The 600 Group PLC – Results for the year ended 31st, March 2021

Hamilton, Bermuda – 11^th, October 2021 – In a filing with the Bermuda Stock Exchange (“BSX”), The 600 Group Plc (the "Company”), have announced results for the year ended 31^st, March 2021. The filing stated:

The 600 Group plc

A leaner and more efficient business well placed for the future

Results for the year ended 31 March 2021

The 600 Group PLC ("the Group"), the diversified industrial engineering company (AIM: SIXH), today announces its results for year ended 31 March 2021.

Financial highlights

• Revenue from continuing operations down by 20% at $53.6m (2020: $67.2m) due to the impact of COVID-19 on trading.
• Group profit before tax and adjusting items of $1.1m (2020: $1.1m), in-line with previous year due to management’s swift response to the COVID-19 pandemic.
• Profit before tax after adjusting items of $0.09m (2020: loss $0.63m).
• Group net debt as at 31 March 2021 (excluding IFRS16 lease liabilities) $12.7m (28 March 2020: $14.2m).
• Current Group order book $22m against $11m at the same time last year.

Strategic & operational highlights

• Impact of COVID-19 minimized through management’s swift response: 
• Decisive action taken to reduce costs and utilize government backed schemes where possible.
• The result is a leaner and more efficient organization which retained its highly skilled workforce and technical competencies, allowing it to react quickly as trading conditions improved.

• Net debt reduced and the successful restructuring of the Group’s loan notes provides further financial flexibility.

 $2.2m of 31 March 2021 Group net debt will be eligible for forgiveness from September 2021 as a US Paycheck Protection Program (“PPP”) loan.

• Strong pipeline of opportunities across all divisions and a growing Group order book with the Group positioned to take advantage of its operational gearing as volumes continue to increase.
• Particular strength in the pipeline for the Group’s higher margin, growth market Industrial Laser Division is very encouraging – with CMS taking a number of large new orders including the largest in its history.

• Additional Board appointments and management changes, as separately announced.

Paul Dupee, Executive Chairman of the Group, commented:

“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 minimize 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.”

Enquiries:

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or info@bsx.com . Information is also available at bsx.com and on Bloomberg at BSX.

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