Result of AGM and update on trading

RNS Number : 3563Z

600 Group PLC

17 September 2015

 

600 Group Plc

Result of AGM and update on trading

600 Group Plc, the AIM listed producer of machine tools and laser marking equipment, is pleased to announce that at the Group's Annual General Meeting held today all resolutions were duly passed.

Mr Paul Dupee, Executive Chairman, made the following statement:

"Trading for the current year remains in line with the market's expectations and ahead of last year. 

The North American machine tools business has performed well during the period since March 2015. However, the European business has seen a slowdown in recent months. Our laser marking business has continued to trade well ahead of the prior year benefitting from the combination of the TYKMA acquisition with our own Electrox business.

In August we announced the appointment of Don Haselton, as Divisional Managing Director of our machine tool operations worldwide and also David Grimes as Divisional Managing Director of the global laser marking division. In the last month, Don has begun working on establishing a greater presence in South East Asia and has put in place agreements with a number of new distributors in several countries which, in time, will help re-establish our  brands in these important and expanding markets. David has continued to rationalise the laser marking operations in the US and UK and this has delivered a number of immediate cost benefits with further improvements expected as the year progresses.

Looking forward, whilst economic conditions remain uncertain, particularly in our European markets we expect the machine tool division will make further progress with its wider range of branded machine tool products and as it develops a presence in new markets. At the same time we anticipate further benefits from having combined our two laser marking businesses and to see further growth in the coming year."

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

Enquiries:
The 600 Group PLC	Tel: [phone]
Paul Dupee, Executive Chairman
Neil Carrick, Finance Director
Spark Advisory Partners Limited (NOMAD)	Tel: [phone]
Sean Wyndham-Quin / Miriam Greenwood
Cadogan PR Limited (Financial PR)	Tel: [phone]
Alex Walters
FinnCap (Broker)	Tel: [phone]
Tony Quirke / Mia Gardiner (Sales/Broking)

 

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