Machine tools and laser machines supplier 600 Group (SIX) has sold its stake in diode and LED systems supplier ProPhotonix Ltd for a profit of £1m.
In August 2014, the 26.3% stake was acquired in return for the issue of 4.925 million 600 Group shares. The disposal will generate £1.5m. Net debt was £13.7m on 1 April 2017.
Underlying pre-tax profit improved from £1.54m to £2.24m on revenues that grew from £45.3m to £47m. The improvement in profit came from the industrial lasers where underlying operating profit jumped from £1.18m to £1.99m.
Miton, Herald, Hargreave Hale and Gresham House Strategic have all taken stakes in ProPhotonix Ltd of around 5.5%.
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