However, profit before tax and adjusting items was $1.1m, in line with the previous year with the management responding to the pandemic.
600 Group said it took decisive action to reduce costs and utilised government-backed schemes where possible.
This resulted in a leaner and more efficient organisation which retained its highly skilled workforce and technical competencies, allowing it to react quickly as trading conditions improved, the firm added.
Paul Dupee, executive chairman of 600, 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. The board is excited about the possibilities that lie ahead.”
The Elland-based firm says it has a strong pipeline of opportunities across all divisions and a growing group order book with the business positioned to take advantage of its operational gearing as volumes continue to increase. It sees a particular strength in the pipeline for the group’s higher-margin, growth market Industrial Laser Division.
The current group order book is $22m against $11m at the same time last year.
“We are excited about the possibilities that lie ahead and what this means for both our company and our valued investors,” Mr Dupee said.
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