600 cheers investors by saying sterling’s strength will not damage annual profits

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Machine tool maker 600 Group said revenues are ahead in its second half and order intake is up six per cent.

The Leeds-based group 
said order intake would 
have been five per cent higher 
if not for the adverse impact 
of foreign exchange 
translation.

Chairman Paul Dupee told shareholders at the annual general meeting that 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.

600 said that Electrox, its laser marking division, delivered above average growth and the board is satisfied with progress in developing this business unit.

Analyst David Buxton at FinnCap said: “It is encouraging that recent negative currency moves have had little effect on profitability, while progress at Electrox has been good.

“The shares have underperformed by 12 per cent over the summer. At this level we see good value in the shares and an attractive base for outperformance to reverse recent weakness.”

Following its acquisition of a 26 per cent stake in ProPhotonix, a manufacturer and distributor of LED and laser diode arrays, last month, 600 said it was disappointed that ProPhotonix has announced the adoption of a rights agreement designed to discourage the purchase of further shares without the approval of its board of directors.

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