The 600 Group targets further growth opportunities
THE 600 Group, the AIM-listed machine tools and laser marking company, is to expand its premises following more than £4.6m in funding.
The funding, from Santander Corporate & Commercial, will also be used to support the Leeds-based firm’s continued UK and international growth and to build on its recent market share gains in the US and Europe.
The 600 Group sells into more than 180 countries worldwide through its brands of Colchester and Harrison machine tools, Pratt Burnerd and Gamet precision components, and Electrox laser markers, with operations in Europe, North America and Australia.
The firm recently reported strong financial results, with net operating profit from continuing operations up by 141% to £2.35m, with revenue from continuing operations of £41.71m. Group order intake for the financial year was 13.7% ahead of the prior year and market conditions are expected to continue to improve: industry forecasts anticipate worldwide growth in machine tool consumption of 7%, led by North America and Europe.
The funding from Santander Corporate & Commercial has allowed The 600 Group to expand the freehold of its property estate in Colchester, Essex, to help it better manage rental and other business costs. It will support further international developments via dedicated trade finance facilities as well as provide working capital investment for ongoing growth.
Neil Carrick, group finance director at The 600 Group, said: “We have a focused growth strategy in place, and this has already proved very successful in terms of business development. The support from Santander has been key to our domestic and international expansion plans, and I’m confident The 600 Group has the right team and facilities in place to capture market opportunities – wherever they arise.”
Mark Watson, relationship director at Santander Corporate & Commercial, added: “We are delighted to be working with such a well-known and established local business. The company has invested for growth and I have no doubts that it will meet and surpass its aspirations.”
