600 Group PLC
17 August 2007
17 August 2007
The 600 Group PLC
Interim Management Statement
The 600 Group is today publishing its first Interim Management Statement as
required by the UK Listing Authority's Disclosure and Transparency Rules
relating to the period 1 April 2007 to 30 June 2007.
Overall sales for the first 13 weeks of the financial year increased 6% compared
with the same period last year. On 2 April 2007 Erickson Machine Tools Inc. was
sold and underlying sales, after adjustment for this disposal, increased by 9%.
Order intake activity across the Group has continued at an encouraging level.
During the period, we were awarded a substantial contract by a major aerospace
group for the supply of three Mitsui Seiki machining centres. The value of the
contract is approximately £2.5m and delivery is anticipated in the first half of
the next financial year when the majority of the profit on the contract will be
recognised.
Operating margins are in line with our expectations with strict cost controls
being maintained. We continue to invest in product design and development as
well as sales and marketing. As anticipated, due to seasonal factors and
increased activity levels, net cash balances reduced in the period.
On 1 May 2007 the UK parts and service business of Toyoda-Mitsui was acquired
for a cash consideration of £390,000.
Subsequent to the period end, on 1 August 2007, Mr. Martin Temple CBE succeeded
Professor Michael Wright as non-executive Chairman of the Group. Tony Sweeten
also retired as a director at the same time, but will continue to be available
to assist the Board in a consultancy capacity until 31 December 2008.
Outlook
Our trading outlook remains in line with the Board's expectations. We continue
to forecast overall growth in demand for machine tools and laser marking
equipment. The medium term outlook is dependent upon the implementation of our
strategic plans and further improvements in our machine tool supply chain.
Enquiries:
The 600 Group PLC
Andrew Dick, Group Chief Executive
Martyn Wakeman, Group Finance Director Telephone: 0113 277 6100
Hudson Sandler
Wendy Baker Telephone: 020 7796 4133
Notes to Editors:
The 600 Group PLC is an international group, manufacturing and marketing machine
tools, machine tool accessories, lasers and other engineering products.
The Group operate from some 35 locations world-wide and sell its products around
the world. Its international marketing and distribution network handles both
Group products and those of other manufacturers.
Website: www. 600group.com
This information is provided by RNS
The company news service from the London Stock Exchange
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