Partner Article

Outlook bright for West Yorkshire's 600 Group despite ProPhotonix board trouble

West Yorkshire machine manufacturer The 600 Group has reported that results for the second half of the year will be in line with expectations after the acquisition of shares in US firm ProPhotonix.

The Group acquired a 26.3% stake in the Delaware-based LED firm in August, however it has come to light that the US company has now attempted to block the purchase of further shares in the company without the approval of its board of directors.

600 said they were “disappointed” with the decision and are “actively engaging in constructive dialogue with the board and management of ProPhotonix with the intention of maximising shareholder value in both companies.”

At the Annual General Meeting to be held today chairman Paul Dupee will say: “Trading in the current year to date and the outlook for the second half of the year are in line with the Board’s expectations.

“Revenues are slightly ahead of the corresponding period last year, and order intake is up by approximately 6%. These figures include the adverse impact of foreign exchange translation, without which revenues and order intake would be approximately 5% higher still. The net effect of currency on Group operating profit is broadly neutral.

“Electrox, our laser marking division, continues to deliver above average growth and the Board is satisfied with progress in developing this business unit.

“There is growing need for the identification and traceability of products and components throughout the supply chain in many industry sectors, often resulting from more stringent regulatory requirements.

“We expect this to increase convergence of permanent marking, scanning and automation processes, and to generate strong demand for integrated solutions in this arena.

“Accordingly we continue to pursue opportunities to expand our business interests in laser marking and allied technologies.”

This was posted in Bdaily's Members' News section by Clare Burnett .