30 Apr 2015 07:00
The 600 Group PLC
Resignation of CEO and Update on Trading
The 600 Group PLC ("600" or "the Company"), the machine tools and laser marking company announces that Nigel Rogers has resigned as Chief Executive Officer. The Board would like to thank Nigel for his dedication, leadership and contribution to the Company over the last three years. Paul Dupee, currently Non - Executive Chairman, will become Executive Chairman with immediate effect.
Nigel Rogers became Chief Executive Officer of the Company in March 2012 and successfully carried out the disposal of the Company's operations in Poland and South Africa and later, the sale of surplus property assets in the UK. Under his direction a very capable senior executive team has been put in place to manage the machine tools, precision engineering components and laser marking businesses in the UK and the USA where an ever-greater proportion of the Company's activities are now taking place. This team will now report to Paul Dupee.
Update on Trading
The Board is pleased to give the following update on trading for the period ended 28 March 2015. A fuller account will be given on the publication of the preliminary results expected to be released at the end of June 2015.
Group revenues are expected to be approximately 5% ahead of prior year, or 3% on a like-for-like basis excluding the effect of the acquisition of TYKMA Inc. in February 2015.
The process of integration of TYKMA Inc., and Electrox Laser is progressing very well. All US sales and customer support activities are now managed under a unified structure from 1 April 2015, and plans for future product strategy are largely determined.
Total group profit before taxation (including the effects of pension credits, pension credit interest, amortisation and the costs attributable to the acquisition and associated fund raising) is expected to be over £3m (2014: £2.48m). We expect underlying Group trading results (excluding these items) for the year ended 28 March 2015 to be in line with the board's expectations.
Commenting today, Paul Dupee, Executive Chairman of the 600 Group said:
" The Board thanks Nigel for leading the Company over last few years and his work in overcoming some of the legacy issues and re-directing the trading activities to achieve greater efficiencies and focus.
We now have a good position from which to expand into the areas where we can accelerate growth organically and by acquisition, particularly in the USA and I'm looking forward to working with the team to make this happen."
More information on the Group can be viewed at: www.600group.com
Enquiries: | |
The 600 Group PLC | Tel: 01924 415000 |
Paul, Dupee, Executive Chairman | |
Neil Carrick, Finance Director | |
Spark Advisory Partners Limited (NOMAD) | Tel: 020 3368 3553 |
Sean Wyndham-Quin / Miriam Greenwood | |
Cadogan PR Limited (Financial PR) | Tel: 020 7499 5002 / 07771 713608 |
Alex Walters | |
FinnCap (Broker) | Tel: 020 7600 1658 |
Tony Quirke/Mia Gardiner (Sales/Broking) |
About Paul Dupee, Executive Chairman of The 600 Group PLC
Paul Dupee, an American national, is an experienced private equity investor and currently managing partner of Haddeo Partners LLP, a substantial shareholder in the Company. He has significant experience in investing in companies and implementing growth strategies leading to value creation. His previous investments include Lynton Aviation where he was Director and Chairman, TV and radio company Boston Celtic Communications and Boston Celtic Limited Partnership, the Boston Celtic basketball franchise. He was also President and Director of Providence Capitol International Investment Ltd, a subsidiary of Gulf + Western Industries.