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Concrete leveller Somero puts in solid full year with record profits
Concrete levelling specialist Somero Enterprises posted a 21% rise in full year pre-tax profits to $25.7m as revenues hit record levels.
Shareholders were rewarded with a 40% rise in the total dividend to 15.5 cents a share and a special 3.6 cents a share extra payout.
Somero said profits had been boosted by an increased contribution from international markets and "healthy demand across entire product line"
Annual revenues grew to a record US$ 85.6m, up 8% from 2016. Adjusted earnings before interest, tax, depreciation and amortisation rose 14% to a $28.0m.
Chief executive said results were ahead of market expectations.
"We have made significant progress on executing our strategy and now, as we enter the last year of the five-year plan we established back in 2014, we are closing in on achieving our target of $90m revenue in 2018," he said.
"Somero is financially stronger than ever and well positioned to capture growth across our broad global footprint. We have identified a broad range of opportunities in related products and new markets, and our secure financial position will therefore enable us to increase investment to accelerate product development initiatives over the next year."
"In addition, the board has adopted a supplementary dividend policy to enable the distribution of any excess capital to shareholders."