600 Group (AIM:SIXH) cheeky late AGM statement from the stock market old boy
The mid-morning AGM statement confirmed trading in line with expectations and ahead of last year (underlying operating profit £2.01m). The lowly valuation suggests there could be material upside with this business investors may just have to be very patient!
Expectations for the year ending March 2016 are currently for pre-tax profit of £2.95m and eps of 2.6p. The Group’s North American machine tools business has performed well during the period since March 2015 but unfortunately the European business has seen a slowdown in recent months. The newer laser marking business has continued to trade well ahead of the prior year benefitting from the combination of the TYKMA acquisition with the legacy Electrox business. There was the usual cautious outlook statement with progress anticipated in the machine tool division and benefits coming through from the combination of the two laser…