- Somero has revised its guidance for FY2021 on the back of stronger than anticipated trading momentum in the US and improving activity levels across Europe and Australia.

The group said it expects to exceed the previous guidance with revenues now suggested to reach $100 million for the year.

Previous guidance for FY2021 indicated revenues were expected to grow in the single mid-digit percentage range from the $88 million reported for FY2020.

Trading momentum in the US during 2021 reflects an active market and healthy sales across the company's product portfolio with particularly good performance in the boomed screed category driven by demand for new warehousing required to keep pace with the growth in e-commerce operations.

Despite the lingering effects of Covid-19 restrictions, early positive 2021 performance in Europe and Australia supports the expectation for meaningful contributions to growth from both regions in 2021, the company said.

All other regions are performing as expected.

It added that new products, such as the SRS-4, the Somero Broom+CureTM and the SkyScreed® 36, all released in 2020, are also anticipated to contribute meaningfully to growth in 2021.

The company continues to make good progress on its new product growth strategy and continues to make the investment in sales and support staff accordingly.

In April 2021, Somero added to its product portfolio by introducing the Somero SkyStrip®, a plywood sheet stripping machine that reduces lost labor time due to common injuries incurred during the shoring removal process.

It continues to work on a pipeline of new products targeted to expand the addressable market and anticipates release of an additional new product before the end of 2021.

At 9:40am: [LON:SOM] Somero Enterprises Inc share price was 0p at 237.5p

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