600 Group PLC Directorate Change and Update on Trading (7661L)
April 30 2015 - 1:00AM
UK Regulatory
TIDMSIXH
RNS Number : 7661L
600 Group PLC
30 April 2015
The 600 Group PLC
Resignation of CEO and Update on Trading
The 600 Group PLC ("600" or "the Company"), the machine tools
and laser marking company announces that Nigel Rogers has resigned
as Chief Executive Officer. The Board would like to thank Nigel for
his dedication, leadership and contribution to the Company over the
last three years. Paul Dupee, currently Non - Executive Chairman,
will become Executive Chairman with immediate effect.
Nigel Rogers became Chief Executive Officer of the Company in
March 2012 and successfully carried out the disposal of the
Company's operations in Poland and South Africa and later, the sale
of surplus property assets in the UK. Under his direction a very
capable senior executive team has been put in place to manage the
machine tools, precision engineering components and laser marking
businesses in the UK and the USA where an ever-greater proportion
of the Company's activities are now taking place. This team will
now report to Paul Dupee.
Update on Trading
The Board is pleased to give the following update on trading for
the period ended 28 March 2015. A fuller account will be given on
the publication of the preliminary results expected to be released
at the end of June 2015.
Group revenues are expected to be approximately 5% ahead of
prior year, or 3% on a like-for-like basis excluding the effect of
the acquisition of TYKMA Inc. in February 2015.
The process of integration of TYKMA Inc., and Electrox Laser is
progressing very well. All US sales and customer support activities
are now managed under a unified structure from 1 April 2015, and
plans for future product strategy are largely determined.
Total group profit before taxation (including the effects of
pension credits, pension credit interest, amortisation and the
costs attributable to the acquisition and associated fund raising)
is expected to be over GBP3m (2014: GBP2.48m). We expect underlying
Group trading results (excluding these items) for the year ended 28
March 2015 to be in line with the board's expectations.
Commenting today, Paul Dupee, Executive Chairman of the 600
Group said:
" The Board thanks Nigel for leading the Company over last few
years and his work in overcoming some of the legacy issues and
re-directing the trading activities to achieve greater efficiencies
and focus.
We now have a good position from which to expand into the areas
where we can accelerate growth organically and by acquisition,
particularly in the USA and I'm looking forward to working with the
team to make this happen."
More information on the Group can be viewed at:
www.600group.com
Enquiries:
------------------------------ ---------------------
The 600 Group PLC Tel: 01924 415000
------------------------------ ---------------------
Paul, Dupee, Executive
Chairman
------------------------------ ---------------------
Neil Carrick, Finance
Director
------------------------------ ---------------------
Spark Advisory Partners Tel: 020 3368 3553
Limited (NOMAD)
------------------------------ ---------------------
Sean Wyndham-Quin /
Miriam Greenwood
------------------------------ ---------------------
Cadogan PR Limited (Financial Tel: 020 7499 5002 /
PR) 07771 713608
------------------------------ ---------------------
Alex Walters
------------------------------ ---------------------
FinnCap (Broker) Tel: 020 7600 1658
------------------------------ ---------------------
Tony Quirke/Mia Gardiner
(Sales/Broking)
------------------------------ ---------------------
About Paul Dupee, Executive Chairman of The 600 Group PLC
Paul Dupee, an American national, is an experienced private
equity investor and currently managing partner of Haddeo Partners
LLP, a substantial shareholder in the Company. He has significant
experience in investing in companies and implementing growth
strategies leading to value creation. His previous investments
include Lynton Aviation where he was Director and Chairman, TV and
radio company Boston Celtic Communications and Boston Celtic
Limited Partnership, the Boston Celtic basketball franchise. He was
also President and Director of Providence Capitol International
Investment Ltd, a subsidiary of Gulf + Western Industries.
This information is provided by RNS
The company news service from the London Stock Exchange
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