Pandemic impact hits revenues at listed industrial engineering group
Industrial engineering company, 600 Group, says its revenue from continuing operations is down by 20% at $53.6m/£39m (2020: $67.2m/£49m) due to the impact of COVID-19 on trading.
The Elland-based business, which has today released its results for the year ended 31 March 2021, adds that its profit before tax and adjusting items is $1.1m/£800,000 (2020: $1.1m), in-line with the previous year due to management’s swift response to the pandemic.
Group net debt as at 31 March 2021 (excluding IFRS16 lease liabilities) was $12.7m/£9.2m (28 March 2020: $14.2m/£10.3m).
And the company’s current Group order book is worth $22m/£16m against $11m/£8m at the same time last year.
600 Group says it has taken decisive action taken to cut costs and use Government backed schemes where possible.
It adds the result is a more efficient organisation which has kept hold of its skilled workforce, allowing it to react quickly as trading conditions improved.
Paul Dupee, executive chairman of the Group, said: “The Coronavirus pandemic provided an exceptional challenge and changed business as we know it.
“However, our management team’s ability to adapt, respond quickly and act decisively has allowed us to minimise the impact during the year and move forward with a leaner and more efficient business.
“We now have a healthy order book and a strong pipeline of opportunities across the business.
“Most pleasingly, the order book for our higher margin laser division, an area we are actively seeking to grow, is especially strong.
“Our ability to retain our highly skilled workforce and technical competencies during the upheaval of COVID-19, means we are well set to continue to take advantage of these opportunities.
“Despite some ongoing uncertainty created by COVID-19, the Board continues to believe in the long-term fundamentals of the Group; in brand promotion, investment in new, higher end product capabilities and diversification into new markets and selective acquisitions.”
