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Somero Enterprises, a North American manufacturer of laser equipment used for spreading concrete floors, expects a gradual second-half improvement in trading.
The company says trading has remained difficult and sales fell in the second half of 2009. However, full-year results were broadly in line with its revised expectations and the business remained profitable.
Following a cost reduction programme in November, operating costs in 2010 are expected to be around $8.6m, down from $24m in 2008.
The 2009 year-end and 2010 quarterly covenants have been reset to bring them in line with the 2010 budget.
'We believe that the outlook for 2010 is more positive than the previous year and we are expecting a gradual improvement starting in the second half of the year.'
The company has not reduced headcount in its salesforce or product development area, which it regards as critical to support future sales.
Somero is introducing two new products at the World of Concrete trade show.
Results for the year ended December 31 will be announced in May.
Story provided by Business Financial Newswire
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