29 Sep 2010 12:17
Result of AGM and AGM Statement
At the Annual General Meeting ("the AGM") of The 600 Group PLC ("the Group" or "the Company"), held today at 11.30 a.m., all the resolutions put to shareholders were duly passed on a show of hands. A summary of the proxy votes received will shortly be displayed on the Company's website www.600group.com.
At the AGM, Chairman, Martin Temple, made the following statement:
"Since the Interim Management Statement issued on 13 August 2010, the Group has continued to perform in line with the board's expectations.
The improvement in order intake has been maintained and the current outstanding order book position is 29% higher than at the same point in 2009. The recovery in sales has, however, been tempered by the previously notified restrictions on the Group's working capital, with sales in the first half being broadly in line with 2009. The successful fundraising, completed on 27 August 2010, has resolved these issues and, as a result, we have been able to schedule an increase in order fulfilment during the second half of the current financial year.
The restructuring of the Group is now almost complete. A number of exceptional costs associated with the final stages of the restructuring will be incurred in the current financial year. Our strategy to source the Group's manufacturing increasingly from Europe to de-risk the supply chain and improve lead times is progressing well and a strategic partner has recently been secured in Central and Eastern Europe.
The Group expects to announce its results for the six month period to 2 October 2010 in November and a further update on trading will be made at that time."
| 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.