600 Group secures £1.2m CLBILS loan from HSBC

Industrial engineering company 600 Group has secured a £1.2m loan from HSBC under the government's Coronavirus Large Business Interruption Loan Scheme to help provide the firm with headroom as it attempts to navigate the Covid-19 pandemic.

600 Group said on Friday that Covid-19 had impacted the company across all operating regions but stated that while there continued to be reduced activity, order backlog levels had returned to "acceptable levels", given the circumstances, and was now down 15% year-on-year.

The AIM-listed group said all sites were now operational.

In addition to the CLBIL loan, 600 Group said it had taken advantage of a loan under the USA Government Paycheck Protection Program.

600 Group also noted that due to difficulties caused by the pandemic, "more time" would be required for it to publish its annual accounts, with its full-year report now expected no later than 31 December.

Chairman Paul Dupee said: "These are unprecedented times. We have taken decisive action to ensure our workforce and technical competencies remain intact through this period of uncertainty so that the group can react quickly as markets improve."

As of 0935 BST, 600 Group shares were up 1.25% at 8.10p.