media and its staff do not accept liability for losses suffered by investors as a result of their investment decisions.
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