Somero Board has decided to declare an interim 2024 dividend of US$ 0.08 per share, maintaining a balance between interim ordinary dividend and final ordinary dividend comparable to prior year. The dividend, representing a total payment of approximately US$ 4.4m, will be payable on October 18, 2024 to shareholders on the register as of September 20, 2024. The common stock ex-dividend date is 19 September 2024.
Other financial highlights include:
Non-residential construction markets remain healthy across a range of sectors and customers continue to report robust project backlogs giving confidence in H2 trading
North America revenues declined 8% as trading continued to be impeded by project delays driven by elevated interest rates, labor shortages and concrete rationing, as previously reported in the 30 July 2024 announcement, in addition to significant inclement weather in H1 2024
Mixed results outside North America, with Europe trading comparably to prior year, while trading in Australia was also adversely impacted by inclement weather
Revenue from ROW declined 38% mainly driven by lower volume in Middle East compared to prior year
Products released since 2019 contributed US$ 3.1m in revenues, up from US$ 0.8m in H1 2023
Profitability impacted by reduction in revenues, but operational efficiencies enabled EBITDA margins of 23.8%
Cashflow impacted by sales decline and higher working capital investment
Expected improvement in H2 2024 trading, in line with expectations for 2024 revenues of approximately US$ 110.0m, EBITDA of approximately US$ 30.0m, and year-end cash of approximately US$ 27.0m
