600 Group – in line results give a 20%+ boost to share price
The machine tools and laser marking company announced interim results that really brought out the buyers - loads more to go for here...or not!
Revenues rose 9.5% to £19.91m and there was a small net profit of £0.19m which in itself was encouraging compared with the comparable period loss of £6.46m. The reduction in net debt to £6.89m (31 March 2012: £7.99m) probably encouraged more than anything else; net gearing was 60%. The outlook statement was also encouraging with good revenue growth reflecting the improved supply chain and working capital position, and cost savings starting to take effect. Tangible net asset value at period end was £10.4m which compares with the current market cap of £7.9m, The balance sheet reveals Employee benefits non current…