Engineer 600 Group sees pick-up in activity

Paul Dupee, chairman of the Heckmondwike-based group, which held its AGM yesterday, said that after a slow first quarter of the financial year, there had been signs of increased activity in North America and the UK home market. “There are early indications of renewed business confidence in Europe, and a more settled outlook in Australia since the recent election,” he added.

The group, which makes and distributes machine tools, said earlier this month that it had received an approach from Qingdao D&D Investment Group Co, which may or may not lead to a cash offer being made for the company. Under City rules, D&D has until 5pm on October 9 to announce a firm intention to make an offer or walk away.

The 600 Group’s annual report, published yesterday, shows that Mr Dupee increased his shareholding to 22.7m from 16.1m in the year ending March 2013. The report said his interest arises from his position as managing partner of Haddeo Partners LLP, which owns these shares. Mr Dupee holds a 44.5 per cent stake in the investment firm.

In yesterday’s trading update, he said: “We now have a simplified business structure, with an additional focus on operational improvements and financial metrics. Significant new product launches at a major trade show last week were well received.”