600 Group PLC Trading Update (4062A)

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RNS Number : 4062A

600 Group PLC

24 May 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014, AS AMENDED (AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).

24 May 2023

The 600 Group PLC

("600 Group", the "Group" of or the "Company")

Trading Update

600 Group plc, the industrial laser systems manufacturer (AIM: SIXH), announces a trading update for the financial year ended 31 March 2023 ("FY23").

Unaudited FY23 revenue is expected to be approximately US$30 million, with gross profits of not less than approximately US$11.5 million and an FY23 operating loss of approximately US$2.4 million. The operating loss for the year has been driven predominantly by the delivery of several unprofitable ordinary course customer contracts within the Group's business which have resulted in lower gross margins than had been originally anticipated due to the impact of input cost inflation which had not been anticipated on entry of the contracts earlier in the year.

As at 31 March 2023 the Group had an order book of US$7.8 million and unaudited net debt of US$5.9 million, the latter reflecting a movement to greater working capital requirements at the Group's Tykma business where that business has been engaged in the production and delivery of higher value units during the period. As at 31 March 2023, the Group's tangible net assets (net assets less goodwill) are expected to be not less than US$11 million.

Enquiries:

 
The 600 Group PLC                                     Tel: [phone] 
 Paul Dupee, Executive Chairman 
Instinctif Partners                                   Tel: [phone] 
 Tim McCall 
Cenkos Securities plc (Nominated Adviser and Broker)  Tel: [phone] 
 Ben Jeynes / Max Gould (Corporate Finance) 
 Alex Pollen / Henry Nicol (Sales) 
 

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May 24, 2023 02:00 ET (06:00 GMT)