600 Group PLC
02 April 2007
2 April 2007
The 600 Group PLC
TRADING UPDATE, BOARD CHANGES AND DISPOSAL
The Board of 600 Group is pleased to provide the following update on trading in
advance of its preliminary results for the 12 months to 31 March 2007.
Trading Update
Order intake activity across the Group is continuing at an encouraging level as
the benefits of the investment in sales and marketing start to be realised. We
anticipate full year results to be in line with market expectations.
Board Changes
The Board has appointed Mr. Martin Temple CBE as a non-executive director with
immediate effect. Mr Temple will succeed Professor Michael Wright as
non-executive Chairman of the Group when Professor Wright retires as a director
at the end of July. Tony Sweeten will also retire 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.
Mr. Temple is the Director General of the Engineering Employers Federation
("EEF"), a position he has held since 1999. Before joining the EEF, Mr. Temple
had had a long experience of the international engineering industry and in
senior management positions in British Steel.
Andrew Dick, Chief Executive, says: "I am delighted that Martin Temple is
joining us; I am sure he will make a great contribution to the further progress
of the Group. I am also very pleased that we will continue to have access for a
further period to Tony Sweeten's unrivalled knowledge of the international
machine tool industry. I would like to take this opportunity to express the
appreciation of all his colleagues throughout the Group for the great
contribution he has made to the 600 Group over so many years. Similarly, I
would like to thank Michael Wright for his guidance and support as Chairman
through some very difficult times."
Disposal
In line with our strategy of focusing on the national distribution of machine
tools across the whole of North America we have agreed to sell our regional
distributor, Erickson Machine Tools, to its management for a consideration equal
to the net assets of the business. At the same time, and in the best interests
of our customers, we have entered into an agreement with that business to
distribute our full range of machine tools in the states of Iowa and Nebraska.
The 600 Group will announce its preliminary results on 21 June 2007.
Enquiries:
The 600 Group PLC
Andrew Dick, Group Chief Executive
Martyn Wakeman, Group Finance Director Telephone: 0113 277 6100
Hudson Sandler
Nick Lyon/Wendy Baker Telephone: 020 7796 4133
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.