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600 Group sells property, comments on Brexit

04 July 2016 07:17

The 600 Group has said while it is very early to speculate on the potential impact of Brexit, it noted a number of factors that it believes reduce the risks for the company.

It said 60% of the group's activity was currently conducted in the USA and these businesses were the main profit drivers of the group.

"Furthermore, the dollar income we receive gives us a natural hedge against the majority of our purchases which are in dollars," said executive chairman Paul Dupee in a statement.

"In the last year only 13% of Group sales were to EU countries and we are firmly focused on developing new markets outside of this area particularly in South East Asia.

"Over 15% of our total Group revenues are derived from the supply of spares parts and services and this is not dependent on achieving new sales but simply servicing our existing client base and lastly, the growth of our global industrial laser systems business is largely driven by legislative changes and the requirement for traceability both of which are increasing worldwide irrespective of the situation in the UK."

Meantime, The 600 Group confirmed the cash sale of its Letchworth Garden City long leasehold property for its book value of £2.0m net of selling expenses.

The net proceeds after costs will be applied in reduction of the UK senior bank facility.

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Related Company: SIXH

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