Positive progress for listed engineering company
Elland-headquartered industrial engineering firm The 600 Group has seen its turnover rise 13% to $35.7m (£27.6m) for the first half of financial year 2020, compared to $31.6m (£24.5m) for FY2019.
The business has published its unaudited interim results for the six months ended 28 September 2019.
Over the same period, The 600 Group’s underlying pre-tax profits have risen 28% – from $1.3m (£1m) to $1.7m (£1.3m).
The company adds that it has seen operating margin improvement across both its divisions, with its disposal of non-profitable operations and the assets of discontinued Gamet Bearings business further reducing its UK bank debt.
Citing its investment to ensure sustainable growth, the firm’s update notes its acquisition of Control Micro Systems Inc, the recruitment of skilled new staff, continued product development and improvement in customer offering and its now fully operational new European Technology Centre.
Paul Dupee, executive chairman of the group, said: “This period has seen further progress in our strategy to build a global industrial business.
“The de-risking of the Group, both operationally and financially, has created a platform from which we are now beginning to leverage the strength of the Group’s brands and grow the business into increasingly diversified niche markets worldwide both organically and by acquisition.
“The Group has made headway despite certain macro-economic and political uncertainties across our end markets and although these may still create some short term disruption, the Board believes in the long term fundamentals of our businesses and the strategy they are now enacting and is optimistic for the long- term future.”
“I am pleased to announce an interim divided of 0.25p per share, reflecting this good performance and the Board’s continued confidence in our businesses.”
The 600 Group is a distributor, designer and manufacturer of industrial products with three principle areas of activities – machine tools, precision engineered components and industrial laser systems.
