Machine tools and laser machines supplier 600 Group has improved its balance sheet by completing the buyout of its defined benefit pension scheme.
The company will receive surplus funds of £4.1m after tax, which is better than previous expectations. At 16.25p, a share, the market capitalisation is £18.4m.
Results for the year to March 2019 will be in line with expectations. WH Ireland forecasts a 2018-19 pre-tax profit of $3.6m. A one-fifth increase in dividend to 0.6p a share is anticipated.
The shares are trading on seven times prospective earnings.
Enquiry and quotation levels remain strong. A 2019-20 pre-tax profit of $3.6m is forecast with a dividend of 0.7p a share.
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