StockMarketWire.com - Somero Enterprises, which supplies technology to help builders level concrete, booked a 23% fall in first-half profit after a bout of heavy rainfall in the US hurt sales.

Pre-tax profit for the six months through June fell to $10.5m, down from $13.6m on-year.

Sales slid 13% to $39.0m, though the company lifted its interim dividend by 4.5% to $0.0575 per share.

'As announced in June, our first six months of 2019 fell short of our full year expectations at the beginning of the year, primarily due to extraordinarily heavy rainfall during in the first half in the US that depressed sales in our largest market,' chief executive Jack Cooney said.

'The US non-residential construction market remains very healthy, and we are pleased to note that as the weather improves, we expect to see improvement in the second half.'

Trading in Europe and the Middle East weakened towards the end of the first half, though Cooney said the company remained confident of delivering improved results in the second.

'Despite our disappointment with first-half trading, we do not see a fundamental change in our end-markets and maintain a positive outlook for the remainder of 2019, particularly as our customers in the US return to more typical levels of productivity,' he said.

'Our confidence is based on our close customer contacts through which we can assess customer workloads, backlogs and business outlook.'



Story provided by StockMarketWire.com