Diversified engineering group 600 Group PLC has reported that order intake during the period from 3 October 2010 to 1 February 2011 was 25% above the same period last year and the confirmed order book is 40% higher than last year.
The recovery in its machine tool (Colchester-Harrison, Clausing) and precision engineered component markets (Pratt Burnerd, Gamet Bearings, spares) in North America has continued, with sales into the European market developing more slowly, says an interim management statement.
The laser marking division (Electrox) is performing above expectations in its European and North American markets, the statement added.
The Group's mechanical and waste handling business in South Africa is benefiting from a contract for £1.2 million with the state power supply company to provide a number of insulated aerial platforms that will be completed by the end of the financial year.
The integration of the new facility in Poland, following its acquisition on 2 November 2010, is "proceeding in line with our plans and machine output of group product for the European market is increasing". The business has also seen an increase in orders for both the German and Polish markets.
Paul Dupee and Derek Zissman have joined the 600 Group board as non-executive directors; at the same time, Christopher Cundy, currently a non-Executive director, is standing down.
Mr Dupee, an American national, is an experienced private equity investor and currently managing partner of Haddeo Partners LLP, a substantial shareholder in 600 Group. 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.
Mr Zissman, a chartered accountant, was until 2008 vice chairman of KPMG LLP, where, during a 37- year career, he worked in Birmingham, London and New York. He currently chairs the advisory board of private equity investment house Alchemy Partners LLP, is a non-executive director of Seymour Pierce Ltd, and is a member of the Barclays Wealth Advisory Committee.
Martin Temple, chairman of the 600 Group, commented: "'I am delighted to welcome Paul and Derek to the board. Both bring a wealth of relevant experience as we push forward in developing the scale of the business, and I am confident they will make a valuable contribution in shaping and implementing the Group's future strategy.
I would also like to express the Board's thanks to Chris for his valuable contribution and we wish him well for the future."
