600 Group looks for growth with fundraising

MACHINE tool maker 600 Group today reported that it was well placed to benefit from economic recovery, despite suffering a fall in full year revenue.

In the 53 week period ended April 3 2010, the 600 Group recorded revenue of 45.4m, down from 76.2m the year before.

Overall loss before tax from continuing operations was 8.7m. The loss in the same period last year was 8m.

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In a statement to accompany the results, the company, which is based in Heckmondwike, West Yorkshire, said it was well-positioned to capitalise on recovery in its markets.

A proposed shareholder loan of 2.5m will support further development of the group, the statement added.

David Norman, the chief executive of 600 Group, said: "I am pleased to report that the turnaround of the group is almost complete. The improvement in orders we experienced in the second half has been sustained post year end and we expect this to continue.

"With the proposed funding in place, the group will develop its manufacturing footprint to increase capacity and, therefore, improve its ability to supply. This, combined with the predicted upturn in the machine tools market, leaves us well placed to deliver a significant improvement in performance."

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