Machine tools manufacturer 600 Group says that revenues are currently slightly higher than at the same time last year helped by good growth from the laser marking business.
Order intake is 6% ahead even though currency movements have hampered this growth. A small improvement in full year profit from £2m to £2.1m is expected for this year.
Discussions continue with Aim-quoted ProPhotonix, where 600 Group has a 26.3% stake, although the LED systems and laser diode modules manufacturer has set up a rights plan where existing shareholders have been issued with the right to buy additional shares if 600 Group increases its stake or another shareholder takes a 20% stake. This is a way of protecting the company from being taken over and because the company is incorporated in Delaware it can do this.
At 20.25p a share, 600 Group is valued at £18.1m. The shares are trading on less than ten times 2014-15 prospective earnings.
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