The 600 Group sells property, comments on Brexit exposure

The 600 Group has sold a property for £2.0m, and advised shareholders of several factors that it says reduce the risks associated with post-Brexit trading.

The group said 60% of its activity was conducted in the USA and these businesses were the main profit drivers.

"Furthermore, the dollar income we receive gives us a natural hedge against the majority of our purchases which are in dollars," the 600 Group said.

"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."

The 600 Group added that 15% of its total group revenues were derived from the supply of spares parts and services.

"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."

The group added that net proceeds from the £2.0m cash sale of the Letchworth Garden City long leasehold property would be applied to reducing its UK senior bank facility.