StockMarketWire.com - Building services technology group Somero Enterprises downgraded its annual revenue and earnings guidance after record rainfall in the US delayed project starts.

The company manufactures laser-guided and other machinery used in horizontal concrete placement.

Trading in the five months through May fell below management expectations, mainly due to adverse weather in the US, the company's biggest market.

Revenue in 2019 was now expected at around $87m, while Ebitda was seen at around $28m.

Net cash at the end of the year was expected to be $18m.

'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 strong trading months of March and April,' Somero said.

'Whilst there was an improvement in trading to end the month of May, and although the company expects weather conditions and therefore trading in the US will improve throughout the rest of 2019, the board now does not expect the company to fully recapture the shortfall caused by this extended period of poor weather in the current financial year.'



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