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600 Group swings to interim loss on Covid disruption
15th Dec 2020 08:04
(Sharecast News) - The 600 Group has swung to a loss after the Covid-19 pandemic caused "significant" disruption", including closing factories.
Revenues in the six months to 30 September fell 29% to $25.4m, while underlying operating profits collapsed to $200,000 from $2.5m a year previously.
The Aim-listed firm said the pandemic had caused "significant disruption", and it had traded at a loss in May and June as all facilities were affected by local and national shutdowns. The UK factory operation also closed completely during May.
After taking account of interest on bank borrowings, loan notes and lease liabilities, the underlying pre-tax loss was $1.2m, against a last year's profit of $1.5m. The basic loss per share was 0.74p, compared to earnings per share of 0.72p in 2019.
Paul Dupee, executive chairman, said: "The reporting period has been heavily impacted by the Covid-19 pandemic. However, the group responded quickly to the challenges, reducing costs and keeping our core competencies together.
"While short-term macro-economic uncertainty remains, I am confident that we will come out of this crisis a stronger and leaner business."
As at 1115 GMT, shares in The 600 Group were off 7% at 9.5p.
The 600 Group specialists in the manufacture and distribution of machine tools, precision engineered components and industrial laser systems, and has sites in Europe, North America and Australia.
Revenues in the six months to 30 September fell 29% to $25.4m, while underlying operating profits collapsed to $200,000 from $2.5m a year previously.
The Aim-listed firm said the pandemic had caused "significant disruption", and it had traded at a loss in May and June as all facilities were affected by local and national shutdowns. The UK factory operation also closed completely during May.
After taking account of interest on bank borrowings, loan notes and lease liabilities, the underlying pre-tax loss was $1.2m, against a last year's profit of $1.5m. The basic loss per share was 0.74p, compared to earnings per share of 0.72p in 2019.
Paul Dupee, executive chairman, said: "The reporting period has been heavily impacted by the Covid-19 pandemic. However, the group responded quickly to the challenges, reducing costs and keeping our core competencies together.
"While short-term macro-economic uncertainty remains, I am confident that we will come out of this crisis a stronger and leaner business."
As at 1115 GMT, shares in The 600 Group were off 7% at 9.5p.
The 600 Group specialists in the manufacture and distribution of machine tools, precision engineered components and industrial laser systems, and has sites in Europe, North America and Australia.