600 Group sees gains in North American sales

The UK’s largest machine tool company, 600 Group, suffered a decline in sales of lathes to the UK and elsewhere in Europe as well as a disappointing result from Australia last year. However, the falls did not conceal a strong result from North America, and the group continued developing overseas markets. Chairman Michael Wright blamed […]

The UK’s largest machine tool company, 600 Group, suffered a decline in sales of lathes to the UK and elsewhere in Europe as well as a disappointing result from Australia last year.

However, the falls did not conceal a strong result from North America, and the group continued developing overseas markets.

Chairman Michael Wright blamed the problems in Australia on the fall-out from the Asian economic crisis and said that the UK and US markets were expected to maintain the improving trend of the last few months.

The group has introduced a number of lower-cost lathes for the European market.

In the US some price reductions resulted in major market share gains for the Storm family of slant-bed CNC lathes.

Operating profits on continuing operations dropped £2m from £12.4m last year. At the pre-tax level, profits of £9.8m on turnover of £132m were in line with forecasts from SBC Warburg.