StockMarketWire.com - Concrete leveling technology supplier Somero Enterprises reported a 29% fall in first-half profit but reinstated dividend payments, citing a strong financial position.

Pre-tax profit for the six months through June dropped to $7.5m, down from $10.5m on-year, as revenue reversed 9% to $35.3m amid a slowdown in construction activity during the pandemic.

Somero reinstated its deferred 2019 final dividend of $0.207 per share. It also declared an interim dividend of $0.04 per share, down 30% on-year.

The company reinstated its full-year guidance, with revenue expected to be around $75.0m and adjusted earnings before interest, tax, depreciation and amortisation around $19.0m.

'The pandemic has served as an excellent stress test for the business, and while difficult decisions have been made along the way, I am confident we will emerge a better business,' chief executive Jack Cooney said.

'We begin the second half of the year with confidence in the strength of our financial position, in the flexibility of our operating model, and in the demand seen for our recently launched products.'

'At the same time, we remain cautious with the full understanding the uncertainty associated with the global pandemic will likely remain in place through the remainder of the year.'

'Moving forwards, our focus is sharp and our management team is committed to continuing to deliver healthy profits and cash flows to our shareholders while continuing to make sound strategic investments for long-term growth.'




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