600 Group PLC AGM Statement and Update on Trading (8585R)
17 September 2014 - 4:01PM
UK Regulatory
TIDMSIXH
RNS Number : 8585R
600 Group PLC
17 September 2014
The 600 Group Plc
AGM Statement and Update on Trading
At the Annual General Meeting to be held today Paul Dupee,
Chairman, will make the following statement:
"Trading in the current year to date and the outlook for the
second half of the year are in line with the Board's expectations.
Revenues are slightly ahead of the corresponding period last year,
and order intake is up by approximately 6%. These figures include
the adverse impact of foreign exchange translation, without which
revenues and order intake would be approximately 5% higher still.
The net effect of currency on Group operating profit is broadly
neutral.
Electrox, our laser marking division, continues to deliver above
average growth and the Board is satisfied with progress in
developing this business unit.
In August 2014, the company acquired 26.3% of the issued share
capital of ProPhotonix Limited ("ProPhotonix"), a manufacturer and
distributor of LED and laser diode arrays for industrial, medical
and security applications. ProPhotonix is an AIM listed company
registered in Delaware, USA and accordingly is not subject to the
Takeover Code. Shareholders may be aware that ProPhotonix has
subsequently announced the adoption of a rights agreement designed
to discourage the purchase of further shares in the company without
the approval of its board of directors.
Whilst we are disappointed with such action, we are actively
engaging in constructive dialogue with the board and management of
ProPhotonix with the intention of maximising shareholder value in
both companies. Meanwhile, we consider that the acquisition of a
substantial minority shareholding in Prophotonix, by an exchange of
shares with major UK based institutional shareholders, offers
potential value to our shareholders in the medium term.
There is growing need for the identification and traceability of
products and components throughout the supply chain in many
industry sectors, often resulting from more stringent regulatory
requirements. We expect this to increase convergence of permanent
marking, scanning and automation processes, and to generate strong
demand for integrated solutions in this arena. Accordingly we
continue to pursue opportunities to expand our business interests
in laser marking and allied technologies.
Enquiries:
The 600 Group PLC 01924 415 000
-------------------------------- ---------------------------
Nigel Rogers, Chief Executive
-------------------------------- ---------------------------
Neil Carrick, Finance Director
-------------------------------- ---------------------------
Cadogan PR Limited 0207 4995002 / 07771713608
-------------------------------- ---------------------------
Alex Walters
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FinnCap 020 7220 0500
-------------------------------- ---------------------------
Julian Blunt / Ben Thompson
(corporate finance)
-------------------------------- ---------------------------
Tony Quirke / Victoria
Bates (sales & broking)
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Spark Advisory Partners 020 3368 3553
-------------------------------- ---------------------------
Miriam Greenwood/ Sean
Wyndham-Quin
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This information is provided by RNS
The company news service from the London Stock Exchange
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