600 Group eyes up acquisition targets
ENGINEERING business 600 Group said it is continuing to eye up acquisition targets to accelerate the company’s growth as it announced an increase in profits this morning.
In its full year results announced to the markets this morning, for the year ended March 29, the Leeds-based company said that while market conditions began to improve in the second half, they were less favourable in the early part of the financial year than had been anticipated and that growth has been dependent upon increases in market share.
Order intake increased by 13.7% during the year, while group pre-tax profit rose to £1.97m (2013: £0.51m) and revenues remained steady at £41.71m (2013: £41.79m).
The group, which confirmed in February that discussions over a possible takeover by a Chinese industrial group had been terminated , also said it managed to increase its market share in US and Europe despite a challenging trading environment.
Chairman Paul Dupee said: “The further strengthening of our market position and product offering in each of our key business segments has delivered much improved underlying earnings. Order intake has demonstrated increased momentum with quarter on quarter growth throughout the year, and current order intake is ahead of the corresponding period last year.
“The board considers the prospects for further organic growth to be positive, whilst also evaluating opportunities to accelerate the development of group activities through carefully selected acquisitions.”
600 Group designs and distributes machine tools and precision engineered components and laser marking systems with operations in Europe, North America and Australia selling into more than 180 countries worldwide.
