600 Group trading in line despite global uncertainties
Industrial engineering firm 600 Group has continued to trade in line with expectations throughout the first half despite the majority of its markets remaining subject to current economic and political uncertainties.
600 Group said on Wednesday that Control Micro Systems, acquired towards the end of June, had integrated well with its existing laser activities as marketing functions were "significantly enhanced" through combination with the company's established sales and marketing platform.
"The acquisition of CMS is highly complementary to the group's existing laser business, adding significant engineering expertise as well as providing industry-leading positions in a range of high-growth sectors," it said.
Notwithstanding the uncertainty impacting customer sentiment across its markets, the AIM-listed group said work undertaken to eliminate its group UK pension scheme was completed in May, resulting in the return of a $5.2m surplus to the firm and the elimination of $270m-worth of liabilities.
600 Group also used the period to restructure operations in the UK, significantly de-risking the group, reducing capital expenditure requirements and improving its financial strength.
As of 0900 BST, 600 Group shares were up 2.11% at 18.12p.