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”).


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.


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.


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.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

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.


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.


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.


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.


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.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

600 Group PLC (SIXH)

  Print      Mail a friend       Annual reports

Thursday 22 November, 2001

600 Group PLC

Interim Results

600 Group PLC
22 November 2001

                                                              22 November 2001

                              THE 600 GROUP PLC


Chairman's Statement


The Group's performance during the first half was dominated by increasing
uncertainty in our major markets, exacerbated by the impact of the terrorist
attack at the end of the period. The USA market for machine tools had dropped
by 35% year-on-year prior to 11 September.  The UK market declined in the
second quarter, offsetting the positive first quarter performance.  Our laser
marking business was especially affected by major reductions in investment in
the telecoms and IT sectors.

Despite these adverse market conditions, the Group's first half turnover was
down by only 8% from £47.4m to £43.7m, with the reductions limited to our
North American operations and those UK businesses with high export volumes.

Profit before tax decreased from £2.9m to £1.6m, reflecting the net effect of
the reduced turnover, reorganisation costs of £0.3m and cost savings of
approximately  £0.8m.

Profit after tax reflects the adoption of FRS 19 'Deferred Tax'. The impact of
this new accounting policy is to reduce profit after tax for the period by £

The Group's planned programme of cost realignment continued to be implemented
throughout the period. Headcount was reduced by 9% and a further reduction of
20% was announced at the beginning of October at a cost of approximately £1m,
which will be accounted for in the second half.

Procurement programmes have been curtailed since the beginning of the second
quarter, resulting in a 30% reduction in trade creditors since the year-end.

The Group's extensive programme of product development has been maintained, as
illustrated by the successful European launch of the new low-cost laser marker
and new ranges of lathes at the major international machine tool exhibition in
Hanover during September.

Net cash reduced by £9.9m to £8.0m.  The repayment and cancellation of the
preference shares accounted for £2.7m of this movement and the payment of the
final dividend on the ordinary shares absorbed another £2.3m.  A further £0.6m
was spent on the acquisition of the Gamet bearings business in France, whilst
the majority of the balance related to an increase in net working capital.


The interim dividend is maintained at 1.5p per share.


Following the events of 11 September, the short-term outlook for most capital
goods businesses, including the 600 Group, is very uncertain.

We will, however, continue to adjust our cost and asset levels to reflect the
evolving trading conditions.

We continue to invest in our product and market development programmes and our
strong cash position will enable the Group to exploit the opportunities that
will arise as markets start to improve.

                                                                Michael Wright


                                                              22 November 2001

Enquires:            Tony Sweeten, Group Chief Executive

                     John Fussey, Group Finance Director

Telephone:           0113 277 6100

                     Nick Lyon, Hudson Sandler

Telephone:           020 7796 4133

Consolidated profit and loss account (unaudited)

                                                     As restated*  As restated*
                                                      26 weeks to   52 weeks to
                                                         30.09.00      31.03.01
                                        26 weeks to
                                               £000          £000          £000

Turnover                                     43,731        47,430        97,950

Operating profit                              1,405         2,833         6,385
Transfer of goodwill previously                   -         (208)         (216)
written off to reserves
Profit on ordinary activities before          1,405         2,625         6,169

Net interest receivable                         178           266           526
Profit on ordinary activities before          1,583         2,891         6,695

Taxation                                      (735)       (1,348)       (2,736)
Profit for the period                           848         1,543         3,959

 - Equity                                     (841)         (841)       (3,083)
 - Non-equity                                  (60)          (66)         (132)
Transferred to/(from) reserves                 (53)           636           744

Goodwill reinstated previously                    -           208           216
written off
Net effect on reserves                         (53)           844           960

Basic and diluted earnings  per share          1.4p          2.6p          6.8p
Dividend per ordinary share                    1.5p          1.5p          5.5p

*As restated for the implementation of FRS 19 'Deferred Tax' (see accounting


1      The charge for corporation tax comprises UK taxation credit of £299,000
(2000:charge £444,000), overseas taxation of £183,000 (2000:£98,000) and
deferred taxation of £851,000 (2000:£806,000).

2      The charge for dividends in the period represents preference dividends
of £60,000 (2000:£66,000) and the interim dividend of 1.5p per share amounting
to £841,000 (2000:1.5p per share amounting to £841,000).

3      The basic earnings per share are based on the profit of £788,000 being
the profit for the period after deducting non-equity dividends (2000:£
1,477,000) and the weighted average number of shares outstanding of 56,049,778
(2000:56,049,237).  For diluted earnings per share, the weighted average
number of ordinary shares in issue is adjusted to 56,560,263 (2000:56,050,570)
and assumes conversion of dilutive potential ordinary shares of 510,485

4      The goodwill adjustments relate to the closure of United Machine Tools

Summarised consolidated balance sheet (unaudited)

                                                  As restated*     As restated*
                                  At 29.09.01      At 31.03.01      At 30.09.00
                                         £000             £000             £000

Fixed assets                           20,511           20,942           22,522

Working capital
Stocks                                 27,690           27,898           26,393
Pension fund prepayment                27,004           24,166           21,535
Debtors                                20,076           21,521           21,653
Deferred taxation                     (8,958)          (8,107)          (7,414)
Other creditors and provisions       (15,934)         (22,394)         (19,650)
                                       49,878           43,084           42,517

