For the 26 weeks ending 29 September 2012, UK-headquartered The 600 Group plc has announced revenues increased by 9.5% to £19.91 million and net profit before taxation from continuing operations as £1.34 million, a six-fold increase on last year's comparable figure.
The 600 Group manufactures metalcutting machine tools (Colchester-Harrison), workholding products (Pratt Burnard, Crawford), bearings (Gamet) and laser marking machines (Electrox), as well as factoring other products through its US operation (Clausing).
Commenting, Paul Dupee, chairman, said: "I am pleased to report satisfactory progress during the first half of the financial year, in which the new management team has implemented considerable structural changes to group activities. We aim to develop our key strengths in metal turning machine tools and precision engineered components, and laser marking equipment. In each of these activities, our businesses have strong products and brands, significant market share, diverse geographical spread, robust manufacturing and supply chains, and reliable distribution partners.
Current trading since the period end is encouraging, with good revenue growth reflecting the improved supply chain and working capital position, and cost savings starting to take effect. Whilst these positive signs are no cause for complacency, the board is confident that an improved second half performance is to be expected, and further progress can be made in coming months."
The chairman added that: "Delivery lead times in Europe are now much improved, restoring the confidence of our end user customers and distribution partners. The business is now beginning to realise the benefits of a settled supply chain, including shortened working capital cycle, cost reduction opportunities and normalised trading terms."
He said also that attention is focused on increased throughput in the production of workholding equipment, bearings and other precision engineered components, where reduced lead times will also provide opportunities for revenue growth in future
In addition, regarding Electrox, a major project to upgrade the proprietary software control system across the full product range is underway, with this expected to be available for launch in the next financial year, and able to "provide substantial new opportunities".
