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Second round of US Covid loans forgiven at 600 Group
12th Nov 2021 15:40
(Sharecast News) - Diversified industrial engineering company the 600 Group announced on Friday that its three United States operations have all been granted forgiveness of their second round loans under the US Government Paycheck Protection Program (PPP), which in total amounted to $2.2m.
The AIM-traded firm said the now-forgiven loan amounts were expected to be included in other income in its consolidated income statement for the year ending 31 March.
Unaudited group net debt, excluding IFRS 16 leases, following the forgiveness of the second round PPP loans, currently stood at $14m.
The 600 Group said trading in the current year was in line with its expectations, with order intake continuing to improve during the current financial year.
It said the forward order book currently stood at $23m as at 9 November, which it described as a "significant increase" when compared to the same time a year ago, at $11m, and was also above pre-pandemic levels.
"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," said executive chairman Paul Dupee .
"With a healthy order book and a strong pipeline of opportunities across the business, the board continues to believe in the long-term fundamentals of the group."
At 1519 GMT, shares in the 600 Group were up 15.38% at 15p.
The AIM-traded firm said the now-forgiven loan amounts were expected to be included in other income in its consolidated income statement for the year ending 31 March.
Unaudited group net debt, excluding IFRS 16 leases, following the forgiveness of the second round PPP loans, currently stood at $14m.
The 600 Group said trading in the current year was in line with its expectations, with order intake continuing to improve during the current financial year.
It said the forward order book currently stood at $23m as at 9 November, which it described as a "significant increase" when compared to the same time a year ago, at $11m, and was also above pre-pandemic levels.
"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," said executive chairman Paul Dupee .
"With a healthy order book and a strong pipeline of opportunities across the business, the board continues to believe in the long-term fundamentals of the group."
At 1519 GMT, shares in the 600 Group were up 15.38% at 15p.