Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

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600 Group PLC (SIXH)

  Print      Mail a friend       Annual reports

Friday 25 September, 2009

600 Group PLC

AGM Statement 2009

RNS Number : 6825Z
600 Group PLC
25 September 2009
 




AGM Statement 2009 


At the Annual General Meeting of The 600 Group PLC (the "Group") held today at 11.30am, Chairman, Martin Temple, made the following statement: 


"The first phase of our turnaround strategy was successfully concluded in May 2009. We have now completed the second phase, other than the integration of our German operations, into one central site which is due to be completed by the end of October. I am pleased to report that these timely actions, which were taken early in the current economic cycle, have achieved estimated annualised cost savings of £12m. 


The Group has been facing major challenges in all its markets over the past 10 months. Since the year end, the trend seen in the final quarter of the previous financial year has continued into the first half and underlying sales for the first five months of the year are 38% lower than those for the comparable period last year. In recent weeks, however, there have been some positive signs of increased activity within our core machine tool and laser marking businesses and, as a result, we are anticipating an improvement in order intake during the second half of the year.


The Group is now principally focused on its own brands and we have retained a significant sales and engineering structure to maximise opportunities for our core products. In line with this strategy, we have discontinued our involvement with high specification factored machines and systems for a number of reasons; in particular, weak demand, historically low margins, high overheads and the working capital requirement associated with this business.  


Overall, operating margins in the current financial year to date have continued to improve, despite the difficult market conditions, as the benefits of our turnaround actions are being realised. Net borrowings increased during the year to date, as anticipated, mainly due to the costs associated with the implementation of the turnaround programme. As a result of the improvements achieved in our supply chain, we have reduced our stock levels globally and working capital improvements continue to be an ongoing focus for our executive team.  


The Group has banking relationships in all the countries where it has an operating presence.  The banks have been regularly updated regarding the progress of the Group, during the course of the turnaround process, and facilities totalling £6m are currently in place.  This compares with facilities of £5m at the time of the 2008 AGM.  This was achieved through an increase in the UK facility by £1m for a period of six months to support the final stages of the restructuring in the UK.


As noted in our Annual Report, The 600 Group Pension Fund (the "Pension Fund") is significant in size and, as such, its funding could have a significant financial impact on the Group. We are working closely with the Trustee to continue to limit the Group's exposure to the Pension Fund and have undertaken an exercise to evaluate the option of purchasing annuities for certain members of the Pension Fund to reduce the impact of assumptions regarding improving life expectancy. At present, the effect of purchasing these annuities is marginal in terms of cost and benefit but we will, in conjunction with the Trustee, continue to monitor the position closely. In addition, we are exploring other opportunities to de-risk the future exposure that the Group has to the scheme. 


On 2 June 2009, we announced that Jonathan Kitchen would retire at the AGM and I would like to express my gratitude for his wise counsel both during my period as Chairman and throughout the many years he has served the Group. We also announced the appointment of Chris Cundy as non-executive Director, with effect from 1 August 2009. Chris has wide experience as a finance director in manufacturing and service environments and we welcome him to the board.  


We believe the improvements already achieved through the turnaround strategy, combined with our targeted market focus and leaner operations, will provide the Group with a platform for the future and leave us well positioned to take full advantage of any future upturn in the market. During the second half of the year, we will seek to maximise any existing market opportunities, take action to further strengthen our supply chain and continue to develop our strategy for growth.


The Group expects to announce its results for the six month period to 26 September 2009 in mid-November and will give a further update on trading at that time."



Enquiries:



The 600 Group PLC   

Tel: 01924 415 000

David Norman, Group Chief Executive

www.600Group.com

Martyn Wakeman, Group Finance Director




Evolution Securities Limited

Tel: 0113 243 1619

Joanne Lake




Rawlings Financial PR Limited

Tel: 01653 618 016

Catriona Valentine


Keeley Clarke




Notes to Editors:


The 600 Group PLC is the UK's largest machine tool company operating from a number of locations worldwide and sells its products into more than 180 countries. The Group has two core areas of business activity centred on machine tools and laser marking excellence:


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Machine Tool Division: 600 Group is one of the world's leading names in the manufacture and global distribution of state-of-the-art machine tools. Principal products within the internationally renowned Colchester-Harrison range include Tornado CNC turning centres, Alpha CNC combination lathes, Storm vertical machining centres and conventional centre lathes. Important parts of this division are:



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The 600 Europe operations in West Yorkshire and StuttgartGermany, distribute 600 Group products throughout the UK, Continental Western and Central Europe.  Additionally, it distributes workholding accessories under the Parat brand.



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600 North America, based in Michigan, supplies Group products throughout the USA and Canada, including the Clausing range of machine tools.



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The Group's international distribution centres also stock and ship a wide range of workholding accessories manufactured for other machine builders, most of which are manufactured in the Group's UK facilities. These accessories include manual and power chucking products from Pratt Burnerd, workholding products from Crawford Collets and precision machine tool bearings from Gamet Bearings.



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To support these comprehensive product ranges, a complete technical support service is available for all customers, including on-site service engineering and extensive spare parts stockholding for the installed base of existing machines.


  •  

Laser Marking Division: Electrox provides laser marking solutions for a huge range of materials and applications, through its operations in the UK and USA.  Electrox is one of the few truly integrated manufacturers of laser marking systems in the world, taking end-to-end responsibility for every aspect of design, development and production of both hardware and software technologies.




 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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