IMS and Director Changes

RNS Number : 5031A

600 Group PLC

02 February 2011

 



2 February 2011

The 600 Group PLC

INTERIM MANAGEMENT STATEMENT and DIRECTORATE CHANGES

Interim Management Statement

The 600 Group PLC ("the Group", "the Company"), the diversified engineering group servicing international markets, announces its second Interim Management Statement for the year ending 2 April 2011, covering the period from 3 October 2010 to 1 February 2011.

The performance of the Group during the period remains as outlined in the Company's half year statement released on 30 November 2010. The improvement in our global markets has continued, with order intake during the period 25% above the same period last year and the confirmed order book position at the end of the period40% higher than last year. The recovery of our machine tool and precision engineered component markets in North America has continued, with sales into the European market developing more slowly. The laser marking division is performing above the Board's expectations in its European and North American markets. Our mechanical and waste handling business in South Africa is benefiting from a contract for £1.2m with the State power supply company to provide a number of insulated aerial platforms that will be completed by the end of the financial year.

The integration of our facility in Poland, following its acquisition on 2 November 2010, is proceeding in line with our plans and machine output of group product for the European market is increasing. The business has also seen an increase in orders for both the German and Polish markets.

Directorate changes

The Board is delighted to announce that Paul Dupee and Derek Zissman are joining the Board as Non-Executive Directors with immediate effect. At the same time, Christopher Cundy currently a Non-Executive Director, is standing down.

Mr Dupee, an American national, is an experienced private equity investor and currently managing partner of Haddeo Partners LLP, a substantial shareholder in the Company. He has significant experience in investing in companies and implementing growth strategies leading to value creation. His previous investments include Lynton Aviation where he was Director and Chairman, TV and radio company Boston Celtic Communications and Boston Celtic Limited Partnership, the Boston Celtic basketball franchise. He was also President and Director of Providence Capitol International Investment Ltd, a subsidiary of Gulf + Western Industries.  

Mr Zissman, a Chartered Accountant, was until 2008 Vice Chairman of KPMG LLP where, during a 37 year career, he worked in Birmingham, London and New York. He currently chairs the Advisory Board of private equity investment house Alchemy Partners LLP, is a Non-Executive Director of Seymour Pierce Ltd and is a member of the Barclays Wealth Advisory Committee. 

Referring to the newly appointed Non-Executive Directors, Martin Temple, Chairman of the Group, commented:

'I am delighted to welcome Paul and Derek to the Board. Both bring a wealth of relevant experience as we push forward in developing the scale of the business and I am confident they will make a valuable contribution in shaping and implementing the Group's future strategy.

I would also like to express the Board's thanks to Chris for his valuable contribution and we wish him well for the future'.The following disclosure is made pursuant to paragraph 9.6.13 of the Listing Rules:

In 1974 Mr Dupee was party to a consent order settling a court action brought against Mr Dupee by the Securities Exchange Commission. The consent order prevented Mr Dupee from serving or acting as a director of any registered investment company falling under the auspices of the US Investment Company Act for a period of 6 years. There is no other information in respect of either Mr Dupee or Mr Zissman required to be disclosed pursuant to Listing Rule 9.6.13R.

For further information, please contact:

The 600 Group PLC	Tel: [phone]
David Norman, Chief Executive
Martyn Wakeman, Finance Director
Cadogan PR	Tel: [phone]
Alex Walters	Tel: [phone]
Emma Wigan
Evolution Securities Limited	Tel: [phone]
Joanne Lake

 

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