REG - 600 Group PLC - Trading Update & Second Round PPP Loan Forgiveness

600Announcement

12/11/2021 07:05

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RNS Number : 1569S  600 Group PLC  12 November 2021

 

Prior to publication, the information contained within this announcement was
deemed by the Group to constitute inside information. With the publication of
this announcement, this information is now considered to be in the public
domain.

 

12 November 2021

 

The 600 Group PLC

 

Trading Update and Second Round PPP Loan Forgiveness

 

The 600 Group PLC (the "Group"), the diversified industrial engineering
company (AIM: SIXH), announces that its three USA operations have all been
granted forgiveness of their second round loans under the USA Government
Paycheck Protection Program ("PPP") which in total amounts to $2.2 million.
The Company also provides an update in relation to current trading and
orderbook levels.

 

The now forgiven second round PPP loan amounts are expected to be included in
other income in the Group's Consolidated Income Statement for the year ending
31 March 2022. Unaudited Group net debt (excluding IFRS16 leases) following
the forgiveness of the second round PPP loans is currently $14 million.

 

Current Trading

 

Trading in the current year continues in line with the Board's expectations
and order intake has continued to improve during the current financial year.
The forward orderbook currently stands at $23m as at 9 November 2021, a
significant increase when compared to the same date one year earlier (9
November 2021: $11m) and above pre-pandemic levels.

 

Paul Dupee commented:

 

"The now forgiven PPP loans helped the Group's US operating businesses
maintain employment and skills throughout the pandemic at a level which has
enabled the Group to react immediately to the significant increase in activity
we are experiencing. With a healthy orderbook and a strong pipeline of
opportunities across the business the Board continues to believe in the
long-term fundamentals of the Group."

 

 

Enquiries:

 

 The 600 Group PLC

 Paul Dupee, Executive Chairman                        Tel: +1-407-818-1123 / 01924 415000

 Neil Carrick, Company Secretary

 Instinctif Partners                                   Tel: 0207 457 2020

 Tim McCall

 Cenkos Securities plc (Nominated Adviser and Broker)  Tel: 020 7397 8900

 Ben Jeynes / Max Gould (Corporate Finance)

 Alex Pollen / Henry Nicol (Sales)

 

About The 600 Group PLC

The 600 Group PLC is a distributor, designer and manufacturer of industrial
products with three principle areas of activities:

Machine Tools

The business has a strong reputation in the market for metal turning machines.
Products range from small conventional machines for education markets, CNC
workshop machines and CNC production machines. Selected outsourcing partners
support the manufacturing of these machines and they are marketed through the
Group's wholly owned international sales organisation and a global
distribution network.

Precision Engineered Components

Machine spares are distributed to customers globally to help maintain the
installed base of group machines which number in excess of 100,000.
Additionally, work holding products are sold via specialist distributors to
OEMs, including other machine builders.

Industrial Laser Systems

Industrial laser systems cover laser marking and processing including cutting,
drilling, ablation and a host of other niche applications in the marking and
micro machining sectors. They require no consumables and can operate on a
continuous high speed basis and can be integrated into customers' production
lines. The businesses have their own technology and proprietary software.
Customer applications are diverse and range from aerospace to medical and
pharmaceuticals. The requirement for increased product and component
traceability is one of the market drivers.

More information on the Group can be viewed at: www.600group.com
(http://www.600group.com/)

 

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