- Concrete leveling technology company Somero Enterprises said it expected to beat its annual revenue and earnings guidance after weather conditions improved in the US.

However, the company took a more cautious stance regarding its guidance for 2020.

Revenue for the year through December 2019 was now seen at $87m, modestly ahead of the top end of guidance provided in July.

The growth would have a consequential improvement in adjusted EBITDA of a similar absolute quantum, the company said.

Somero also forecast net cash of about $23m, significantly ahead of July guidance of about $18m.

'As such, the board intends to maintain the company's dividend policy of a regular dividend payment equal to 50% of adjusted net income for the calendar year and a supplemental dividend equal to 50% of excess net cash over the year-end target of $15.0m,' it added.

However, Somero said there were factors impacting each market that slightly tempered its underlying growth expectations for 2020.

The year would still be a profitable one, it said, though revenue would be flat and EBITDA broadly in line with 2019 'and in line with current market expectations'.

At 8:03am: [LON:SOM] Somero Enterprises Inc share price was +24.5p at 284.5p

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