600 Group's FY pretax profit has dived down to £1.01m, from £3.68m, on revenue of £45.27m, from £43.79m.
"Despite the difficult trading environment which we have experienced this past year we have taken the necessary actions to maintain if not improve the performance of the operating subsidiaries in the USA and UK as well as improve the financial strength of the company," said executive chairman Paul Dupee.
"We maintain a strong market position thanks to our industry recognised brands and are taking active steps to increase our worldwide distribution network to accelerate revenue growth.
"This we expect, coupled with the reduction in overheads, will yield better margins on increased sales in the future."
- Underlying profit before tax £1.48m (2015: £2.01m)
- Earnings per share 1.26p (2015: 2.66p)
- Underlying earnings per share of 1.69p (2015: 2.09p)
- Group net operating margin of 5.2% (2015: 5.6%)
- Increased UK Banking facilities agreed up to £4.95m.
- Integration of the UK and US laser businesses reduced the overall cost base significantly
- Manufacturing operations ceased in Letchworth and building sold post year end for £2m
- David Grimes, CEO of TYKMA became a significant shareholder in the 600 Group following the acquisition of the remaining 20% of TYKMA
- Clausing brand of machine tools well received in the UK, European and Australian markets
- Strengthened distribution network in the Australia, Thailand, Vietnam, Malaysia, Singapore and the Philippines
- US machine tool business continues to increase domestic market share
- Updated supply agreement signed with Taiwanese machine tool supplier and, agreement signed for manufacture and distribution under licence in India.