The 600 Group PLC
Interim Management Statement and Restructuring Update
The 600 Group PLC (“600 Group” or the “Group”), the manufacturer and distributor of precision engineering products to international markets, today announces its Interim Management Statement for the period from 29 March 2009 to 13 August 2009 (the “Period”) and an update on its restructuring programme.
As highlighted in the preliminary results announcement on 23 June 2009, the Group has been facing major challenges in its markets that have impacted sales revenue. Whilst these challenging conditions continue, Group revenues, after adjustment for currency movements, stabilised during the Period at around the same level as revenues for the final quarter of the previous financial year.
It is pleasing to note that overall gross margins improved during the Period, as action taken under the management team’s turnaround strategy began to deliver benefits.
As previously notified, the first phase of the turnaround strategy was implemented ahead of schedule and estimated annualised cost-savings of £10 million are now being realised. The second phase of the turnaround strategy is proceeding to plan and the board anticipates that all major actions will be completed by the half year end.
Overall, 600 Group is performing in line with management expectations under the Group’s well advanced turnaround strategy.
Enquiries:
The 600 Group Plc
David Norman, Group Chief Executive
Martyn Wakeman, Group Finance Director
Tel: +44 (0) 1924 415000
Rawlings Financial PR Limited
Catriona Valentine
Keeley Clarke
Tel: +44 (0) 1653 618016
