Yorkshire-based 600 Group to expand operations in the US
The group, which has published its results for year ended March 28 2020, said that challenging market conditions had been compounded by the significant disruption linked to the coronavirus pandemic.
Revenue from continuing operations increased by 3.1% to $67.2m. Group profit before tax and adjusting items was $1.1m, compared with $4.1m in the previous year.
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Hide AdThe group said it took decisive action to reduce costs and keep the workforce together so that it can react quickly as markets improve.
600 Group said that certain management functions will relocate to Orlando during the course of 2021 but the group will remain London listed.
Paul Dupee, executive chairman of the group, said: "The group made significant strides forward in the first half of the year, eliminating the group's UK final salary pension scheme, significantly de-risking the group's balance sheet, opening the new European Technology Centre and acquiring Control Micro Systems, a highly complementary business to the group's existing laser division, which brings ever more sophisticated, value-added and custom solutions in the use of industrial lasers.
"We have taken the decision to expand our growth in Orlando, Florida. Orlando leads the US in photonics technology and we see exciting opportunities in the region.
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Hide Ad" I would like to thank all our employees for their ongoing support, commitment and dedication to the group during these difficult times. Their adaptability has helped us to respond quickly and mitigate the impact.
"Despite the short-term end-market weaknesses and macroeconomic uncertainty, 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. We have taken decisive action to ensure that as market conditions improve, we can react quickly."