Good morning, it’s Paul here!Apologies, my phone battery died in the night, so no alarm went off, hence am starting this at 08:12 instead of at 07:00.
Somero Enterprises Inc (LON:SOM)
Share price: 280p (down c.20% today, at 09:08)No. shares: 56.3mMarket cap: £157.6m
Trading update (profit warning)
This company is based in the USA (its largest market), and sells laser-guided concrete screeding machines, to lay perfectly flat concrete floors for warehouses, etc.
I’ll spend some time, properly looking into this, because I’ve always liked this company and am thinking in terms of buying the dip, possibly.
What’s gone wrong?
Trading during the five month period to the end of May 2019 has fallen below management’s expectations, primarily due to adverse weather conditions in the US, the Company’s largest market. Broad sections of the US experienced the highest levels of rainfall on record.*[Paul Scott: The asterisk relates to some rainfall data, given at the end of the announcement.]The record rainfall seen in the US has delayed project starts which in turn has slowed the pace of equipment purchased by our customers, the impact of which was seen through historically…
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