600 Group H1 profits up as UK market recovers
Machine tools and laser marking company 600 Group saw its profits for the first half of the year rise despite a "patchy" European market.
600 Group
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17:30 25/03/24
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The group's revenue increased 0.5% to £21.05m while profit before tax rose to £3.16m from £0.9m.
It said the market conditions in Europe are inconsistent and the UK market is showing signs of leveling off after a "particularly buoyant" period.
Earnings per share rose to 2.49p from 0.95p.
However, cash and equivalents decreased slightly to £1.22m from £1.25m.
Chairman Paul Dupee said the company is "facing sluggish overall market demand" but showed resilience in its profit margins.
"The board is optimistic that continued investment in product development, facilities and people offers the opportunity for stronger organic growth than the market average, based on further increases in market share.
"Meanwhile, we continue to explore acquisition opportunities and anticipate progress from this activity in the second half of the year."
FinnCap analysts said the results were in line with expectations "with broadly little change versus last year given the continuing sluggish level of market demand".
The broker gave a 'corporate' recommendation and a 27p target price.
Shares were down 3.7% to 16.25p at 15:52 on Wednesday.