600 Group PLC (AIM:SIXH) – full year results show promise
The AIM listed distributor, designer and manufacturer of industrial products (machine tools and laser marking), which mysteriously saw its CEO resign a couple of months ago, has announced full year results for the year ended 28 March 2015 broadly in line with the house broker’s expectations. There are positive signs that this little business, with a blend of old and new offerings, is now hopefully back on track. It’s a worth a closer look given the seemingly modest valuation!
In February 2015 they acquired an 80% controlling stake in TYKMA Inc. a US based laser marking business run by David Grimes its Chief Operating Officer for an initial consideration of US$4.68m (£3.04m). TYKMA is a specialist designer, producer and distributor of laser marking systems which are used for traceability, branding and component identification. Electrox, the 600 Group’s laser marking company based in Letchworth has been entirely integrated into TYKMA and the combined business is already achieving significantly improved results. There are lots of other property related changes with the re-location of US businesses and agreed sale of the previous…