Orders rise for 600 Group

ENGINEERING firm 600 Group has revealed orders are up by almost one third on this time last year ahead of its half year results.

Chairman Martin Temple told the firm’s annual general meeting yesterday that the company was performing in line with the board’s expectations.

He said the company’s improvement in order intake seen in the earlier part of the year had been maintained with the current order book position 29% higher than this time last year.

Fundraising via a loan with warrants from a variety of sources, including major shareholder Haddeo Partners, had overcome problems with the company’s working capital and it was now in a position where it could fulfill more orders during the second half of the financial year.

Mr Temple added: “The restructuring of the Group is now almost complete.  A number of exceptional costs associated with the final stages of the restructuring will be incurred in the current financial year. 

“Our strategy to source the Group’s manufacturing increasingly from Europe to de-risk the supply chain and improve lead times is progressing well and a strategic partner has recently been secured in central and eastern Europe.”

In its last full year 600 Group made a loss before tax from continuing operation of £8.7m.