Listed engineering business 600 Group has been hit by supply challenges due to the coronavirus outbreak but said it is "well placed to reap the immediate benefits" following an end to lockdown.
The Heckmondwike-based group said trading in the financial year ending end 28 March 2020 had been challenging, with volatile order intake in both Machine Tools and Industrial Laser Systems, including a number of projects being delayed. However, its results are expected to be inline with previously revised guidance. The group said the government restrictions put in place during the Covid-19 had created supply challenges, particularly in the general engineering sectors.
In order to help mitigate the impact of the pandemic, the group has made use of government schemes and stimulus packages, including loans under the US Government Paycheck Protection Program.It has also adopted short time working, furloughed staff and has adopted temporary salary reduction schemes for many employees, including the board and senior executives.
Chief executive Paul Dupee said: "computer engineering career and macroeconomic uncertainty, the board continues to believe in the long-term fundamentals of the group.
"The board have taken decisive action to reduce costs and to keep the workforce and technical competencies together to ensure the group is well placed to reap the immediate benefits when the markets return to normality."
The Heckmondwike-based group said trading in the financial year ending end 28 March 2020 had been challenging, with volatile order intake in both Machine Tools and Industrial Laser Systems, including a number of projects being delayed. However, its results are expected to be inline with previously revised guidance. The group said the government restrictions put in place during the Covid-19 had created supply challenges, particularly in the general engineering sectors.
In order to help mitigate the impact of the pandemic, the group has made use of government schemes and stimulus packages, including loans under the US Government Paycheck Protection Program.It has also adopted short time working, furloughed staff and has adopted temporary salary reduction schemes for many employees, including the board and senior executives.
Chief executive Paul Dupee said: "computer engineering career and macroeconomic uncertainty, the board continues to believe in the long-term fundamentals of the group.
"The board have taken decisive action to reduce costs and to keep the workforce and technical competencies together to ensure the group is well placed to reap the immediate benefits when the markets return to normality."
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