13 Aug 2010 07:00
INTERIM MANAGEMENT STATEMENT
The 600 Group PLC ("the Group", "the Company"), the diversified engineering group servicing international markets, announces its first Interim Management Statement for the year ending 2 April 2011, covering the period from 4 April 2010 to 12 August 2010.
The performance of the Group during the period remains as outlined in the Company's preliminary results statement released on 3 August 2010. The improvement in orders experienced in the second half of the year ended 3 April 2010 has been sustained post year end. In the first quarter of the current financial year, the Group's order intake increased by 31% compared with the previous year.
On 3 August 2010, the Group announced proposals to raise £2.5 million (£2.0 million net of expenses) via a loan with warrants from a number of parties including Haddeo Partners LLP, the Company's largest shareholder. Drawdown of the loan is subject to shareholder approval at a general meeting of the Company to take place on 27 August 2010. The directors regard the loan as being important to the funding of the Group's future development. These matters are covered in further detail in a circular and notice of general meeting sent to shareholders on 3 August 2010.
A copy of this announcement will shortly be made available on the Company's website www.600group.com.
| For further information, please contact: |
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| The 600 Group PLC | Tel: 01924 415 000 |
| David Norman, Chief Executive |
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| Martyn Wakeman, Finance Director |
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| Rawlings Financial PR Limited | Tel: 01653 618 016 |
| Catriona Valentine |
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| Keeley Clarke |
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| Evolution Securities Limited | Tel: 0113 243 1619 |
| Joanne Lake |
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| Peter Steel |
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Company Description
The 600 Group PLC ("the Group") is a diversified engineering group with four principal areas of activity:
Machine Tools (41% of sales) - the business has a strong reputation in the market for metal turning machines. Products range from small conventional machines for education markets, CNC workshop machines and CNC production machines. The European manufacturing footprint is supported by selected outsourcing partners and machines are marketed through the Group's wholly owned international sales organisation.
Precision Engineered Components (26% of sales) - machine spares are distributed to customers globally to help maintain the installed base of group machines which number in excess of 100,000. Additionally work holding products and roller taper bearings are sold via specialist distributors to OEMs including other machine builders.
Laser Marking (15% of sales) - laser marking is a technologically superior alternative to ink jet marking. It requires no consumables and can operate on a continuous high speed basis when integrated into customers' production lines. The business has its own technology and proprietary software. Customer applications are diverse and range from telecommunications to pharmaceuticals. The requirement for increased product and component traceability is one of the market drivers.
Mechanical Handling and Waste Management (18% of sales) - the business sells equipment into Sub Saharan African markets from its three locations in South Africa. Improvements to municipal infrastructures, mineral extraction and electrification are significant drivers for this business. Distribution of world class brands is supported by wholly owned workshop and factory facilities.