Somero Enterprises Inc (GB:SOM) has released an update.
Somero Enterprises Inc. has announced anticipated lower revenues and EBITDA for FY 2024, with expected revenue at approximately $110.0m, down from the market consensus of $120.7m. The company attributes this to delays and pauses in North American projects due to elevated interest rates, labor shortages, and weather conditions, but expects an uptick in H2 2024 with new product launches. To offset the impact, Somero has initiated a 15% workforce reduction and other cost-saving measures.
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