Somero Enterprises almost doubles full year revenue

Somero Enterprises returned to a profit for the year ended December 31st, boosted by a 47 per cent increase in revenue and higher gross margins.

Somero Enterprises returned to a profit for the year ended December 31st, boosted by a 47 per cent increase in revenue and higher gross margins.

Profit for the year came in at $1.2m, compared to a pre-tax loss of $2.3m the previous year. Basic earnings per share totalled $0.02.

Revenue climbed from $21.9m to $32.2m year-on-year, strengthed by a 363% increase in Russian sales, its increased investment in emerging markets, and a ramp up of sales and service staff in China.

Chairman Lawrence Horsch said: "With revenues up 47% over the previous year, we were able to turn our focus towards planning for a full recovery.

"This strong growth gave us confidence we had made the right level of investment in China and India to help add to the Group's future progress. Investments in our people throughout the organization have also improved quality and productivity. We continue to adapt globally to offer superior service to our customers.

"Although the US and world economies are still in a fragile recovery, we are taking steps to shape our own future and are confident in our growth projections for 2013.

Regionally, the company saw growth in eight of its 10 regions, led by North America, China, South America and Russia, with two down slightly from the previous period.

Cash and cash equivalents rose from $0.09m to $1.17m over the course of the year.

A dividend payment of 0.8 US cents per share has been proposed.

NR

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