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The 600 Group PLC – Trading Update and Notice of Results

Hamilton, Bermuda – 21st, July 2021In a filing with the Bermuda Stock Exchange (“BSX”), The 600 Group Plc (the "Company”), have issued a Trading Update and Notice of Results announcement dated 20th, July 2021. The filing stated:

 

 

The 600 Group PLC

 

Trading Update and Notice of Results

 

The 600 Group PLC (the "Group"), the diversified industrial engineering company (AIM: SIXH), is pleased to provide an update in respect of current trading following the period ended 31 March 2021 (“FY21”).

In doing so the Group re-confirms its expectations of FY21 performance announced by the Group on 15 April 2021 and announces that it now expects to report its audited FY21 results by 30 September 2021 as a result of COVID-19 related restrictions and delays.

Summary of Unaudited FY21 Results

 

 

 

 

 

 

 

 

Current Trading and Outlook

Trading in the first quarter of the current financial year has been strong, with orderbooks seeing a marked improvement since 31 March 2021 and increased levels of activity across the Group.

In particular, the pipeline in the Group’s higher margin, growth market Industrial Laser Division is very encouraging – with CMS taking a number of large new orders in the current year, including a $4.3m order earlier this month - the largest in its history.

As at 15 July 2021 the Group’s order book stood at $22.5m (31 March 2021: $14.1m). In addition to being a material increase over the Group’s order book as at 31 March 2021, it is pleasing to note that $12.9m (57%) of the current order book relates to the Group’s higher margin Industrial Laser Division.

The Group’s management teams continue to respond exceptionally well in difficult conditions and, having successfully restructured the Groups’ loan notes to provide financial flexibility, the Group is now positioned as a leaner and more efficient organisation which can take advantage of the operational gearing in our activities as volumes continue to increase.

Whilst there still remains some uncertainty created by the COVID-19 pandemic, 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. The Board is excited about the possibilities that lie ahead.

 

Enquiries:

 

The 600 Group PLC

Paul Dupee, Executive Chairman

Neil Carrick, Company Secretary

 

Tel: +1-407-818-1123 /01924415000

Instinctif Partners

Tim McCall

Rosie Driscoll

 

Tel: 0207 457 2020

Cenkos Securities plc (Nominated Adviser and Broker)

Ben Jeynes / Max Gould (Corporate Finance)

Alex Pollen (Sales)

 

Tel: 020 7397 8900

 

About The 600 Group PLC

The 600 Group PLC is a distributor, designer and manufacturer of industrial products with three principal areas of activities:

 

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.

 

Machine Tools

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.

 

More information on the Group can be viewed at: www.600group.com 

 

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or jbest@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

 

Established in 1971 the Bermuda Stock Exchange (BSX) is the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

 

The BSX is a full member of the World Federation of Exchanges (WFE) and is in an O.E.C.D. member nation and an affiliate member of IOSCO. The BSX is recognised by the US SEC as a Designated Offshore Securities Market. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules; and Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.

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