DJ 600 Group PLC AGM Trading Update
RNS Number : 5434N
600 Group PLC
25 September 2019
25 September 2019
The 600 Group PLC
AGM Trading Update
The 600 Group PLC (the "Group"), the diversified industrial engineering company (AIM: SIXH), is pleased to announce the following trading update ahead of its AGM today:
Whilst most of our markets remain subject to current global economic and political uncertainty, trading in the current financial year continues to be in line with the Board's expectations.
Control Micro Systems ('CMS'), acquired towards the end of June 2019, has integrated well with the Group's existing laser activities. As part of the integration process, the management team has been strengthened and its sales and marketing functions significantly enhanced through combination with the Group's established sales and marketing platform. The acquisition of CMS is highly complementary to the Group's existing laser business, adding significant engineering expertise as well as providing industry-leading positions in a range of high-growth sectors.
Notwithstanding the uncertainty impacting customer sentiment across our markets, the work undertaken to eliminate the Group UK pension scheme completed in May 2019, resulting in the return of a $5.2m surplus to the Group and elimination of $270m of liabilities, as well as the restructuring of operations in the UK, have significantly de-risked the Group, reduced capital expenditure requirements and improved its financial strength.
The Group expects to announce results for the half year ending 28 September in early December 2019.
The 600 Group PLC Tel: 01924 415000 Paul Dupee, Executive Chairman Neil Carrick, Finance Director Instinctif Partners Tel: 0207 457 2020 Mark Garraway James Gray Spark Advisory Partners Limited (NOMAD) Tel: 020 3368 3553 Matt Davis Miriam Greenwood WH Ireland (Broker) Tel: 020 7220 1666 Harry Ansell
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
About The 600 Group PLC
The 600 Group PLC is a distributor, designer and manufacturer of industrial products with three principle areas of activities:
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. Selected outsourcing partners support the manufacturing of these machines and they are marketed through the Group's wholly owned international sales organisation and a global distribution network.
Precision Engineered Components
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 are sold via specialist distributors to OEMs, including other machine builders.
Industrial Laser Systems
Industrial laser systems cover laser marking and processing including cutting, drilling, ablation and a host of other niche applications in the marking and micro machining sectors. They require no consumables and can operate on a continuous high speed basis and can be integrated into customers' production lines. The businesses have their own technology and proprietary software. Customer applications are diverse and range from aerospace to medical and pharmaceuticals. The requirement for increased product and component traceability is one of the market drivers.
More information on the Group can be viewed at: www.600group.com
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(END) Dow Jones Newswires
September 25, 2019 02:01 ET (06:01 GMT)