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SOMERO ENTERPRISES INC INTERIM RESULTS Released : 08/09/2021 07:00 RNS Number : 0500L Somero Enterprises Inc. 08 September 2021 Press Announcement For immediate release 08 September 2021 Somero Enterprises , Inc. ( " Somero " or " the Company " or " the Group " ) Interim Results for the six months ended June 30 , 2021 Record H1 results due to strong US market , raising 2021 guidance Financial Highlights H1 revenues were US $ 64.4m ( H1 2020 : US $ 35.3m ) led by a very strong and highly active US market O H1 2021 trading in the US was highlighted by accelerated activity from customers working to catch up on projects previously slowed by COVID - 19 restrictions and by healthy demand for new warehousing ● Three of the Company's five international regions reported H1 2021 revenue growth over H1 2020 reflecting generally healthy non - residential construction market conditions and lessened COVID - 19 restrictions compared to the prior year that enabled an increased level of activity Strong trading volume drove a record level of profits and operating cash flow for the period US $ 24.6m in H1 2021 adjusted EBITDA ( H1 2020 : US $ 8.7m ) O US $ 16.0m in H1 2021 cash flow from operations ( H1 2020 : US $ 7.0m ) Supported by the record - setting H1 2021 results and a confident outlook for the remainder of the year , the Board has raised 2021 guidance and now expects revenues will approximate US $ 120.0m , adjusted EBITDA will approximate US $ 42.0m , and year - end net cash will approximate US $ 36.0m The Board has also declared a US $ 0.09 per share interim dividend representing a 125 % increase compared to H1 2020 , an increase commensurate with the growth in profits Revenue Adjusted EBITDA ( 1,2 ) Adjusted EBITDA margin ( 1,2 ) Profits before tax Adjusted net income ( 1,3 ) Diluted adjusted net income per share ( 1,3 ) Cash flow from operations Net cash ( 4 ) Interim dividend per share Operational Highlights O H1 2021 US $ $ 64.4m $ 24.6m O 38 % $ 23.5m $ 18.2m $ 0.32 $ 16.0m $ 32.8m $ 0.090 H1 2020 US $ $ 35.3m $ 8.7m 25 % $ 7.5m $ 5.8m $ 0.10 $ 7.0m $ 28.9m $ 0.0400 % Change 82 % 183 % 1,300bps 213 % 214 % 220 % Investing to position the business for sustainable long - term growth The Company is accelerating plans to expand the Houghton , Michigan Operations and Support Offices , to provide approximately 35 % more operational capacity with a targeted project start in late H2 2021 The Australian direct sales and support team established in late 2020 drove a H1 2021 sales increase to US $ 2.7m ( H1 2020 : US $ 0.9m ) 129 % 13 % 125 %