(Alliance News) - Industrial engineering company 600 Group PLC on Friday posted a swing to annual loss amid "challenging" market conditions.
Revenue for the financial year ended March 28 amounted to USD67.2 million, up 3.1% from USD65.2 million a year before. However, the company swung to a pretax loss of USD633,000 from a profit of USD4.3 million year-on-year.
Net operating expenses rose 13% to USD22.7 million, while financial expense rose 80% to USD2.2 million.
The company said its annual results were hit by a "difficult" trading environment. 600 Group said "challenging" market conditions were compounded by the "significant disruption" caused by the coronavirus pandemic in the second half.
The firm said that while there is still reduced activity, the level of order backlog has returned to "acceptable" levels.
"Despite the short-term end-market weaknesses and macroeconomic uncertainty, the board continues to believe in the long-term fundamentals of the group; in brand promotion, investment in new, higher end product capabilities and diversification into new markets and selective acquisitions. We have taken decisive action to ensure that as market conditions improve, we can react quickly," said Executive Chair Paul Dupee.
Shares in 600 Group were down 4.2% at 7.90 pence in London on Friday.
By Lucy Heming;Â lucyheming@alliancenews.com
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