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600 Group posts full year loss
MACHINE tool firm the 600 Group predicted that it would soon be well-placed to take advantage of the first signs of economic upturn, despite suffering a full-year loss.
In the year to March 28, the Heckmondwike-based firm closed 12 sites and cut 210 jobs, which helped it to save 10m as it struggled with the economic slump.
Full year revenue was 76.2m, compared to 77.4m the year before.
The reported loss for the period was 8.9m, down from a profit of 200,000 last year.
The company said its strategic review had been completed in January 2009; and the first phase of the turnaround strategy had been implemented ahead of schedule.
The second phase of the strategy has started with an estimated one-off cost of 2.5m and annualised savings of 5m.
David Norman, the chief executive of 600 Group, said: "This has been an exceptional year for the group, not only in the light of the extremely difficult trading conditions and the major upheaval of our own restructuring process but, most importantly, our progress in creating a stronger 600 group, better equipped not only to deal with current market conditions but also to deliver growth in the future.
"There is still a great deal of work to do but I believe that the group will soon be in a position to take advantage of any recovery as well as opportunities which may arise from the global downturn."
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Wednesday 23 May 2012
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