600 Group profits up; product development and acquisitions to boost growth further
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UK-headquartered diversified engineering group 600 Group, which takes in Colchester, Harrison, Pratt Burnerd, Gamet and Electrox brands, has revealed its full year results to be £41.71 million and profit before tax of £1.97 million for the year ending 29 March.
The figures compare to £41.79 million revenue and £0.51 million profit before tax for the previous financial year for the company that has its manufacturing operations centred in Heckmondwike, West Yorkshire.
Some 80% of revenues are derived from overseas, with North America taking the largest chunk at 54%. Europe, excluding the UK, accounts for 15%, although European revenues increased by 21.4% as product availability, lead times and customer service all returned to normalised levels.
Commenting on the figures and company performance, Paul Dupee, chairman, said: "The further strengthening of our market position and product offering in each of our key business segments has delivered much improved underlying earnings. Order intake has demonstrated increased momentum with quarter on quarter growth throughout the year, and current order intake is ahead of the corresponding period last year." Indeed, order intake the financial year was 13.7% ahead of the previous year.
Overall, he said: "The board considers the prospects for further organic growth to be positive, whilst also evaluating opportunities to accelerate the development of group activities through carefully selected acquisitions." On this subject, chief executive Nigel Rogers has revealed that targets here are in the laser marking field (Electrox brand).
On the contrary subject of being acquired, Dupee added that discussions that commenced last September about an offer for the company or its assets made by China's Qingdao D&D Investment Group Co Ltd had ultimately led nowhere and that discussions were terminated in February.
On product development, the company reported that programmes were completed on the new EL range of Colchester Tornado CNC machines and also the Pratt Burnerd Gripfast chuck, with both of these products manufactured at Heckmondwike. And the latest range of EMS laser marking workstations was launched September 2013, with further new products promised for this financial year. Electrox has its base in Hertfordshire.
In North America, where the company sells though its Clausing operation, a range of drill products has been introduced that have been sourced locally, "and have met with significant success". There are further development plans anticipated in the current financial year, including the updating of the conventional range of centre lathes, along with saws and mills sourced in North America.
