600 Group PLC – Half-year Report

600 Group PLC – Half-year Report

The 600 Group PLC (“the Group”), the diversified industrial engineering company (AIM: SIXH), today announces its unaudited interim results for the six months ended 28 September 2019.

 

Summary financials

 

H1 FY20

H1 FY19

Change

 

Revenue

$35.7m

$31.6m

+13%

Underlying* operating profit

$2.5m

$1.8m

+39%

Underlying* pre-tax profit

$1.7m

$1.3m

+28%

Interim dividend per share

0.25p

0.25p

                                                           

*from continuing operations, before adjusting items.

 

Strategic & operational highlights

 

Improved financial & operational performance and financial position

 

•  Receipt of $5.2m (net of tax) pension scheme cash surplus improved financial flexibility

•  Operating margin improvement across both divisions

•  Disposal of non-profitable operations and assets of discontinued Gamet Bearings business further reducing UK bank debt

 

Investing for sustainable growth

 

•  Acquisition of Control Micro Systems Inc., enhances laser capabilities and performing well

•  Investment in high-caliber new people  

•  Continued new product development and improvement in customer offering across both divisions

•  New European Technology Centre fully operational

 

Positive outlook

 

•  Interim dividend of 0.25p per share reflecting the Board’s confidence.

 

 

Paul Dupee, Executive Chairman of the Group, commented:

 

“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”.

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