Net cash                                8,014           17,895           16,674

Capital employed                       78,403           81,921           81,713

Capital and reserves
Called up share capital                14,012           16,512           16,512
Reserves                               64,391           65,409           65,201
                                       78,403           81,921           81,713

* As restated for the implementation of FRS 19 'Deferred Tax' (see accounting

Reconciliation of movement in shareholders' funds

                                      26 weeks to    26 weeks to    52 weeks to
                                         29.09.01       30.09.00       31.03.01
                                             £000           £000           £000

Profit for the  period                        848          1,543          3,959
Dividends                                   (901)          (907)        (3,215)
                                             (53)            636            744
Currency translation differences            (727)            355            447
Goodwill reinstated previously                  -            208            216
written off
Repayment and cancellation of             (2,738)              -              -
preference shares
                                          (3,518)          1,199          1,407

Opening shareholders' funds as             89,958         87,052         87,052
originally stated
Prior year adjustment re deferred         (8,037)        (6,538)        (6,538)
Opening shareholders' funds as             81,921         80,514         80,514
Closing shareholders' funds                78,403         81,713         81,921

Summarised consolidated cash flow statement (unaudited)

                                          26 weeks to 26 weeks to 52 weeks to
                                             29.09.01    30.09.00    31.03.01
                                                 £000        £000        £000

Operating profit                                1,405       2,833       6,385

Depreciation less profit on sale of fixed       1,177         944       1,965
Amortisation of goodwill                           93          91         179
Increase in pension prepayment                (2,838)     (2,685)     (5,316)
Decrease/(increase) in working capital        (3,169)       3,358       2,589
Exchange difference on transactions             (375)         159         293
eliminated on consolidation
Net cash inflow/(outflow) from operations     (3,707)       4,700       6,095
Net interest received                             148         174         465
Dividends paid                                (2,302)     (2,308)     (3,215)
Taxation paid                                   (381)       (177)       (789)
Net (purchase)/sale of tangible fixed           (744)       (524)         911
Acquisitions                                    (597)           -           -
Net cash inflow/(outflow) before use of
liquid resources and financing                (7,583)       1,865       3,467

Management of liquid resources                    (8)     (1,390)       7,934

Repayment and cancellation of preference      (2,738)           -           -
Net repayment of external borrowing             (258)       (592)       (723)
Net cash outflow from financing               (2,996)       (592)       (723)

(Decrease)/increase in cash in the period    (10,587)       (117)      10,678

Reconciliation of movement in cash flow to movement in net funds

                                        26 weeks to   26 weeks to   52 weeks to
                                           29.09.01      30.09.00      31.03.01
                                               £000          £000          £000

(Decrease)/increase in cash in the         (10,587)         (117)        10,678
Net repayment of external borrowing             258           592           723
Cash outflow/(inflow) from management             8         1,390       (7,934)
of liquid resources
Change in net funds resulting from         (10,321)         1,865         3,467
cash flows
New finance leases entered into                   -             -          (68)
Exchange movement on opening net                440         (647)         (960)
Movement in net funds in the period         (9,881)         1,218         2,439
Net funds at the beginning of the            17,895        15,456        15,456
Net funds at the end of the period            8,014        16,674        17,895

Accounting policies

Financial Reporting Standard 19 'Deferred Tax' has been adopted for the first
time in these financial statements. As required by the Standard, deferred
taxation has been calculated using the full provision approach rather than the
partial provision approach previously employed. This change has been accounted
for as a prior year adjustment and previously reported figures have been
restated accordingly. If the previous policy had been adopted in the current
period, the impact would have been to increase profit after tax by £851,000.
The impact of adopting the new policy for the period to 30 September 2000 has
been to reduce profit after tax by £806,000. The impact of adopting the new
policy on the period ended 31 March 2001 has been to reduce profit after tax
by £1,499,000. The cumulative effect of this change at 31 March 2001 has been
to reduce reserves by £8,037,000 of which £7,250,000 relates to the provision
for deferred tax on the pension fund prepayment.

Notes to the financial information

The financial information set out in this interim report does not constitute
statutory accounts.  Statutory accounts for the period ended 31 March 2001
have been delivered to the Registrar of Companies.  KPMG Audit Plc, The 600
Group PLC's auditor, reported on those accounts under section 235 of the
Companies Act 1985.  Its report was unqualified and did not contain a
statement under section 237(2) or (3) of that Act.

Copies of the interim report will be sent to all shareholders and will be
available to members of the public from the Company's registered office at 600
House, Landmark Court, Revie Road, Leeds, LS11 8JT.

The 600 Group PLC is registered in England and Wales No. 196730.

Financial Calendar

Interim ordinary dividend payable on 10 January 2002 to shareholders on the
register at 14 December 2001.

Share Price Information

Information concerning the day-to-day movement of The 600 Group PLC share
price can be found by dialling 0906 003 4031 for the Financial Times share
price service.

The 600 Group PLC

600 House

Landmark Court

Revie Road


LS11 8JT

Telephone: 44 (0) 113  277 6100

Facsimile: 44 (0) 113 276 5600

a d v e r t i s e m e n t