LONDON (Alliance News) - The 600 Group PLC said that its outlook for the second-half of the year is in line with its expectations, with revenues in the year-to-date slightly ahead of the previous year, in a statement ahead of its annual general meeting Wednesday.
The engineering company said that in the year-to-date order intake was up by around 6%, including a hit from the strength of sterling. At constant currency, 600 said that revenues and order intake would be up a further 5%.
However, it noted that the net effect of foreign exchange translation on its operating profit is broadly neutral.
The company said its laser marking division continue to deliver above average growth in the year-to-date.
600 acquired a 26.3% stake in LED and laser diode array manufacturer and distributor ProPhotonix Ltd during the period. As ProPhotonix is an AIM listed company registered in Delaware, it is not subject to the takeover code, however ProPhotonix recently adopted a rights agreement to discourage the purchase of further shares without the approval of the board.
600 said that it was "disappointed" with this, and considers an acquisition of a substantial minority shareholding in the company via an exchange of shares with major UK shareholders, would offer "potential value to our shareholders in the medium term."
The company said it is engaging with the board and management of ProPhotonix.
Shares in 600 were trading down 2.4% at 20.00 pence per share Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
